SafeTalk newsletter: NEW Foreign Check Rider Now Available

Contact
Jason Faulkner, Account Executive
Telephone: (216) 220-1339
Visit the ABA Insurance Services, Inc. web site.

Diminish Your Training Frustrations: 4 Tips for Improving Employee Performance

Customer Appreciation Program

If your financial institution is like most these days, you’re taking a hard look at how you can drive employee performance with minimal training expense. As part of that consideration, you might be trying to maximize the partnership you have with your insurer to leverage their subject matter and industry expertise when preparing your teams to sell insurance. While leveraging your insurer relationship to train your employees can help, you aren’t alone if your FI has had some frustration with the insurer training experience.

A recently published research report entitled Bridging the Cultural Divide Between Financial Institutions and Life Insurers(sponsored by Affinion Group and conducted by Effron Company) aimed to identify the characteristics of a successful FI/insurer partnership, and also highlight opportunities for improvement. While the study was based on a pair of almost identical surveys sent to insurers and financial institutions, one of the most interesting sets of results highlighted the perceived inadequacies of training by both the FI and the insurer. To wit, there were dramatic splits between the “importance” and the “satisfaction” of the following for FI’s:

• Customer service training
• Back office support
• Training for new product roll outs
• Training for technology at point-of-sale

In each case, the financial institutions said these training programs were very important, but that the programs were not being effectively executed.

It’s not surprising that training is a point of contention, because quite frankly, it can be hard without appropriate performance support in place.

When any of your FI’s product partners are providing training, consider these tips to not only make your roll-out more successful but also make learning stick:

1. Define mutual expectations for the training initiative: Your partner should provide guidance on what you can expect from their training efforts (from drafts of materials to post-training support). Determine who within your FI will make sure that the knowledge shared is institutionalized across your organization. (Often this responsibility is spearheaded by your internal training department, but it can also include representatives from marketing and sales.)
2. Provide training context: Adults learn best when they understand why they are doing something – how will the training they’re participating in help them perform their job better?
3. Establish specific objectives: What do you want to measure? Sales? Account holder satisfaction? Remember that training should support your FI’s goals and not just be for the heck of it.
4. Create a culture of success: This goes beyond training and speaks to what type of institution you are (or aspire to be!). One 2-hour training session can’t develop an employee from an order-taker to a sales person. Rather, it takes a carefully crafted plan that is reinforced throughout the institution, for training to truly stick. Consider the skill sets of employees you are hiring, the expectations you have for your managers, and the messages you are sending – in the end, a long term strategic plan (with training included as one of the elements of employee support, rather than the only element!) will drive the best results.

Training doesn’t have to be a frustrating experience – with the right considerations early on, it can be a highly motivating, educational, and (dare I say it?) fun experience for both your institution and your insurer.

Erin Evans is the Director of Affinion Group’s Performance Solutions team, which has conducted more than 1,500 training sessions at over 160 financial institutions in the past 6 months.

As a global leader with over 35 years of experience, Affinion Group (www.affinion.com) enhances the value of its partners’ customer relationships by providing comprehensive customer engagement and loyalty solutions that enhance or extend the relationship of millions of customers with many of the largest and most respected companies in the world. For more information about Affinion Group contact Misha Bleymaier-Farrish.

Contact
Misha Bleymaier-Farrish
Senior Manager l Sales Administration
Affinion Group
Telephone: (615) 764-2492
Cellphone: (615) 796-4981
Fax: (615) 764-5492
Visit the Affinion Group web site.

ABA Insurance Services SafeTalk for September 2011

Contact
Jason Faulkner, Account Executive
Telephone: (216) 220-1339
Visit the ABA Insurance Services, Inc. web site.

