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 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.
It’s 2017. Conceivably, a great ever-growing number of objects in everyday life are connected to the internet. It’s no surprise then that a good deal of business is done online: business transactions and marketing efforts are abundant in the world-wide web. The ubiquitous internet, which is becoming more and more unavoidable for consumers everywhere, offers businesses of all kinds the opportunity to profit financially from web availability. Owning a professionally designed website has become standard for any general business, and since there is a great dependency on mobile devices among customers, it must be fully supported on the wide range of existing platforms and devices in order to maintain a relevant website usability. This is unexceptionally the case for auto insurance agencies.
Scene: It’s 1 a.m. in the morning. You’ve been out on the town having a fantastic night, and now it’s time to go home. You’re physically tired from dancing and the general hustle and bustle of an evening out. You plop down in your brand new self driving vehicle and activate the ignition. After a moment of the customary beeping, whirring, and start-up noises a voice says: "Good evening (insert name), I detect that you’re drowsy. During this trip I may require your driving assistance in the event of an emergency. If you wish to proceed to the destination, you must authorize your auto insurer to increase your premium until arrival. This amount will be added to your monthly payment. To authorize, say yes."