Why is it that some people pay hundreds of dollars more each year for the very same insurance coverage that someone else pays much less for? Some of it has to do with driving record and even their credit rating, but sometimes it just comes down to which car insurance agency they're working with. Before you purchase your next auto insurance policy, there are a few things you need to keep in mind.
Don't assume you're going to get the lowest rates if you have a tarnished driving record or bad credit. Many people think that a perfect driving record is enough to get a low insurance rate. While that was true ten years ago, it's no longer the case. Insurance companies now look at your credit rating in addition to your driving record. A few dings on your credit report can cause your insurance rates to hike up.
Another thing you need to factor into the equation is the type of car you drive. A car insurance agency is going to charge more to insure a Dodge Viper than they are going to charge to insure a Volvo station wagon. If you're really concerned with auto insurance rates, find out how much insurance will be on a specific car before you buy it.
If you have more than one insurance policy with an agency, make sure you're getting a multi-policy discount. If you don't, consider moving your homeowner's policy to the agency that insures your car or take out a small renter's insurance policy. It can provide you with a significant savings on your driver's policy.
Make sure you comparison shop. Your driver's record and your credit can be picture perfect and one car insurance agency may still charge you hundreds more than the next one for the very same coverage. Get apples to apples quote comparisons so you know exactly which car insurance agency is offering you the best deal.
Thursday, June 3, 2010
start your own insurance agency
Starting your own insurance agency is not going to be accomplished overnight. These are preparations to be made such as obtaining the proper licenses, hiring employees and most importantly building a customer base. Running an insurance agency requires a thorough understanding of insurance and individual insurance companies.
Before even thinking about starting an insurance agency all insurance agents need to be properly licensed. Agents need to be licensed for the state they intend to operate in and any other state in which they intend to sell insurance. Getting licensed usually involves paying to a state agency such as a Department of Insurance and passing a licensing exam. Once licensed an individual can be a captive agent or an independent agent. A captive agent is one that sells the insurance exclusively for one company such as State Farm. An independent agent is free to sell insurance for any company they are currently licensed with.
Another part of starting an insurance agency is hiring employees to work at the agency. Keep in mind that only licensed agents can sell insurance. With that said agencies are always in need of customer service representatives. These are people there to take all of the prospective client's information and generate a price quote. Normally, starting a new business does not require very many employees because it is not very big. Most local insurance agencies start small and grow depending on how many policies are being sold and where they are selling the policies. Starting an insurance agency is no different than starting a small business because that is exactly what it is.
Many people who want to own their own agency usually start out by working for an agent who is already licensed. This in turn allows an individual to learn the business from the ground up. In many cases people who start out this way may end up buying the agency from the current owner. This does two things for the agent. One, they already have an established customer base and two, they will not need to hire all new employees. Individuals that branch out on their own need to advertise and slowly build their customer base which can take time to do. After all if an agent does not have customers to sell to there is no one to buy the insurance.
Starting an insurance agency requires a thorough understanding of the insurance industry. If the agent is independent they need to know the policies and procedures of many different insurance companies that they want to write business with. This requires a lot of work and patience when starting a new agency.
Before even thinking about starting an insurance agency all insurance agents need to be properly licensed. Agents need to be licensed for the state they intend to operate in and any other state in which they intend to sell insurance. Getting licensed usually involves paying to a state agency such as a Department of Insurance and passing a licensing exam. Once licensed an individual can be a captive agent or an independent agent. A captive agent is one that sells the insurance exclusively for one company such as State Farm. An independent agent is free to sell insurance for any company they are currently licensed with.
Another part of starting an insurance agency is hiring employees to work at the agency. Keep in mind that only licensed agents can sell insurance. With that said agencies are always in need of customer service representatives. These are people there to take all of the prospective client's information and generate a price quote. Normally, starting a new business does not require very many employees because it is not very big. Most local insurance agencies start small and grow depending on how many policies are being sold and where they are selling the policies. Starting an insurance agency is no different than starting a small business because that is exactly what it is.
Many people who want to own their own agency usually start out by working for an agent who is already licensed. This in turn allows an individual to learn the business from the ground up. In many cases people who start out this way may end up buying the agency from the current owner. This does two things for the agent. One, they already have an established customer base and two, they will not need to hire all new employees. Individuals that branch out on their own need to advertise and slowly build their customer base which can take time to do. After all if an agent does not have customers to sell to there is no one to buy the insurance.
Starting an insurance agency requires a thorough understanding of the insurance industry. If the agent is independent they need to know the policies and procedures of many different insurance companies that they want to write business with. This requires a lot of work and patience when starting a new agency.
