Reality is this; insurance companies are run by other members of our human species. They are also influenced by their surroundings both human and inanimate. They are influenced by many of the same ideals, both positive and negative as the rest of us. There is a lot of talk about “disruption,” #insurtech, #fintech, and #bigdata. The industry is “ripe” for change, blah, blah, blah.
Yes I have many of my own thoughts, heck it’s my blog so of course they are my thoughts. This dawned on me the other day;
Maybe the insurance industry is just a reflection of society. But how? In what way(s)?
I hope this finds you doing well. It’s been a bit and I know things can be tough for some of us. Safe to say it could be more challenging now than when you started in the business. Honestly, if there was an insurance police this would be something they would want to know about, but since there is not I’ll just write this note to you.
Is all the agents. Well not quite all of them but lately it seems like most of them. Likely that the Pareto principle would disprove this but hey it’s been interesting. What do I mean? I mean if more agents did what the public thought their “job” was we would need less agents. Why? Because then there would be less messes to clean up for the rest of us.
With several hundred companies offering auto and home insurance in the U.S. you would think a bit more variety would exist. The reality is that the majority of them are after the same demographic; good to great credit, home ownership, college educated, multiple cars. Then there is everybody else. With a constant turn over of actuaries and heads of underwriting everybody else inevitably can get luck and fit into a preferred companies model. Generally due to a fluke in the sophistication of underwriting. But the reality is still that there are only three prices available to the public and YOU choose your price.
And it actually happened twice in the last week. Now the first one was expected, when one person marries another or moves in with another generally one agent gets tossed out. Aw well, it happens. Part of the business I suppose but still stings a bit.
The other was a little bit of surprise but should have seen it coming. See on occasion the value that you perceive that you provide is not nearly the same to two different people. Similar to above or as I sometimes like to say “It’s whatever.” Similar to many athletes you have bad moments, the quicker you shake them off the better.
I say this a couple of times a week. When it comes to insurance there are two specific times that this is a popular phrase; claims and loyalty.
With claims, I am asked “but will my rate go up?” Odds are pretty good but it is not certain that your rate goes up if you file a claim. I have seen plenty of awful driving records but since they have not had their records reviewed by the current company the rate is solid. That doesn’t mean rates do not go up with claims, it just means that you have somehow avoided having your record looked at. Also find it amusing to watch Nationwide and Allstate advertise “diminishing deductibles.” Seriously, most people do not have claims. The most common claim is an auto insurance glass claim and that already has no deductible. In my opinion you are better off holding on to to your money.
Wappingers Falls N.Y. (June 3, 2013)-Birchyard is excited to announce its recent hire of Holly Maserjian. She will join the Birchyard team as an aspiring insurance agent. Within this role, Maserrjian will brainstorm strategies and guide each client through the insurance process. New to the insurance world, Maserjian is determined to take on the challenge.
“Holly will enhance the company’s ability to keep up with the demand for the customized solutions.” Billy Van Jura, founder of Birchyard, said. “She provides more resources for our existing clients.”
Stumbling through any amount of commercials can be entertaining and also very revealing. Many times entertainment takes precedent over information. Actually more times than not things are done to get your attention in the hopes that you will provide some attention/dollars to their product.
I have harped on insurance discounts for a while, bottom line is any list of discounts you can provide does not out do your characteristics. Your credit score, education, residence and marital status mean way more than all the discounts. But talking about this, the facts, is not appealing so we disguise it with discounts. Same thing with food.