Meet new PIA Board President Gerald F. Hemphill
Gerald F. Hemphill is excited about insurance-agent opportunities, even in the face of a possible recession.
The National Association of Professional Insurance Agents recently announced that Gerald F. Hemphill, CIC, LUTCF, of Richmond, Va., will serve as its new board of directors president.
Hemphill will serve in the position through September 2023. An independent insurance agent since 1993, this industry leader works with all lines of insurance but specializes in commercial and life insurance risks. Hemphill was an agent for a large domestic carrier for five years before becoming the principal of his own agency.
PropertyCasualty360.com recently caught up with Hemphill to find out more about his goals as PIA board president as well as his outlook for the insurance industry.
PC360: What do you hope to accomplish as PIA board president?
Hemphill: As president, I have been given an opportunity to focus on PIA’s four foundational pillars: Inform, Educate, Advocate and Protect. Our pillars provide clarity of focus. But within their framework, a lot fits, and we must remain flexible to address the needs of our members and industry partners in real time, which are many, varied and ever-changing.
I hope to bring my own personal and professional experiences to bear to help our organization continue to move forward. I am a big believer in incremental steps, and process improvement with internal and external critical review.
PIA is an activist association of true believers in the independent agency distribution system.
PIA helps agents adapt and keep pace with an ever-changing industry. Our recent announcement that PIA is joining forces with the AIMS Society illustrates our ongoing commitment to agent education and professional development. We engage in advocacy at the federal and state level, in both legislative and regulatory issues.
PC360: What advice do you have for independent agents as the economy begins to shift toward recession?
Hemphill: Agents and agencies should consider a number of common sense steps if a turn in the economy happens, such as:
- Agency debt and financial priorities;
- Appropriate staffing and use of technology;
- Leveraging efficiencies to streamline processes for account retention, account rounding, and “win-back” campaigns;
- Having available lines of credit, cash reserves, and open communication with the financial institutions you work with;
- Acting on getting appropriate documents and applications submitted now;
- Working with your carriers to communicate if there are any major shifts either with the carrier or agency that could impact the agency in the next 12-24 months; and
- Leveraging all the PIA resources. Our Products and Services, member reimbursement program and PIA Partnership resources.
PIA offers the widest selection of agent resources. A few examples include the PIA Flood Insurance Program with The Hartford; E&O insurance from PIA; the PIA Market Access Program; and Winning@Cybersecurity Defense from the PIA Partnership.
PC360: What is your best argument for why a young professional should consider becoming an independent insurance agent?
Hemphill: We all started somewhere. My own story is that of being mentored by a PIA member. I simply wouldn’t be here if it weren’t for the people that invested in me almost 30 years ago.
As an independent agent, you are part of a network of thousands of like-minded individuals that help and support each other, based on relationships and a culture of professional talent.
The independent agency channel continues to grow, providing an exciting, challenging, evolving opportunity for each person. This industry meets you where you are, and you can make whatever you desire to make of it. I don’t know of too many industries that allow for that, all while helping people at the same time.
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