Produce and Execute a Solid Insurance Agency Referral Strategy
Produce and Execute a Solid Insurance Agency Referral Strategy
Currently there are only a couple ways most of Americans find a new insurance agent. The first approach is doing research on the internet, the other method is asking their contacts. You can find more information about website advertising in other articles of mine; for this article I am going to focus on the best practices for obtaining referrals from your existing client base.
Develop a referral program
If you do not already have a program in your agency, you should produce one immediately. I am referring to a planned way of rewarding clients who refer new clients to your agency. State laws dictate the amount you may spend on a consumer for referring an insurance agency. Whether it is with gift cards, prizes, or a check, my advice is to pay your clients as much as you can within the legal limits. You will not find a better return on your money than through referrals. I say this because referrals are surely the best type of new client. They purchase easier because you likely already have their respect, and since many people will not refer bad clients to your company, they are likely better for your expense ratio. Never be stingy when it comes to rewarding customers for referring business; don't you sell better when there is more commission at stake?
Make sure each customer understands your rewards.
Unless each customer within your book of business realizes that you pay for referred business and what you offer, you are not getting the most from it. Never neglect to refer to the reward program with every single helpful client communication you have. In your agency, make a very prominent display that shows the benefits for referrals so no one could come through the office without seeing it. Write about your referral program in every bit of mail you send your customers. Update the signature in your email program to make clear your referral program in all the messages you send. Make time during every policy review and when you write new insurance policies to discuss the referral program. The important thing to remember when you talk to clients about your program is to emphasize the benefits to them if they send referrals.
Coach your clients to refer your agency.
I know it sounds funny, but you must to coach your clientele to give referrals. I have continually alleged that an educated client is the best client and this certainly seems true for referrals. When you make the time to educate your clients you are not only building your connection with them, you are also providing the tools to teach others about insurance and discuss the advantages of your agency. After you discover an insurance gap, ask the client to think of other people they know that could have the same liability. People are constantly eager to sound brainy to their friends. Additionally, when clients comprehend about all the products and services you offer, not only do you open the likelihood for cross-selling but your customers are more able to recognize needs in other folks they know and refer your services. Provide your clients specific suggestions about referrals like, ìwho else in your place of business would we be able to assist?
Offer Clients the Tools to Send Business to Your Agency
Frequently the only thing preventing your existing customers from referring your insurance agency is not having your website information close at hand. Persuade every customer to input your phone number into their cellular phone so they can speak to you in the event of an accident. This works fantastic because it creates the impression that your agency will be there for them if they need you, and it lets them to hold on to your phone number all the time. I also recommend creating little tags with their policy information, your phone number, and the local emergency phone numbers for them to add to their key chain. You might do the same on a card that fits in a wallet. The trick is giving clients a way to carry along your contact information at all times without them being aware of it.
Implement Your Insurance Agency Referral Plan
The largest mistake agency owners make about a referral strategy is failure to execute. If you plan you are going to remind every client about referrals ensure your staff and you do. If a customer mentions who referred them, never forget to send a thank you card. If you articulate the strategy beginning to end from the beginning, you will have an easier time following through.
By Jay VanDamme
Currently there are only a couple ways most of Americans find a new insurance agent. The first approach is doing research on the internet, the other method is asking their contacts. You can find more information about website advertising in other articles of mine; for this article I am going to focus on the best practices for obtaining referrals from your existing client base.
Develop a referral program
If you do not already have a program in your agency, you should produce one immediately. I am referring to a planned way of rewarding clients who refer new clients to your agency. State laws dictate the amount you may spend on a consumer for referring an insurance agency. Whether it is with gift cards, prizes, or a check, my advice is to pay your clients as much as you can within the legal limits. You will not find a better return on your money than through referrals. I say this because referrals are surely the best type of new client. They purchase easier because you likely already have their respect, and since many people will not refer bad clients to your company, they are likely better for your expense ratio. Never be stingy when it comes to rewarding customers for referring business; don't you sell better when there is more commission at stake?
Make sure each customer understands your rewards.
Unless each customer within your book of business realizes that you pay for referred business and what you offer, you are not getting the most from it. Never neglect to refer to the reward program with every single helpful client communication you have. In your agency, make a very prominent display that shows the benefits for referrals so no one could come through the office without seeing it. Write about your referral program in every bit of mail you send your customers. Update the signature in your email program to make clear your referral program in all the messages you send. Make time during every policy review and when you write new insurance policies to discuss the referral program. The important thing to remember when you talk to clients about your program is to emphasize the benefits to them if they send referrals.
Coach your clients to refer your agency.
