Phil works exclusively in the world of community banking. He understands the language, the pressures, the regulatory environment, and the responsibility that comes with leading a community bank. With more than a decade working directly with C-Suite executives and Boards of Directors Phil doesn't bring generic solutions. He brings bank-specific insight, Board-ready education, and strategies built for long-term independence.
Backed by Risk Strategies, a Brown & Brown Company, Phil delivers executive benefits, employee benefits, and financial-institution-specific insurance solutions designed exclusively for community banks.
He helps banks attract, retain, and reward the people who drive institutional performance, while protecting the balance sheet and aligning solutions with long-term strategy.
Phil provides an independent evaluation of existing executive benefit plans, BOLI. employee benefits, and commercial insurance programs to support bank management and Board-level decision-making. A lifelong advocate for community banking in Illinois, Phil has deep four generation family roots in that value the economic center that a bank holds for its customers.
Executive Benefits & BOLI
• Do we have a real retention strategy
for key executives, or are we relying on goodwill?
• Are our executive benefits competitive with peer banks of similar size and market?
• How do we determine the right benefit amount for each executive?
• When was the last independent review
of our BOLI portfolio and Plan design?
• What happens to an executive's benefit in the event of a change in control?
Employee Benefits
• How can we control rising healthcare
costs without shifting risk to employees?
• Do our benefits meaningfully differentiate us from other employers in our market?
• Is our annual enrollment process clear, efficient, and easy for employees to understand?
• Do we have a long-term benefits strategy, or are we simply renewing last year's plan?
Commercial Insurance
(P&C, Cyber, D&0 & Bond)
• Do we have the right amount of coverage or are we over-insured and overpaying?
• Do we clearly understand what our
policies respond to in the event of a cyber breach?
• Are our D&O and Bond coverages aligned with Board expectations and our risk profile?
• When has our insurance program been independently evaluated?
A Banker's Testimonial
Doug Parrot State Bank of Toulon
Past Chairman of the Community Bankers Association of Illinois
“We have had BOLI for 25-30 years, I have been directly involved for the last 10 of those having it in my benefit plan. I have talked more to the IZALE representatives than any of our previous BOLI provider. There was information available from their web portal but not from an actual live person. Working with the IZALE team – Phil, Scott and Jeff – is like working with people right here in my office.
Scott came to our board meeting and designed a BOLI program which he saw was needed for our bank, which we did not fully know or understand before. He spent time explaining what we purchased so it gave us confidence that what we got was right for us. I personally now understand my benefit, which I had not for the previous 10 years known. Better yet, now so does my executive staff understand what they have too!
IZALE provided an executive benefit plan that gave us the ability to meet both our short term and long term goals giving us additional leverage we did not previously realize we could have. BOLI was something in the old days thought of as a way to pay for the replacement of the executive. Today it has expanded to serve a bank as an incentive for employee retention. My values as a community banker is to serve my community which includes my up and coming leaders of our institution. I want them to stay and be rewarded!”
Contact Doug | 309-238-2861 | dparrott@statebankoftoulon.com