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Posts tagged with insurance agents - insurance agents

Will Buying Commercial Insurance Direct Impact Independent Insurance Agencies?

Author PhillipFloresCM , 12/10/2014

I recently received a piece of direct mail from my personal insurance provider, which is a major carrier, trying to solicit my business insurance. After some digging I found that most carriers are now targeting consumers to buy commercial insurance direct and online—eliminating the independent insurance agents all together. Some of the big carriers offer quotes on their website while others refer you to one of their agents or a call center.

I got curious, how many business owners would actually consider purchasing their commercial insurance coverage direct and why?

After some research I found a study done by Deloitte in July 2013.

Of 751 respondents:
  • 51% said they are very likely or somewhat likely going to purchase business insurance online directly from the insurer.
  • 49% of respondents said they were not likely going to buy online or direct from the carrier.
  • Of the 51% that would purchase direct and online, ¼ of the individuals would expect a discount of 10% or less and 1/3 of the individuals would expect a discount between 11% and 15%.
  • The most popular line of service to be purchased online, of the respondents, is 67% general liability.

With the sudden interest in purchasing commercial insurance direct and online what are your thoughts for the industry? Will it affect independent insurance agents? Will consumers purchase online?

Below is the letter I received in the mail.


Keep your agency RELEVANT to your clients & prospects

Author PhillipFloresCM , 11/12/2014

At CompleteMarkets we talk to a lot of insurance agents and financial advisors, that’s what we do. In those daily conversations we are consistently hearing “We have trouble staying relevant with our content for consumers.”

 

Well, I have one word—Online Newsletters.

 

There are numerous online newsletter providers out there and by all means, look at your options, but I’ll let you in on a little secrete ours are the best in the industry. J

 

Keeping your agency relevant with though provoking content? Check.

Consumers make decisions based on what you offer online. They don’t care about print ads or direct mailers any more, that’s all fire starter or immediate recycling. The consumers are going to websites to see what you have to offer. Is there educational content on your site? Are you putting real life situations in front of them?

 

Information is power, are you giving your clients and prospects power?

 

Don’t let me bore you, check out this link for more information: https://completemarkets.com/contentpage/insurancenewsletters/overview/

 

If you have any questions, let me know I’m happy to help.


Popular & Trending This Week

Author AdrianHolloway , 2/26/2014
Links to the most popular topics, articles and trending discussions on the site, including 'hot' market searches, News & Press Releases, premium subscription products - a weekly digest of sorts.

Insurance and the Historical Nature of Risk.

Author JasonJohnson , 9/30/2013
Managing risk has been in existence since the 2nd Millennium BC.  The  early Chinese and Babylonians both recognized the need to mitigate exposure on their trade routes.  During that time a supplier would place a small fee on the cost of the goods to ensure that in the event of a loss the vendor would not have to pay for the lost goods.

The Internet, A blessing or a Curse?

Author JasonJohnson , 8/15/2013
When was the last time you spoke to your travel agent?  Have you bought a postage stamp lately? Paid a late fee at Blockbuster?  Things many of us did on a regular basis have been replaced with convenience. The Internet has saved so many of us the hassle of the middleman.  So my question is this, “How will the Internet change the way you sell Insurance?”

I recently had the privilege of reading an article by Allan Rosca entitled “Is the Internet About to Put Insurance Agents out of Business? (with the Help of the Insurance Companies)”  It sparked quite a lively debate with many pro’s and con’s as to how our industry will evolve or die.  Technology has saved countless hours of my day that used to be spent waiting for the mail to arrive, sorting it, distributing it and then reading it.   It has increased the productivity in our office and in our business.  But what about the agent that hasn't adapted to this change?  The Baby Boomers or the Generation X group of individuals that reluctantly have had technology forced on to them.  They look with bewilderment at why people insist that if they don’t have the latest iPhone or gadget they will lose money.

Of those people who own smartphones, a recent study concluded that 79% of people 18-44 have their Smartphones with them 22 Hours a Day. The study goes on to say that, “49% of the entire U.S. population uses a smartphone. By 2017, the percent of smartphone users is expected to reach 68%.”   Internet access is free at many of the highest volume retailers and restaurants in the country.  Trying to find a place without Internet access is now the problem.  So as insurance agents how do you compete with a clicks -vs- brick industry?  What is your competitive advantage or value proposition in today’s economy?  One way to stay competitive is to connect differently than a decade ago.  Gone are the rolodex and stack of business cards in the drawer.  Today you have networking tools such as, social media, company websites, and email.   CompleteMarkets combines all these resources into one network.

Members of CompleteMarkets can search Insurance Carriers for difficult markets, send email campaigns, create storefronts, track leads, and access hundreds of articles from our library.  Free registration entitles the member to a convenient way of connecting with the people they do business with in a community that was created just for the insurance professional.  Other networking sites are specific to the interests of their members.  Facebook is a great place to see photos and update family and friends on your relationship status.  They are the leading social site.  LinkedIn has revolutionized the business networking community and has connected millions of users within their respective community interests.  But it lacks the ability for direct ecommerce.  It is also becoming “too big” or difficult to navigate due to the high number of users cluttering the groups and posting distracting content CompleteMarkets was designed specifically for agents who want to directly find quick results.  The peer to peer networking and social groups and discussion boards allow members to get advice or post content for others to comment on.   The searchable library offers informative articles written specifically for insurance agents who want to learn more about their industry.

Don’t get discouraged by the Internet.  Embrace the technology and find ways to incorporate it into your business plan.  The insurance industry is changing.  You either grow with it or you go.  CompleteMarkets is here to help you every step of the way.  Be the first in your office to unlock the secrets to success and become the “Go To” guy/gal for your specialty.

To ensure you are in the loop on all CompleteMarkets news and updates subscribe to our blog today.


RPS Technology & Cyber Area President Speaks about Cyber Liability at California Risk Manager's Association

Author EdwardMurayama , 1/31/2013

Steve Robinson, Area President of RPS Technology & Cyber, spoke recently at the Southern California Chapter of PARMA (Public Agency Risk Managers Association). Robinson discussed cyber liability coverages and “How to Protect Your Public Entity against Privacy/ Data Breaches" to insurance agents and risk managers who provide insurance management to counties, cities, and other local government entities in Southern California.

Pet Insurance is Now Available Nationwide with All Risks, Ltd. through Pets Best Insurance

Author EdwardMurayama , 11/9/2012

All Risks, Ltd. is pleased to announce that Pet Insurance is now available in 32 states through its partnership with Pets Best Insurance and Independence American Insurance Company.  This Pet Insurance online platform allows retail insurance agents to partner with their clients while earning competitive compensation for each submitted application.*  Self-service marketing tools and straightforward plans make this product easy to pitch.  Retail insurance agents can set up an account to become a lead provider, advertising online pet insurance to their clients.  Upon five submitted pet applications, retail agents will be given the opportunity to become appointed by Independence American Insurance Company to offer phone quoting and underwriting services.

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