I know it sounds funny, but you must to coach your clientele to give referrals. I have continually alleged that an educated client is the best client and this certainly seems true for referrals. When you make the time to educate your clients you are not only building your connection with them, you are also providing the tools to teach others about insurance and discuss the advantages of your agency. After you discover an insurance gap, ask the client to think of other people they know that could have the same liability. People are constantly eager to sound brainy to their friends. Additionally, when clients comprehend about all the products and services you offer, not only do you open the likelihood for cross-selling but your customers are more able to recognize needs in other folks they know and refer your services. Provide your clients specific suggestions about referrals like, ìwho else in your place of business would we be able to assist?
Offer Clients the Tools to Send Business to Your Agency
Frequently the only thing preventing your existing customers from referring your insurance agency is not having your website information close at hand. Persuade every customer to input your phone number into their cellular phone so they can speak to you in the event of an accident. This works fantastic because it creates the impression that your agency will be there for them if they need you, and it lets them to hold on to your phone number all the time. I also recommend creating little tags with their policy information, your phone number, and the local emergency phone numbers for them to add to their key chain. You might do the same on a card that fits in a wallet. The trick is giving clients a way to carry along your contact information at all times without them being aware of it.
Implement Your Insurance Agency Referral Plan
The largest mistake agency owners make about a referral strategy is failure to execute. If you plan you are going to remind every client about referrals ensure your staff and you do. If a customer mentions who referred them, never forget to send a thank you card. If you articulate the strategy beginning to end from the beginning, you will have an easier time following through.
By Jay VanDamme
Client Expectations & E&O Claims
For many professions, not meeting client expectations is not just bad service, it can translate to a lawsuit and trigger professional liability insurance. Insurance agents are no different. An article in American Agent & Broker talks about client dissatisfaction and insurance agents E&O claims (see here).
The author suggests instituting a process with agents and CSRs for surfacing client issues to management. In addition to making sure the client service issues are adequately addressed, this proactive approach provides a forum for considering whether a service issue might become a claim and therefore should be reported to the insurance agent’s E&O insurer.
Often it is not clear when a difficult situation should be reported to your professional liability (E&O) insurer. Each professional liability policy has a definition of what constitutes a claim, usually a written demand, and if this trigger has been reached the situation should be reported. In addition, if the trigger in the policy has not been reached, but you know that there is a chance that a situation may result in a claim, the situation should typically be reported to preserve coverage. With respect to a subpoena, the reporting of a potential E&O claim was addressed in a prior post.
The most important advice:
If there is any question if a potential claim should be reported, the best practice is to report the matter to the carrier
source : http://specialtyinsurance.typepad.com/
The author suggests instituting a process with agents and CSRs for surfacing client issues to management. In addition to making sure the client service issues are adequately addressed, this proactive approach provides a forum for considering whether a service issue might become a claim and therefore should be reported to the insurance agent’s E&O insurer.
Often it is not clear when a difficult situation should be reported to your professional liability (E&O) insurer. Each professional liability policy has a definition of what constitutes a claim, usually a written demand, and if this trigger has been reached the situation should be reported. In addition, if the trigger in the policy has not been reached, but you know that there is a chance that a situation may result in a claim, the situation should typically be reported to preserve coverage. With respect to a subpoena, the reporting of a potential E&O claim was addressed in a prior post.
The most important advice:
If there is any question if a potential claim should be reported, the best practice is to report the matter to the carrier
source : http://specialtyinsurance.typepad.com/
Growing through the recession: Tulsa-based insurance agency expands
Not even the encroaching recession proved able to stop Bainswest.
The Tulsa-based umbrella for property and casualty agencies across Oklahoma and Arkansas anticipates 5-percent growth in 2009, owner Tim Driskill said Monday.
While that's far below the 28.7-percent jump enjoyed in 2008 premiums to $197.19 million, or last year's 20-percent revenue boost to $28.78 million, Bainswest has managed to maintain positive momentum in a recession that derailed many independent insurance agencies across the nation, as demonstrated by reports from the Independent Insurance Agents and Brokers of America and the trade publication Insurance Journal.
Projected 2009 premiums of $210 million could raise Driskill's firm a few notches among Insurance Journal's top 100 privately held property/casualty agencies nationwide. Bainswest's premium tally ranked 58th for 2008, marking the third year the parent of Tulsa's Joe West Insurance Agency made the list. Bainswest placed 47th by revenue.
"For a small market, that's pretty good," Driskill said.
His firm marks one of three Oklahoma agencies in the top 100. Oklahoma City-based Insurica ranked 21st with 2008 property and casualty premiums at $367.46 million, while Tulsa-based CFR placed 71st with 2008 premiums of $156 million.
Driskill calls Bainswest a "group cluster" of agencies he's acquired over the last three decades, many centered around Oklahoma's second-largest metropolitan area. Although they continue to operate under their original names, targeting commercial customers, their combination under Bainswest provided size and operating synergies that improve their competitive strengths.
