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Harnessing Potential in Personal Lines Insurance: Strategies for Independent Agents

Join Steve M. Brooks, President of B&B Premier Insurance Solutions, at the PLGA GLAD 10 Great Lakes Automation Day on November 11, 2010. This session delves into the untapped potential of personal lines insurance—an industry worth $230 billion, currently dominated by direct and captive writers. Independent agents can capture a larger market share by adopting efficient strategies in digital marketing, online presence, and customer engagement. Learn about the future landscape of the industry and actionable tactics to enhance agency performance and client acquisition.

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Harnessing Potential in Personal Lines Insurance: Strategies for Independent Agents

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  1. It’s just personal … lines Steve M. Brooks, CIC, CPIA President, B & B Premier Insurance Solutions Chairman of the Board, PLGA GLAD10 Great Lakes Automation Day November 11, 2010

  2. Agenda • Potential in Personal Lines • Competition • Future of the Industry

  3. Potential in Personal Lines • History • Independent agents demanded more efficiency. • Inefficiencies source of high expense ratios. • Prevented fair competition with direct & captive writers. • Playing field is now level. • Time to capitalize on our opportunity.

  4. Potential in Personal Lines • $230 billion business • Independent agents currently capture only 35%. • There’s $150 billion of premium still available. • Personal Auto Insurance alone – Largest single segment of P&C Insurance.

  5. Potential in Personal Lines • Represents more than simple “Accommodation” sales. • Who hasn’t seen loss of revenue in Commercial Lines? • Commercial Lines mired in prolonged soft market. • Recession put pressure on premiums. • Reduced payrolls • Inventories • Auto fleets

  6. It’s time for Independent Agents to get excited about Personal Lines!

  7. Personal Lines • Premiums have not changed much. • Agency valuations biggest “bang for the buck?” • Preferred Personal Lines. • Most stable business. • Good agencies have a persistency of over 90%.

  8. Competition

  9. Competition • GEICO alone spends $1.2 billion on advertising each year in the U.S. • A growing percentage of that spend is online.

  10. Future of the Industry

  11. The Landscape 9 months 3 years 4 years 13 years 38 years 50 40 30 20 10

  12. The Landscape • What is your Internet strategy? • Gen Y will out number Baby Boomers this year! • YouTube is second largest search engine. • 96% of Gen Y have joined a social network. • Fastest growing segment of Facebook is 55-65 year olds. • 80% of consumers research products online before buying.

  13. Your Landscape • What are you doing to attract people to your website? • Are you using Social Media? • Facebook, Twitter, LinkedIn, YouTube. • Keep website current. • Link website to business partners’ websites. • Ex. Auto body shops, glass repair, 24 hr. emergency restoration companies. • Video

  14. Remember… Your Website IS Your Business Card!

  15. Your Landscape • Update your website. • What’s your SEO? • Where do you show up in a search? • Track revenue coming through your website. • Go “Local” – capture your local community using digital marketing.

  16. Ideas for Your Landscape • LinkedIn • Post your picture on it. • Keep it up to date. • Get and Give recommendations. • Blog – start your own • Apps – Create a unique app for your agency. • Claim, payment numbers, etc. • Twitter

  17. Ideas for Your Landscape • Build friends, followers and connections. • Referral contest. • Automatic email campaigns. • Cross sell. • Retention. • New clients. • Keep data base up-to-date that includes: • Suspects, prospects and existing clients.

  18. Action Items • Develop comprehensive digital marketing strategy. • Develop email gathering process. • Develop and implement social media strategy. • Develop sales process to convert the leads to sales.

  19. Questions? Thank You. Steve M. Brooks, CIC, CPIA SteveB@BandBinsure.com Steve@personallinesgrowth.org

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