It ’ s just personal … lines
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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
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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. Agenda. Potential in Personal Lines Competition Future of the Industry. Potential in Personal Lines. - PowerPoint PPT Presentation
Transcript of It ’ s just personal … lines
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. Twitter
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.