"When I took over Joe West, our premiums were under $5 million," Driskill said. "Today our commissions are over $5 million. So it's been a good, steady growth period from 1986 until now."
Besides Joe West Insurance, which Driskill operates in downtown Tulsa's Beacon Building, the Oklahoma State University graduate has acquired two other agencies in Tulsa as well as independents in Broken Arrow, Vinita, Grove, Sapulpa, Sand Springs, Blackwell, Ponca City, Lindsey, Ardmore, Oklahoma City, and the Arkansas communities of Siloam Springs, Springdale, Mountain Home and Harrison. A Bainswest agency also opened an office in Fayetteville, Ark.
That gives Bainswest a work force topping 200.
While the recession could open further acquisition opportunities, Driskill has none in the pipeline. Two key factors - high insurer capacity, which increases competitive factors and lowers agency commissions, and tightened customer bottom lines - present stout hurdles for growth.
"It's not unusual to see a 5- to 10-percent deduction in the renewal of a customer," he said. "I don't think anyone's forecasting that to change until 2011, 2012."
Driskill attributed Bainswest's 2009 expansion to new business driven by referral and product options many independent brokerages overlook.
Accounts receivable insurance presents a strong growth area, he said, especially in today's recessionary environment. While many P&C policies may cover damaged or lost records due to a fire or other event, Driskill said the Bainswest agencies offer true bad-debt insurance policies through the European firm Euhler Hermes.
"In Europe, 70 percent of firms buy bad-debt insurance," he said. "In the U.S., only 5 percent buy it. That's because they don't know it exists.
"In an economy like this, you see a lot of interest in it when you talk about it," he said. "Many banks now require their customers to carry this insurance."
Bainswest also seeks potential growth in equipment maintenance contract replacement insurance, for everything from computers and copiers to escalators and heating and air systems. Since traditional extended-warranty contracts involve a tremendous markup, one his program may reduce while still generating profit, Driskill sees this product as a way for clients to save money while boosting his bottom line.
For state and city governments struggling to meet budget projections, Driskill suggested this could prove a godsend - although since many agencies and purchasing departments do not track such spending, delivering those savings presents special challenges. Just getting a study of state resources required legislative approval, said Driskill, who has pursued this for five years.
Driskill said a program implemented with the Oklahoma Tax Commission recorded just under 20 percent in savings. He is working to expand this to the Department of Human Services and other arms of the state.
"We think we can save the state of Oklahoma a minimum of $10 million a year with that program," said Driskill. "At the time the state is hurting for money, we think it has merit."
The company also draws strong revenue streams from the aviation and public school sectors.
Bainswest offers life insurance and other employee benefits through four-year-old subsidiary Bainswest Benefits, which recorded $68.26 million in premiums last year. Driskill expects it to end 2009 around $70 million.
The Tulsa-based umbrella for property and casualty agencies across Oklahoma and Arkansas anticipates 5-percent growth in 2009, owner Tim Driskill said Monday.
While that's far below the 28.7-percent jump enjoyed in 2008 premiums to $197.19 million, or last year's 20-percent revenue boost to $28.78 million, Bainswest has managed to maintain positive momentum in a recession that derailed many independent insurance agencies across the nation, as demonstrated by reports from the Independent Insurance Agents and Brokers of America and the trade publication Insurance Journal.
Projected 2009 premiums of $210 million could raise Driskill's firm a few notches among Insurance Journal's top 100 privately held property/casualty agencies nationwide. Bainswest's premium tally ranked 58th for 2008, marking the third year the parent of Tulsa's Joe West Insurance Agency made the list. Bainswest placed 47th by revenue.
"For a small market, that's pretty good," Driskill said.
His firm marks one of three Oklahoma agencies in the top 100. Oklahoma City-based Insurica ranked 21st with 2008 property and casualty premiums at $367.46 million, while Tulsa-based CFR placed 71st with 2008 premiums of $156 million.
Driskill calls Bainswest a "group cluster" of agencies he's acquired over the last three decades, many centered around Oklahoma's second-largest metropolitan area. Although they continue to operate under their original names, targeting commercial customers, their combination under Bainswest provided size and operating synergies that improve their competitive strengths.
"When I took over Joe West, our premiums were under $5 million," Driskill said. "Today our commissions are over $5 million. So it's been a good, steady growth period from 1986 until now."
Besides Joe West Insurance, which Driskill operates in downtown Tulsa's Beacon Building, the Oklahoma State University graduate has acquired two other agencies in Tulsa as well as independents in Broken Arrow, Vinita, Grove, Sapulpa, Sand Springs, Blackwell, Ponca City, Lindsey, Ardmore, Oklahoma City, and the Arkansas communities of Siloam Springs, Springdale, Mountain Home and Harrison. A Bainswest agency also opened an office in Fayetteville, Ark.
