Post on 07-Jul-2015
description
It’s just personal … linesSteve M. Brooks, CIC, CPIA
President, B & B Premier Insurance SolutionsChairman of the Board, PLGA
GLAD10 Great Lakes Automation DayNovember 11, 2010
Personal Lines Growth Alliance
Agenda
Potential in Personal Lines
Competition
Future of the Industry
Personal Lines Growth Alliance
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.
Personal Lines Growth Alliance
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.
Personal Lines Growth Alliance
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
It’s time for Independent Agents to get excited about
Personal Lines!
Personal Lines Growth Alliance
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%.
Competition
Personal Lines Growth Alliance
Competition
GEICO alone spends $1.2 billion on advertising each year in the U.S.
A growing percentage of that spend is online.
Future of the Industry
Personal Lines Growth Alliance
9 months
3 years
4 years
13 years
50 40 30 20 10
38 years
The Landscape
Personal Lines Growth Alliance
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.
Personal Lines Growth Alliance
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
Your Website IS Your Business Card!
Remember…Remember…
Personal Lines Growth Alliance
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.
Personal Lines Growth Alliance
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.
Personal Lines Growth Alliance
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.
Personal Lines Growth Alliance
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.
Thank You.Steve M. Brooks, CIC, CPIASteveB@BandBinsure.com Steve@personallinesgrowth.org
Questions?Questions?