Auto Insurance Profitability Is Slipping:
It does not take much to see that challenges are on the horizon for Auto Insurance as people are back driving in full force and the frequency and severity of claims are on the rise. We have been talking about these trends with our Tague Alliance members for a while now, and with the release of Progressive and Berkshire Q2 results we are seeing some confirmation of the challenging trends. This is a message for agents that we need to understand the trends, be proactive with our clients, and try to be out in front of rate increases that will come.
Water Damage losses are extremely expensive and disruptive for our clients and cause major profitability problems for our industry. No one wins with a water damage, and the only solution is an automatic water shutoff valve. This is a massive problem and preventing water damage will require all of us working together to get more shutoff valves installed and protecting homes. All of the insurance companies who write Home and Landlord Insurance need to consider being aggressive in supporting the deployment of automatic shutoff valves.
This is the first installment of THE MORNING C4 and explains what it is all about. The goal is to help our Tague Alliance member agencies with ideas, tools, and resources that can help them grow their independent insurance agencies.
The second episode of THE MORNING C4 highlights a great tool that has a free version for installing a chatbot on your website. Drift is a great chatbot, easy to install, and is cross-platform (web, app, etc.). Insurance agency clients, and any type of client for that matter, want to be able to communicate how and when they choose. Drift provides another easy to use tool to help our members provide the best customer experience they can.
Update – the first episode of THE MORNING C4 was about “getting stuff done” and not worrying about perfection. In fact, perfection is the enemy of execution and one of our members, John Campbell, took the advice and got stuff done. John from Campbell Clan Insurance listened to today’s episode on Drift and went to work getting Drift setup and on his website. Nice work John!
As professional independent insurance agencies we forget sometimes that when we take some time to build our competency, that knowledge will lead to a higher level of confidence. Whether it be an insurance agent who is scared to go into commercial insurance after working only in personal insurance, or an agent who wants to get into a niche but doesn’t know what they are doing. As you make the investment in your own education and professionalism a momentum begins to build and successful outcomes are more common. People want to buy from professionals who demonstrate they know what they are doing. So focus effort on becoming exceedingly competent in whatever segment you choose and that will lead to higher confidence (not cockiness) which leads to more closed sales.
The fourth episode of THE MORNING C4 is all about a commercial insurance prospecting tool called miEDGE. This tool provides the user the ability to filter and target specific niches of business and to have a deeper insight into most of the prospects in the miEDGE database. SIAA Insurance and Tague Alliance have some fantastic pricing for ou members so check it out.
Episode five of THE MORNING C4 is all about the longstanding SIAA partner for E&O insurance, Rockwood. SIAA Insurance just rolled out new pricing for Tague Alliance members and the other master agencies who are participating. For our smaller members and members who are still basically in start-up mode, this new program will be highly beneficial because the cost savings are tremendous!