That gives Bainswest a work force topping 200.
While the recession could open further acquisition opportunities, Driskill has none in the pipeline. Two key factors - high insurer capacity, which increases competitive factors and lowers agency commissions, and tightened customer bottom lines - present stout hurdles for growth.
"It's not unusual to see a 5- to 10-percent deduction in the renewal of a customer," he said. "I don't think anyone's forecasting that to change until 2011, 2012."
Driskill attributed Bainswest's 2009 expansion to new business driven by referral and product options many independent brokerages overlook.
Accounts receivable insurance presents a strong growth area, he said, especially in today's recessionary environment. While many P&C policies may cover damaged or lost records due to a fire or other event, Driskill said the Bainswest agencies offer true bad-debt insurance policies through the European firm Euhler Hermes.
"In Europe, 70 percent of firms buy bad-debt insurance," he said. "In the U.S., only 5 percent buy it. That's because they don't know it exists.
"In an economy like this, you see a lot of interest in it when you talk about it," he said. "Many banks now require their customers to carry this insurance."
Bainswest also seeks potential growth in equipment maintenance contract replacement insurance, for everything from computers and copiers to escalators and heating and air systems. Since traditional extended-warranty contracts involve a tremendous markup, one his program may reduce while still generating profit, Driskill sees this product as a way for clients to save money while boosting his bottom line.
For state and city governments struggling to meet budget projections, Driskill suggested this could prove a godsend - although since many agencies and purchasing departments do not track such spending, delivering those savings presents special challenges. Just getting a study of state resources required legislative approval, said Driskill, who has pursued this for five years.
Driskill said a program implemented with the Oklahoma Tax Commission recorded just under 20 percent in savings. He is working to expand this to the Department of Human Services and other arms of the state.
"We think we can save the state of Oklahoma a minimum of $10 million a year with that program," said Driskill. "At the time the state is hurting for money, we think it has merit."
The company also draws strong revenue streams from the aviation and public school sectors.
Bainswest offers life insurance and other employee benefits through four-year-old subsidiary Bainswest Benefits, which recorded $68.26 million in premiums last year. Driskill expects it to end 2009 around $70 million.
Life Insurance Agency
If you have any family members that are dependent on your income, perhaps a wife and children, surely there have been times when you have wondered on the subject of how to care for them in case of your not being around anymore?
If you have any family members that are dependent on your income, perhaps a wife and children, surely there have been times when you have wondered on the subject of how to care for them in case of your not being around anymore? Accidents happen, disease strikes and disasters are not entirely uncommon. In the event of your passing, how are your family members going to cope? Life insurance is something that everyone must consider at one point or another, and if you have a family; the sooner you take out such a policy, the better.
Most people will consider hiring a life insurance broker to act on their behalf and while it would be wrong to suggest that all brokers are bad news, you should be wary of unreliable life insurance brokers. You do not always know that these brokers are acting in your best interests. They could be trying to sell you a policy that does nothing for your family’s financial security and instead are merely looking for the easiest way to make a quick buck. You also need to be wary of life insurance brokers who are completely CLUELESS about the ins and outs of the industry. They may claim to be geniuses in their field when in reality their ‘connections’ are few and far between. If your broker only provides you with one or two (even three) life insurance quotes, the emergency bells should immediately begin to ring in your head. You could be missing out on a policy that covers all of your needs if you listen to a broker who does not provide you with as much information as possible.
When you are on the hunt for the perfect life insurance quote, it may be in your best interests to branch out on this search alone. Life insurance brokers will take your money and leave you with one fiddly little life insurance quote that is useless to you. If you do this on your own, you will probably be much more successful. If you have internet access your search will instantly become a lot simpler. You should try to stumble on a website that will help you to find a whole stack of life insurance quotes to filter through – the more quotes you have, the more likely you are to find that one perfect life insurance policy.
Buying life insurance online is not as scary as it may seem. The internet is a great tool for those in search of information on virtually ANY subject. You can use the internet to find information on the various different types of insurance policies and carry on from there. Once you have a clear understanding of how life insurance works, you can proceed with your search for life insurance quotes. Various different companies will offer a large variety of life insurance policies. Make sure to read through all of these proposals carefully to spot anything that doesn’t quite fit with what you have in mind.
Once you have your life insurance quotes in hand, you can decide on the correct type of life insurance policy you need. Term life insurance will cover your beneficiaries during the length of term (can be up to 20 or 30 years) while whole life insurance covers you and your family members (beneficiaries) until your death. When stuck between these two types of life insurance, policies you need to consider which one will ultimately be better for your beneficiaries. Both term life insurance and whole life insurance policies have their pros and cons, it is up to you to find out what these are.
