Don’t buy insurance alone

Partially influenced by a $639 tire

If I replaced one tire and skipped the alignment and balancing, I would not get as much out of my new tire.

If you are in New York and only “got a quote” or shopped or reviewed your auto insurance it likely will not work as well as it could.  The multi-policy discount is often ignored but is a critical part of the quoting process.  So offering an auto insurance quote to a person that also insures a home is only part of the situation.  This is an area where MANY companies should be auditing for accuracy, “Do you actually have multiple policies with us?”  REMOVE THE DISCOUNT when the policy leaves not at renewal.  Why let the customer leave under false pretense?  Why give away the premium you are entitled to?

*Yes, I would get rid of the current format of offering multi-policy discounts*

Now, this method has all sorts of potential pitfalls.  Many of which we slip into regularly.  But Billy, you have a process, etc etc.   Yes, yes we do.  And, it is good.  But, we are at the mercy of an ever-changing underwriting landscape and I have not found solutions to all the flaws yet.

THE BIGGER PICTURE

Collaboration is not a fad and I don’t think it will be in insurance either.  Consider some macro things;

  • The number of potential customers is not necessarily increasing
  • Getting to customers is simultaneously easier and harder(thank content and the war for attention)
  • The number of licensed professionals available to help people is not growing and will shrink before it grows

So there are all sorts of ways to solve those three.  But, for now, assume they are “solved” and consider collaboration.  We’ll skip the whole ” we’ll pay for quotes,” situation and focus on another aspect;

Where does insurance “come with” what you bought?

Where can it come with what you bought?

Where are the easy entry points for a non-insurance company to add insurance?  Lots of obvious technology ones including any device that can track something worth tracking.  An almost endless list of non-tech ones as well.  This would include ANY home service provider making improvements to the core concern areas; heat, plumbing, electric, roof, of a home.  Could be anything affiliated with bringing a dog into a home?

The key, as I and others see it, is it MUST be seamless.  Must, eventually, feel natural.  Bigger than that, if it can include some sort of human piece; essentially feeling like the right thing to do for a “partner,” friend, or at least someone(company) you like.

You already have some overlap with most/all of your credit cards but yet insurance companies still offer ID theft.

As we get “busier” reducing steps wherever possible WITHOUT reducing the quality of an outcome, will become imperative.  Places, where you have already provided the necessary data, represent tremendous opportunities to do this.

 

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