Can you explain to your customers why Auto rates are rising?
With Auto insurance being one of the biggest books of premium in most independent agencies the disruption caused by rate increases and underwriting action can be enormous. In my opinion, everyone in an agency should have some understanding of the loss ratio trends in Auto Insurance and be able to explain to a consumer some of the reasons why rates are going up.
Being informed accomplishes a couple of things:
- It shows the client they have an agent who knows the business
- By being able to articulate why rate increases are the norm the agent may be able to hedge off re-marketing
- Being an expert certainly helps retention
- If you are in the insurance business your education, expertise, and stellar personalized customer service are the only things separating you from the gecko or any other competitor!
Here is a link to a really robust whitepaper: https://cldup.com/poPKWsBSym.pdf
Best wishes from all your friends here at Tague Alliance!