There are very few people who enjoy thinking about the dilemmas that could be faced in the future. Hardly anyone enjoys speculating about mortality but unfortunately it is something we all have to deal with at some point or another. In the event of your death, no one else will be able to care for your dependants. It is your duty to make sure that they are not left out in the cold when disaster rears its ugly head.
It is up to you to make the right choice between whole life insurance and term life insurance, just as it is your duty to find the right life insurance quote to protect your family in the long run. Don’t leave this until the last minute, make sure that your beneficiaries are cared for in advance.
If you have any family members that are dependent on your income, perhaps a wife and children, surely there have been times when you have wondered on the subject of how to care for them in case of your not being around anymore? Accidents happen, disease strikes and disasters are not entirely uncommon. In the event of your passing, how are your family members going to cope? Life insurance is something that everyone must consider at one point or another, and if you have a family; the sooner you take out such a policy, the better.
Most people will consider hiring a life insurance broker to act on their behalf and while it would be wrong to suggest that all brokers are bad news, you should be wary of unreliable life insurance brokers. You do not always know that these brokers are acting in your best interests. They could be trying to sell you a policy that does nothing for your family’s financial security and instead are merely looking for the easiest way to make a quick buck. You also need to be wary of life insurance brokers who are completely CLUELESS about the ins and outs of the industry. They may claim to be geniuses in their field when in reality their ‘connections’ are few and far between. If your broker only provides you with one or two (even three) life insurance quotes, the emergency bells should immediately begin to ring in your head. You could be missing out on a policy that covers all of your needs if you listen to a broker who does not provide you with as much information as possible.
When you are on the hunt for the perfect life insurance quote, it may be in your best interests to branch out on this search alone. Life insurance brokers will take your money and leave you with one fiddly little life insurance quote that is useless to you. If you do this on your own, you will probably be much more successful. If you have internet access your search will instantly become a lot simpler. You should try to stumble on a website that will help you to find a whole stack of life insurance quotes to filter through – the more quotes you have, the more likely you are to find that one perfect life insurance policy.
Buying life insurance online is not as scary as it may seem. The internet is a great tool for those in search of information on virtually ANY subject. You can use the internet to find information on the various different types of insurance policies and carry on from there. Once you have a clear understanding of how life insurance works, you can proceed with your search for life insurance quotes. Various different companies will offer a large variety of life insurance policies. Make sure to read through all of these proposals carefully to spot anything that doesn’t quite fit with what you have in mind.
Once you have your life insurance quotes in hand, you can decide on the correct type of life insurance policy you need. Term life insurance will cover your beneficiaries during the length of term (can be up to 20 or 30 years) while whole life insurance covers you and your family members (beneficiaries) until your death. When stuck between these two types of life insurance, policies you need to consider which one will ultimately be better for your beneficiaries. Both term life insurance and whole life insurance policies have their pros and cons, it is up to you to find out what these are.
There are very few people who enjoy thinking about the dilemmas that could be faced in the future. Hardly anyone enjoys speculating about mortality but unfortunately it is something we all have to deal with at some point or another. In the event of your death, no one else will be able to care for your dependants. It is your duty to make sure that they are not left out in the cold when disaster rears its ugly head.
It is up to you to make the right choice between whole life insurance and term life insurance, just as it is your duty to find the right life insurance quote to protect your family in the long run. Don’t leave this until the last minute, make sure that your beneficiaries are cared for in advance.
Insurance Agency Franchise Opportunity
Insurance agency franchises offer any interested individual the pre-packaged tools to start a new business. Bypassing the hassles of building a business from scratch, an insurance agency franchise is a proven business opportunity that offers name brand recognition and generally known costumer satisfaction. Everyone needs insurance of some sort and at some point in their lives making industry a natural business opportunity that will never run out of clients! If interested in purchasing a business opportunity, there are many franchises offered through recognized companies that can provide the support and information to succeed.
Owning an insurance company is representative of the American dream. Businesses such as insurance agency franchises have provided many upstart companies an opportunity to share in the wealth and security through the nation's strong economy. The benefits of owning an insurance agency franchise are many including a structured business plan, professional support, instant recognition by the public and proven marketing techniques. When purchasing a franchise, one will not have to deal with the idea and beginning structural stages of starting a new business.
Many business owners are not necessarily adept at implementing the creative ideas that new businesses require, but are sound in management and execution skills. Insurance agency franchises may be a good choice for those who prefer to follow a structured business concept with proven success. These opportunities are patterned after the original business that has been successful and many of the 'bugs' have already been worked out of the business plan. For those who have an interest and aptitude for selling, advertising and marketing a product that is in high demand, a franchise may be the right choice.