MBA to Offer Free Webinar on New EPL Product for Your Business Customers

 

Directors and Officers and Bond Insurance, including Employment Practices Liability and Internet Banking Liability

The Association is pleased to announce that beginning in the fall our endorsed partner ABA Insurance Services, formerly The Progressive Insurance Company, will begin offering a new inexpensive, easy to apply for Employment Practices Liability (EPL) Insurance product that includes legal consultation and defense costs. This alone is a huge plus to banks offering this policy to their small business customers either through their own insurance agency, a partnering agency or by referral thereby reaping the customer’s goodwill.

Today, more businesses are being hit with employment lawsuits. Your customers are more likely to have an employment claim than a general liability claim. Claims can be brought by employees, job applicants, customers or clients alleging harassment, discrimination or other allegations against your customer.

In an effort to inform as many of our members as possible about this excellent affordably priced policy, we are conducting a free, 45 minute webinar on Friday, September 9, 2011, beginning at 9:00 a.m. We will explain the policy details and how your customers can take advantage of its benefits either through your insurance agency or one with which you may have a relationship.  To sign up for the free webinar email your contact information to Annie Coldstream.

This is a policy that your small business customers will be happy they purchased.

Sincerely,

Peter T. Blanchard
Executive Director, Education Management and Member Services

ABA Insurance Services SafeTalk for July 2011

Contact
Jason Faulkner, Account Executive
Telephone: (216) 220-1339
Visit the ABA Insurance Services, Inc. web site.

2011 Identity Theft Fraud Trends

Customer Appreciation Program

Although overall fraud rates are down, the need for offering protection still greatly exists.

In the past year, the total number of identity fraud victims and dollar amount of fraud has declined¹. This is excellent news, as consumers are being more careful, and the variety of products offered by Financial Institutions, third parties, and independently are gaining adoption. While identity fraud overall has become less frequent in America, the results of the crime have graver repercussions for consumers than they have in past years.  Victims of identity fraud, on average, spend more than $630 to restore their good name. This is up from around $390 last year. And, this still translates to identity theft occurring every 4 seconds and 3.5 percent of Americans over 18 years of age becoming victims.

Offer your customers the identity fraud protection they deserve – a robust, comprehensive solution that employs a combination of benefits to address each area of risk. Offering an identity fraud solution from Affinion helps your customers prevent, detect, and resolve identity theft-related issues while helping you strengthen customer acquisition, loyalty, and satisfaction and improve overall customer profitability.

Don’t let one of your customers become the next identity fraud statistic.  Contact Misha Bleymaier at 1-800-251-2148 ext 2492 today for more information on fraud protection solutions.

1 Javelin Strategy and Research. 2011 Identity Fraud Survey Report. 

Contact
Misha Bleymaier-Farrish
Senior Manager l Sales Administration
Affinion Group
Telephone: (615) 764-2492
Cellphone: (615) 796-4981
Fax: (615) 764-5492
Visit the Affinion Group web site.

ABA Insurance Services Safe Talk for May 2011

Contact
Jason Faulkner, Account Executive
Telephone: (216) 220-1339
Visit the ABA Insurance Services, Inc. web site.

ABA Insurance Services New Coverage Announcement

Social Networking Coverage Enhancement to be included in Internet Banking Liability Policies. 

When Internet/Cyber liability policies were introduced in the late 1990s, email was the primary e-communication tool at the time. It was not until recent years that online forums such as Facebook, Twitter and LinkedIn exploded onto the scene, becoming key components of advertising and communication efforts of many banks.

Due to the evolution of cyberspace and technology, not all Internet policies address the newly emerging exposures associated with “social media” and “social networking.

”Banks are venturing down this path to market their products and communicate in “real time” with customers. To address this newly emerging exposure, we are pleased to announce our NEW Social Networking Endorsement available at no additional charge to our Internet Banking Liability policy.

The new endorsement covers claims made by or on behalf of customers or regulatory agencies. It also includes coverage for Regulatory Correction Expenses such as regulatory fines or fees incurred as a result of a bank’s social networking activities.

The endorsement will automatically be added to existing Internet Banking Liability policies upon receipt of state approvals.

