Find your customers and support them back

DISCLOSURE: I do not advertise.  Not in the traditional sense at least.  I also never say know to a request from a policyholder/friend/customer for a sponsorship/support of something they are involved in.

So I was at a zoo this weekend.  Washington National Zoo to be exact.  Great time, great place.  While at one exhibit I noticed this sign;

2014-04-26 11.47.55

Really neat exhibit and I am fine with seeing State Farm’s name there.  I respect them as a company and think this is a great move.  Why would you not want your logo in a happy place where lots of families are.  Especially since families are a huge piece of your customer base.  But then again you see State Farm almost everywhere.  They probably have customers in every physical space that they put their name.

But does the band aid fit?

So the other morning I was shaving and cut my chin a bit.  Somehow these tiny cuts bleed profusely and with about an hour before I had to leave I had to do something.  So I apply some cream so it will clot a bit and then apply the first band aid I could find.  It was clear and way bigger than what I needed but it worked.  It had the little bit of gauze that all band aids have and after a short time the bleeding stopped.  Now our upstairs cabinet was not quite like this;

It is what it is they are what they are….

An awesome advertising company that happens to sell insurance.  Every week of the year your mailbox is likely infiltrated by a mailing from Geico.  Not always a letter, sometimes just an insert in something else but they are there.  The message is always the same ” How much could you save on your car insurance?”  They use that goofy gecko, a pig, a caveman, random “b list” celebrities, etc in order to try and get your attention in a crowded place and they do a really good job at it.  This is based on them recently being ranked the #2 car insurer in the United States.

Saving money is bad…sometimes

You hear it constantly on the radio and T.V. It shows up in your mail on a weekly if not daily basis, heck a banner ad probably popped up before you even got here.  Each insurance company quoting exactly how much money they can save you or how many discounts are available and rarely getting specific on coverage.

Yes, I think saving money can be bad.

If you have not taken the time to review your insurance plans on a regular basis you may actually be saving too much money.  Yes I just said too much money.

Are you overinsured?

I am aware of no way to ever say someone has to much insurance, the fact is you just never know.  There is though one circumstance you can say you may be overinsured when it comes to a home.  An insurance company is insuring the cost to rebuild your home.  They are not covering your tax assessment nor are they covering the market value of the home or even what you think your home is worth.

Discounts or advertising

Enough already with “…with discounts up to 40%” or “..15mintues can save you…”  or ” the more policies you have the more discounts…”

  • Is it really a discount if your base rate is too high, to begin with? 
  • Is it really a discount if you have to purchase a policy you don’t already have to get it? 
  • Would you only give your accountant, doctor, lawyer or even your mechanic only 15 minutes to review something that can affect you, your family, your livelihood and your wallet? 

DISCLAIMER

My ideas are just that, see the previous post on believing in accountability.  Some are fact based some are based on the law some are my own logic.  Choosing to use them or not to use them is up to you not me.  At the end of it all these are your insurance policies I might just help you buy them smarter.

5/11/2015 Update

All of the above remains true.  I would adjust it to say, most are fact based and all are then complimented by;

1. An understanding of the law

2. An understanding of the industry