For those with an entrepreneurial spirit or for those who have been the victims of corporate down sizing, an insurance agency franchise may offer the perfect opportunity to own a business while using prior business skills for a bright financial future. More and more Americans need property protection, medical coverage, auto policies and specialty insurances of all kinds, providing an open door for franchising. Insurance agency franchises can provide a much needed service throughout the country. "Blessed is every one that feareth the Lord; that walketh in his ways." (Psalms 128:1) We can thank God for the enormous blessing that He has bestowed upon America in wealth and for the opportunity to use the skills that He has granted in the blessing of work.
Owning an insurance company is representative of the American dream. Businesses such as insurance agency franchises have provided many upstart companies an opportunity to share in the wealth and security through the nation's strong economy. The benefits of owning an insurance agency franchise are many including a structured business plan, professional support, instant recognition by the public and proven marketing techniques. When purchasing a franchise, one will not have to deal with the idea and beginning structural stages of starting a new business.
Many business owners are not necessarily adept at implementing the creative ideas that new businesses require, but are sound in management and execution skills. Insurance agency franchises may be a good choice for those who prefer to follow a structured business concept with proven success. These opportunities are patterned after the original business that has been successful and many of the 'bugs' have already been worked out of the business plan. For those who have an interest and aptitude for selling, advertising and marketing a product that is in high demand, a franchise may be the right choice.
For those with an entrepreneurial spirit or for those who have been the victims of corporate down sizing, an insurance agency franchise may offer the perfect opportunity to own a business while using prior business skills for a bright financial future. More and more Americans need property protection, medical coverage, auto policies and specialty insurances of all kinds, providing an open door for franchising. Insurance agency franchises can provide a much needed service throughout the country. "Blessed is every one that feareth the Lord; that walketh in his ways." (Psalms 128:1) We can thank God for the enormous blessing that He has bestowed upon America in wealth and for the opportunity to use the skills that He has granted in the blessing of work.
Insurance Agency Producer Without an Insurance Agency Marketing Program
I recently read an interesting insurance agency marketing blog entitled, I Want Leads Like I Want My Morning Coffee, by John Scranton, a former insurance agency sales executive, or in their jargon, an "agency producer". The gist of the article was that John was craves quality leads, just like he craved a quality cup of coffee. John isn't alone in this craving, essentially all salespeople crave good quality leads, to help improve time efficacy and close ratios. The process is often referred to as a sales funnel or sales pipeline. The theory is simple enough; pouring high quality leads into the top of the selling funnel will result in more closes flowing out the bottom of the funnel.
One question, seemingly on the minds of most sales people, revolves around the top of the funnel. Let's review a basic sales funnel for a moment. The sales funnel often consists of suspects, prospects, presentations (or meetings), proposals, and ultimately closes (new clients). It's called a sales funnel because the graphic used to describe this is a funnel, wide at the top (suspects), narrowing at the bottom (closes). The top of the funnel is normally filled with suspects, hopefully in profile suspects. Let's say that there are 1,000 suspects at the top of your B2B (Business To Business) sales funnel. These suspects might have titles like CEO, CFO, CTO, CSO and CMO, perhaps in a certain vertical market, the companies might be within a designated target revenue range of say $20 Million to $100 Million dollars, and may be in a geographic region, let's say the Northeastern US. There are of course many other variables, but let's stop here for the moment.
Whose job is it to fill the top of the funnel? Some insurance agency marketing plans call for that to be done by the producers. This happens at many other types of firms' too, particularly smaller organizations reticent to add marketing dollars to their current sales spending allocation. Many insurance agencies want their producers to cold call, network, attend business functions, community events and charity events to build their own pipeline, and fill the top of the funnel. In these cases, insurance agency marketing, or a better description might be insurance agency lead generation, is really being done by an insurance agency producer. This is a probable path to failure, as these new producers are often completely unprepared to tackle the changing world of lead generation as it migrates away from face to face networking toward eMarketing, Web Marketing, Social Media Marketing, Blogging, SEO and Web Seminar Marketing, to mention just a few of the new tools being utilized today.
According to John, and other producers, filling the top of their funnel can be an arduous process. That's why so many new insurance agency salespeople fail; they are not savvy marketers and fail to fill up the top of their funnel. Insufficient qualified prospects at the top, invariably means inadequate results at the bottom. Why don't insurance agencies or other B2B companies invest more in marketing? I think there are a few reasons.
1. Sales spend: If an agency is paying a producer a base salary of say $50,000 and contributing to health benefits, overhead and certain expenses, they are already nearing an investment of $100,000 per year. Adding say $15,000 in marketing to this investment seems like it is simply more overhead.
