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Insurer Loyalty

I found an interesting article. This is about loyalty to your carrier (or insurance company). Many of us purchase insurance through one company and stay there. I have quoted people in their 50's or 60's that have had the same agent and company since they were 16 years old. In an agent's world that is the definition of a perfect customer.

Let me give you a little bit of my background. when I started insurance almost 18 years ago. I worked for a "captive" agent. What this means is...The agent I worked for had a contract with, we will call it XYZ Insurance Company, that she could only sell XYZ products. Which was fine and we were doing good 18 years ago becuase the products were the same from carrier to carrier (or insurance company to insurance company) and you really just needed to pay attention to the coverage amount, the price and your deductible. At that time insurance was a lot easier to quote and issue and even understand. Then XYZ had a large lawsuit slapped on them and that started the mold crisis . This changed everything in Texas! Well, I'm telling you that to tell you this. When this happened, XYZ decided to make some decisions as a company - and the agent I worked for at the time did not agree with those descisions, so she decided to sell her "captive XYZ " business and go "independent". When I was a XYZ agent, the only product I could sell was XYZ. If I had a customer that had a problem, I could do what I could within their program, but I had no other options. When our office went independt a lot more doors opened for me as a licensed agent. It was exciting (if your an insurance nerd, it was exciting). What this meant to me as an agent, was when I had a new customer or even an exsisting customer I could determine my customer's needs and quote with the carriers that would best suit their needs. This is why being independent is exciting to me. Being a customer service orientened person I was able to provide more options to people. I also found out that just becuase I found a good fit for a customer one year there might be something that happened within the company that increased rates or whatever. Well, if I have a customer that calls that is not happy with their current company for whatever reason (billing, claims, premium), I actually have options and can find something different. The other thing I love about being independent is when I watch for my client's policies to renew, I can keep and eye on their premium and if I see there was a significant rate increase I can automatically shop the policies for them. Guess what? My clients don't have to stop their life to deal with insurance - I'm doing it for them...AUTOMATICALLY - WITHOUT BEING ASKED!!! The only thing that happens is I give you a call explain there was a rate increase, let you know what options I have for you. I take about 15 or 20 minutes of your time and you can get back to your life. - LOVE IT!

It cracks me up when I'm prospecting and come across someone that acts like they are married to their insurance agent (again, definition of perfect insured, I would be and am honored to have clients like that). But, Here is the deal. Typically, I know what insurance companies I'm really cometative with and I don't mean, I'm going to save you $20 every 6 months - I wouldn't even try and sell that to someone that is happy with their current agent. I only want the business if I can get you more coverage for less money. If we cannot be a benefit then there is no point.

Read this article from the Insurance Journal, as I found it pretty interesting.

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