To learn more, contact ABA Insurance Services at 800-274-5222 or marketing@abais.com.

To view the entire ABA Insurance Services SafeTalk newsletter for March 2011, click on the link SafeTalk.Mar2011.

49 Massachusetts Banks Share $288,079 in Profit Distributions from ABA Insurance Program

Directors and Officers and Bond Insurance, including Employment Practices Liability and Internet Banking Liability

– 21^st distribution from American Bankers Mutual Insurance Ltd. Tops $75.5 Million Since 1991 –

February 21, 2011 — Massachusetts banks that purchase D&O and fidelity bond insurance from the ABA Insurance Program and are members of the American Bankers Association will share $288,079 in profit distributions this year from the program’s reinsurer, American Bankers Mutual Insurance Ltd, which has declared a distribution of $4 million in underwriting profits to 995 banks nationwide that participate in the program. Insured banks that are members of the American Bankers Association are automatically owners of the company.

This is the program’s 21^st consecutive profit-sharing distribution—$75,500,000 has been declared since the first distribution in 1991 based on the mutual program’s success and profitability. The total distributed to Massachusetts banks is nearly $3,000,000. Participating banks nationwide will receive checks this year ranging up to $51,000 with $4,000 being the average amount.

The program offers Directors & Officers Liability, Financial Institution Bond, Internet banking liability, Employment Practices Liability and other related insurance products to community banks.

“ABA member insureds benefit directly from the innovative policies and profitability of ABA Insurance Services,” said Frank Keating, ABA president and CEO. “They can have confidence that this bank-owned mutual company is financially strong and committed to serving the community bank market.”

“Once again, our bank-owned company has distributed profits directly back to participating ABA member banks,” commented John Manor, chairman of American Bankers Mutual Insurance Ltd.  “The company’s financial strength and prudent management have enabled us to continue paying distributions, extend superior customer service and deliver a stable source of state-of-the-art coverage.”

Contact
Jason Faulkner, Account Executive
Telephone: (216) 220-1339
Visit the ABA Insurance Services, Inc. web site.

The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its two million employees. The majority of ABA’s members are banks with less than $165 million in assets. Learn more at aba.com.American Bankers Mutual Insurance Ltd. is a bank-owned, mutual insurance company that reinsures coverages for ABA Insurance Services.

MBA Assessing New Insurance Product with Fee Income Potential for Commercial Customers

For over twenty years the Association has endorsed D&O and Bond Insurance through the American Bankers Association (ABA) Sponsored Insurance Program, underwritten by Progressive, now known as ABA Insurance Services*.  With the recent buyout of the program, we became aware through the ABA Insurance Services of an employment practices liability (EPL) insurance program for small commercial businesses. This program provides a small commercial business with employment practices liability coverage at favorable rates, no set minimum premium, direct billing, low retentions, free legal services and options for defense outside of limits and third-party coverage. It offers an improved coverage solution over EPL endorsements to a BOP or GL and can be applied for online. This product is not available anywhere at these low program rates.

We want to gauge your interest in offering such a product to your small business and commercial account customers, either through your bank-owned agency, your insurance agency of record or simply informing your customers of its availability and directing them to the online web address. Banks with their own agency would receive income through the normal sales and commission process, while banks without an agency may want to simply make their commercial customers aware of this valuable insurance product and service to use as a low-cost effective alternative to any similar type of insurance coverage that they might be currently using.

We are in the process of working out the details, but are most interested in determining your interest in this product. Details can be found here for your review. Please note that ABA Insurance Services is working to amend the policy to include doctors, dentists and law firms.

Please answer a few questions found here. Thanks again for all your help.

Contact
Peter T. Blanchard
Executive Director, Education Management and Member Services
Telephone: (617) 523-7595
Fax. (617) 523-6373

*ABA Insurance Services is owned by American Bankers Mutual Insurance Ltd. (formerly known as American Bankers Professional and Fidelity Insurance Company), a mutual reinsurer owned and directed by ABA member banks.