Those independent Agencies that WILL advise their clients, and do help their clients obtain the Financial Security they deserve will outsell any big agency where the model is to “require the agency to adopt a uniform business model,”, ie., sell, sell, sell as if insurance is a tangible product like toothpaste. Its not, its intangible, and one will not know if its worth anything until a claim is submitted, that’s not a time when one would want to receive a “surprise”. Even Homeowner Insurance has become complicated and to ACV values, Replacement Cost, a Law and Ordinance coverage. Many of the acquisitions taking place are fueled by Private Equity money- they often follow a 1 to 3 year buy and flip model. They may only care about ROI at 20% – not service or advice. Just money. It’s a model killing America as product performance and services excellence is sacrificed for short term profits.
Well said Mr. Fisher! I had a forty-two year career in a small town with a profitable agency. I was very happy writing all the personal lines I could find. We did small and midmarket commercial lines, Surety, Group and Individual Health and Life. You just have to be nimble and willing to work. I obtained advanced designations and licenses to know how to service our customer base. People looked to me to help them buy insurance not strictly sell them insurance. Price was not the number one goal.
Absolutely! Price should never be the goal (as opposed to wasting it)- it’s the coverage. We are bombarded by advertising every day on how “I saved $200…” etc… yet no 2 polices are exactly the same- so pricing differences may also reflect coverage differences.
Those independent Agencies that WILL advise their clients, and do help their clients obtain the Financial Security they deserve will outsell any big agency where the model is to “require the agency to adopt a uniform business model,”, ie., sell, sell, sell as if insurance is a tangible product like toothpaste. Its not, its intangible, and one will not know if its worth anything until a claim is submitted, that’s not a time when one would want to receive a “surprise”. Even Homeowner Insurance has become complicated and to ACV values, Replacement Cost, a Law and Ordinance coverage. Many of the acquisitions taking place are fueled by Private Equity money- they often follow a 1 to 3 year buy and flip model. They may only care about ROI at 20% – not service or advice. Just money. It’s a model killing America as product performance and services excellence is sacrificed for short term profits.
Well said Mr. Fisher! I had a forty-two year career in a small town with a profitable agency. I was very happy writing all the personal lines I could find. We did small and midmarket commercial lines, Surety, Group and Individual Health and Life. You just have to be nimble and willing to work. I obtained advanced designations and licenses to know how to service our customer base. People looked to me to help them buy insurance not strictly sell them insurance. Price was not the number one goal.
Absolutely! Price should never be the goal (as opposed to wasting it)- it’s the coverage. We are bombarded by advertising every day on how “I saved $200…” etc… yet no 2 polices are exactly the same- so pricing differences may also reflect coverage differences.