When paying attention to #insurtech things I have a basic thought process. Essentially looking at how I can apply it to our customers and then scale. Second is can it hit the three silos of sales/marketing, underwriting, claims. It is a “buying process at that point. I’ve already made up much of my mind on what I am looking for…at least currently.
Life philosophies can adjust. It’s tough to think that any day you wake up doesn’t have some element of great to it. Although I really do not remember who I was referencing six years ago, I think I do and just the possibility of who it is makes me smile.
Ten or so years ago I started to realize I could work with anyone. Then, this adapted a little to
As long as they are nice to me and the people I work with
The biggest difference in what I am writing today and what I wrote in September 2012 is that I have not had this discussion with a current or potential customer in 5ish years. Why? Because I finally realized this is not a discussion worth having. Period.
I was always doing things better, now there is a team of us doing things better. What was once a theory is now completely proven out. We stick to several simple themes, one of the main ones being; Our Goal is simple, to improve your coverage and improve your rate, ideally both.
On the other hand, it is disappointing to know that although the industry has advanced, it really hasn’t. The excuses are still the same. The lack of interest in the customer is still there.
But what has changed? In theory, there are more tools today to help you “review” your auto and home insurance. In reality, they may connect to more companies but the tools are not much better. Carriers are spending more to find people instead of spending more to keep people.
The overall financial system we are in is fascinating. Tough to say that the good the insurance piece of this system is helping or hurting more. Yes, it allows entrepreneurship to flourish. Yes, it is the underlying fabric of the entire financial system. But, on the other hand, we do a lot of work in the personal insurance and micro-commercial space(think 1-5 employees 6 but rarely 7 figure sales). This is where you see the dysfunction shine.
THERE IS NO PRACTICAL OR IMPRACTICAL WAY TO COVER YOURSELF FROM EVERYTHING.
6 years later and this is still completely true. Period. A recent example that isn’t hotdogs;
Was in a position where I needed to buy a car. There were three specific add-ons “sales” that fall into the logic versus fear category. I applied logic and bought none of them. One even had a complete rack of brochures, a clever desk mat and a goofy coffee cup that mimics spilled coffee. You can actually buy coverage for the day to day messes that a car may experience.
**Written for my counterparts who consider themselves Independent Agents and Insurance Brokers***
So I regularly read a publication called Rough Notes. Kind of interesting, some value each month. They do a pretty neat thing each month, they publish a brief article from a much older issue. The one that caught my attention was titled “Producing New Business to Balance Cancellations” It’s a topic that I have been working on for over three years. Fascinating one to me and actually I have my own soluton. More on that later.
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.
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;
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.