2. Some "C Level" executives in smaller firms simply don't believe in marketing. In the insurance agency space, many still look at cold calling and personal networking as a pipeline panacea.
3. Many insurance agency marketing plans and dollars simply focus on local events, traditional seminars and perhaps improving the look and feel of their web site. Web marketing is something they may not understand or simply don't want to invest in yet.
4. Many agencies lack a formal marketing department and are not comfortable outsourcing their marketing. This dearth of expertise creates a marketing void.
There are likely a myriad of other reasons, but the net results are the same, producers who don't have quality leads flowing into the top of the funnel, won't have sufficient sales flowing from the bottom. The results are easy to predict in that case, with large sales expenses and a low insurance agency return on their sales investment. The best advice for insurance agencies when it comes to hiring new salespeople is as follows. If you're going to invest in three new agency producers, but not invest in marketing, consider investing in two new producers and using the savings toward a marketing support, insurance agency lead generation program specifically for those producers. And what if the budget is only sufficient to hire one new producer with nothing left over? Try convincing the producer to take a lower salary while guaranteeing a lead generation program to "insure" their success. Hiring a new producer without a lead generation program is like buying a new car, without sufficient funds to pay for gas. You just can't go very far with that formula.
One question, seemingly on the minds of most sales people, revolves around the top of the funnel. Let's review a basic sales funnel for a moment. The sales funnel often consists of suspects, prospects, presentations (or meetings), proposals, and ultimately closes (new clients). It's called a sales funnel because the graphic used to describe this is a funnel, wide at the top (suspects), narrowing at the bottom (closes). The top of the funnel is normally filled with suspects, hopefully in profile suspects. Let's say that there are 1,000 suspects at the top of your B2B (Business To Business) sales funnel. These suspects might have titles like CEO, CFO, CTO, CSO and CMO, perhaps in a certain vertical market, the companies might be within a designated target revenue range of say $20 Million to $100 Million dollars, and may be in a geographic region, let's say the Northeastern US. There are of course many other variables, but let's stop here for the moment.
Whose job is it to fill the top of the funnel? Some insurance agency marketing plans call for that to be done by the producers. This happens at many other types of firms' too, particularly smaller organizations reticent to add marketing dollars to their current sales spending allocation. Many insurance agencies want their producers to cold call, network, attend business functions, community events and charity events to build their own pipeline, and fill the top of the funnel. In these cases, insurance agency marketing, or a better description might be insurance agency lead generation, is really being done by an insurance agency producer. This is a probable path to failure, as these new producers are often completely unprepared to tackle the changing world of lead generation as it migrates away from face to face networking toward eMarketing, Web Marketing, Social Media Marketing, Blogging, SEO and Web Seminar Marketing, to mention just a few of the new tools being utilized today.
According to John, and other producers, filling the top of their funnel can be an arduous process. That's why so many new insurance agency salespeople fail; they are not savvy marketers and fail to fill up the top of their funnel. Insufficient qualified prospects at the top, invariably means inadequate results at the bottom. Why don't insurance agencies or other B2B companies invest more in marketing? I think there are a few reasons.
1. Sales spend: If an agency is paying a producer a base salary of say $50,000 and contributing to health benefits, overhead and certain expenses, they are already nearing an investment of $100,000 per year. Adding say $15,000 in marketing to this investment seems like it is simply more overhead.
2. Some "C Level" executives in smaller firms simply don't believe in marketing. In the insurance agency space, many still look at cold calling and personal networking as a pipeline panacea.
3. Many insurance agency marketing plans and dollars simply focus on local events, traditional seminars and perhaps improving the look and feel of their web site. Web marketing is something they may not understand or simply don't want to invest in yet.
4. Many agencies lack a formal marketing department and are not comfortable outsourcing their marketing. This dearth of expertise creates a marketing void.
There are likely a myriad of other reasons, but the net results are the same, producers who don't have quality leads flowing into the top of the funnel, won't have sufficient sales flowing from the bottom. The results are easy to predict in that case, with large sales expenses and a low insurance agency return on their sales investment. The best advice for insurance agencies when it comes to hiring new salespeople is as follows. If you're going to invest in three new agency producers, but not invest in marketing, consider investing in two new producers and using the savings toward a marketing support, insurance agency lead generation program specifically for those producers. And what if the budget is only sufficient to hire one new producer with nothing left over? Try convincing the producer to take a lower salary while guaranteeing a lead generation program to "insure" their success. Hiring a new producer without a lead generation program is like buying a new car, without sufficient funds to pay for gas. You just can't go very far with that formula.
Subscribe to:
Posts (Atom)