Adding free perks to insurance policies

[VolAgent]

Rather like sewer backup in a house policy, I think an agent would not be doing their best job if they did not mention towing coverage to an auto policy prospect. Many of those focused strictly on obtaining liability coverage probably would not take it, but I would think there would be a number of others who would appreciate both the education and the opportunity to purchase the coverage (for reasons like what pfg1 mentioned above).

Which actually is a strong argument for AAA.

When you have multiple towing claims in one year, you're begging to be non-renewed.

 

[PilotAF]

Y'all give some great perspective, even you salty fellas (@WinoBlues)

So, I gather that you could theoretically add options to an auto policy contract, but you would need to be sure the customer was clearly briefed/signed off on the additional cost. Also, it sounds like the "options" in these cases were never merchandise, but just further coverage from a different company (towing, etc).
@LostDollar makes a good point that if additional options add real value to the customer, you should try to sell them. Gimmicks...not so much.

As an agent, do you care or have any incentive to care if the product decreases the likelihood the customer will make a claim in the future or get in a car accident? Only the carrier cares about that, right?

 

[Todd King]

Y'all give some great perspective, even you salty fellas (@WinoBlues)

So, I gather that you could theoretically add options to an auto policy contract, but you would need to be sure the customer was clearly briefed/signed off on the additional cost. Also, it sounds like the "options" in these cases were never merchandise, but just further coverage from a different company (towing, etc).
@LostDollar makes a good point that if additional options add real value to the customer, you should try to sell them. Gimmicks...not so much.

As an agent, do you care or have any incentive to care if the product decreases the likelihood the customer will make a claim in the future or get in a car accident? Only the carrier cares about that, right?

Sorry for throwing the conversation off, but what did you fly in the AF? When were you in?

 

[VolAgent]

As an agent, do you care or have any incentive to care if the product decreases the likelihood the customer will make a claim in the future or get in a car accident? Only the carrier cares about that, right?

It depends on the company. Many companies do give out profit sharing if the loss ratio is good. Also, a consistently bad loss ratio suggests there are problems with field underwriting and could result in the loss of an appointment.

 

[Markthebroker]

Question for the pros...

Has anyone seen or used "perks" to sell insurance policies...particularly auto or health, but really anything.

For example:
When you sign up for a policy you get...
Free oil change
Free set of windshield wipers
2 movie tickets
Free tire rotation
etc...

If you used perks, did you have to pay for them, or were they sponsored by the company that offered them? Also, did you work those deals yourself, or did the agency owner have deals in place for their agents to utilize?

Thanks for the feedback! Looking forward to learning more.

I use perks all the time.

For example:
I will shop the best rate for you.
Make sure you are properly covered
Give you excellent customer service

Seems to work well.

 

[WinoBlues]

Y'all give some great perspective, even you salty fellas (@WinoBlues)

Salty, Aye!

 

[PilotAF]

@Todd King I'm still in for just a bit longer so without too many details I'll just say I've flown 7 different jets so far. The pic is a T-38.

 

[Todd King]

@Todd King I'm still in for just a bit longer so without too many details I'll just say I've flown 7 different jets so far. The pic is a T-38.

I used to be in. Worked on the A-10s. Electronic Warfare Systems Specialist. Stationed at RAF Bentwaters (now closed), and Myrtle Beach AFB (now closed). Spent over a year at Keesler AFB in school, which was after Basic Training, so I sort of consider that I was stationed there too.

Used to spend a lot of time going TDY to Germany. Partied with the pilots. You lot are a crazy bunch! Loved it!

 

[BADTROUT]

I used to be in. Worked on the A-10s. Electronic Warfare Systems Specialist. Stationed at RAF Bentwaters (now closed), and Myrtle Beach AFB (now closed). Spent over a year at Keesler AFB in school, which was after Basic Training, so I sort of consider that I was stationed there too.

Used to spend a lot of time going TDY to Germany. Partied with the pilots. You lot are a crazy bunch! Loved it!

Aviano, Travis, Soto Cano, and Eglin for me... thank ya'll for your service.

 

[Newby]

Sounds a bit like Senior Life tacking on the Legacy onto their policies without telling the applicant.

That's exactly what I was thinking. Must be a way to do it legally. It's just a non-insurance related add on sale I guess.

But a smart agent could make a fortune creating an ashtray/cigarette holder that snapped on to a respirator with his own agency branding on it. He could give them to everyone he meets as advertising.