Can you imagine if the next iPhone or Android device you bought were the very same model, with the exact same features, as the ones available ten or eleven years ago? Of course not. Times have changed. Technology has advanced light years in that amount of time. And, with every new release, there's a huge wave of excitement around the new and improved bells and whistles. We've come to expect bigger and better bells and whistles on a regular basis.
Should Santa start dropping insurance policies down the chimney this year? It’s not entirely shocking that a Christmas gift could require insurance. Tiffany diamond earrings, sports cars with big red bows across the hood … even a surprise cruise should be insured. But those big-ticket items are very special occasion gifts for Santa’s elite … not a $50 toy for your 10-year-old.
When it comes to any business these days, you're going to have your heavy-hitters and your light-weights, and in no business is this more accurate than in Insurance coverage. Smaller insurance companies often have to work significantly harder than their sizable, nationwide counterparts in order to expand and retain their books of business. This can leave these agencies feeling stuck in the proverbial rat race. However, as with any problem, there is always a solution.
We recently met with Steven Petty, the Sr. Risk Manager of Insured Solutions, and a 44-year veteran in the workers’ compensation field. We wanted to know why workers’ compensation is such an under-rated and undersold form of insurance when agents stand to gain so much from its offerings.
Theft is a serious issue with insurance agencies nationwide. Theft occurs most frequently with the agents who don’t spend a lot of time in the office and who have multiple locations. When the insurance agency owner isn’t participating in the management of their company, it generates the perfect opportunity for fraud and theft to occur.
Branding your company is a key component to success. Many businesses out there would not do nearly as well without consistent company branding. Insurance agency branding essentially starts with a logo. When you create a logo, you want it to set yourself apart from your competition. Setting yourself apart doesn’t just come from the logo, though. Your company has to build a brand. The right logo emphasizing your quality, services, products, and customer service care will help build that brand.
A common question from insurance agents is where and how to find quality employees. When we sat down with industry expert, Eddie Emmett, he was unsurprised to hear this. He stated that “that may be the number one topic that comes up, all the time.” Agency Matrix has a large team that involves hiring salespeople, trainers, support people, and others. There are always problems that come with hiring for these positions, even at a company, let alone on the independent agent level.
Neutrality’s Connection to the Cloud
Net neutrality has gained recognition and caused quite the controversy in recent news. Even among the internet policy community, the question regarding how to categorize the internet remains unanswered. It is unclear whether the internet should be considered a public utility or a telecommunications service. Before the Federal Communications Commission voted to refile the internet as telecommunications, all websites were to be treated equally by internet providers. With this requalification, the laissez-faire operation of the internet is subject to change.
It’s a major Red Flag when a policyholder is, or shows signs of being a potential high risk or unreliable driver. Drivers who are irresponsible and purposely get into frequent trouble are not suitable for your agency. Dangerous drivers come with all sorts of liability issues. It’s important to take proper action with high risk drivers before serious problems arise and cause your agency to be negatively affected. Below is a list of 7 “sins” to look out for as an auto insurance agent.
Credit scores are statistics now considered as an indispensable part of rating, underwriting, and determining plan eligibility by insurance companies. Insurance agencies use credit scoring to determine how probable a customer or client is of repaying his or her debts. However, critics of the practice argue that the rationale behind this common practice is not sound. Many suggest that a credit score does not reflect the fiscal responsibility of the consumer as it should and that it rather is a measure of the likelihood that a customer will file a claim. This has caused the practice of credit scoring to come under much debate and scrutiny. Customers often require an explanation as to why insurers pull their credit scores. The explanation? Insurance agents often seek reasons to raise premiums. To better understand the pool of consumers that their agencies tend to attract, it is necessary for insurers to know how consumers may try to change their credit score to their benefit. Since it will inevitably be a topic of conversation between every insurance agent and their consumer, they must know this subject thoroughly to properly handle this controversial subject.