Farmers Insurance to Cut Commissions and Increase Bonus.

[todd02]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

We just posted a demo video on YouTube (private) if you'd like to see a demo and then give feedback let me know through a private message with your email address and I'll send you an invite to see the demo.

 

[insurance1822]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

We just posted a demo video on YouTube (private) if you'd like to see a demo and then give feedback let me know through a private message with your email address and I'll send you an invite to see the demo.

So your driver list that populates, how accurate is that? I would assume this is otherwise publicly available information in TX? Are you somehow integrating w/ Lexis Nexis to pull this data? How are you doing this?

If any agency's model is 100% referral based, do you see this software helping them?

Knowing what zip codes are competitive - How are you concluding/validating this information? If it's with DOI filings, how are you staying on top of increases/changes? If you determine "Farmers has the best rate for this particular area" that would be contingent upon credit etc so isn't it more so an educated shot in the dark?

How do you know conversation rates by zip codes? Of course, Farmers can provide you w/ that information...but if an IA starts using you...how will you know the conversion rate by zip code for all his 10+ companies?


I found your videos on Youtube. Putting a graphic to it is a different story & clearly it's more then I thought it was. What will you charge?

Who's the main competition here?

I can't wrap my head around this b/c I'm 100% referral based & don't work the lead game. How are you going to get agency's to invest the time to train their staff (I meen REALLY train them) to optimize this? That will be the challenge

 

[todd02]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.y

So your driver list that populates, how accurate is that? I would assume this is otherwise publicly available information in TX? Are you somehow integrating w/ Lexis Nexis to pull this data? How are you doing this?

If any agency's model is 100% referral based, do you see this software helping them?

Knowing what zip codes are competitive - How are you concluding/validating this information? If it's with DOI filings, how are you staying on top of increases/changes? If you determine "Farmers has the best rate for this particular area" that would be contingent upon credit etc so isn't it more so an educated shot in the dark?

How do you know conversation rates by zip codes? Of course, Farmers can provide you w/ that information...but if an IA starts using you...how will you know the conversion rate by zip code for all his 10+ companies?


I found your videos on Youtube. Putting a graphic to it is a different story & clearly it's more then I thought it was. What will you charge?

Who's the main competition here?

I can't wrap my head around this b/c I'm 100% referral based & don't work the lead game. How are you going to get agency's to invest the time to train their staff (I meen REALLY train them) to optimize this? That will be the challenge

I'm a vendor with the state of Texas and buy weekly updates to drivers license database. So perfectly accurate.

Yes it's a pipeline sales system. Even people with referrals have a sales pipe/process for followup. Also this tracks defectors for follow up in the future to resell.

Knowing competitor rates is a trade secret that's patent pending. I can tell you multiple systems are at work and then validating through our final system. This scoring method is really to just give our users a slightly more efficient way to contact people who wouldn't tell you the price they were paying. High volume quoting Agencies is who this hits home with.

Showing where a user is competitive is simply a marketing analysis of quotes they've already done. It's a zip code map showing THEIR quotes in the system. So they can see where they are/have been competitive. Users could do this on their own on an excel spreadsheet but we automate all the analytics for them. All they do is enter in the prospects current insurance info and their quote.

Conversion rates again are simply analytics we do for the user on the back end for them. You could do this for yourself if you spent a ton of time with excel.

No competition. No one is doing what Agency MVP is doing with Insurance specific algorithm ranking.

The reason why every Agent including Referral based insurance agents will get on MVP is the industry is consolidating. You reach a growth block with referrals. You can't scale based on referrals unless you get ungodly lucky. That being said Agents will have to become more efficient. Plus users on MVP will be more efficient than those that are not. Meaning they can steal your customers faster than those not using it. That's all we do is steal customers from each other.

Cost depends on state and company. I can say we will be similar in cost in the Indy market as Velocify and SalesForce. Between $60-$150 a user for indys. Lots of variables though like if a carrier subsidizes the cost for an Agent.

Which is the final point. We foresee insurance carriers partnering with MVP because our data network can help carriers rate consumers more accurately without relying on credit score.

Yes our main struggle has been getting lazy staff to do 3 mins of data entry. However building in the drivers license database fixed a lot of that issue.

Which video did you find? We have a public video but it's not really a demo video but a beta tester video to our updates. If you found the hour long video I'm demoing to an Agent it was the right one.

 

[insurance1822]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

So showing where a user is competitive & their closing ratio (if a function of the quotes they input & subsequent tracking of their closing ratio..) would really needed a whole sh*t ton of quotes & closings? Without a large, large data pool how can they really know it's accurate?

You could catch a handful of over priced State Farm policies in a zip code who are only pursuing a quote from you (whereby the rest of the market would be priced way better..) yet that could lead the agent to believe that was a zipcode to market to?

I mean if agencies really commit to this (and I mean really...) then ya it could be pretty good. Of all the insurance agency owner's out there, I wonder what % you'll be able to capture & then most importantly keep them ON the platform.

For some agent who's tech savy, disciplined, runs a well oiled machine & pumps out volume...ya this would make sense. I just don't know what % of the agency force checks those boxes. Most of us hit an income level & then stop. I guess you gotta catch the newer agencies who are in growth mode?

See, you captive guys are much more in tune w/ the volume game. My buddy has a SF agency & they subsidize his lead costs to nothing. He rips through like 25 per day & allegedly can only use SF's CRM.

hmmm...hmmm....hmmm. Again, I literally close 95% of what comes in & the ones I don't, I set a reminder to follow up whenever necessary (aka when claim drops off or whatever..) so it's just a much different world.

 

[todd02]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

So showing where a user is competitive & their closing ratio (if a function of the quotes they input & subsequent tracking of their closing ratio..) would really needed a whole sh*t ton of quotes & closings? Without a large, large data pool how can they really know it's accurate?

You could catch a handful of over priced State Farm policies in a zip code who are only pursuing a quote from you (whereby the rest of the market would be priced way better..) yet that could lead the agent to believe that was a zipcode to market to?

I mean if agencies really commit to this (and I mean really...) then ya it could be pretty good. Of all the insurance agency owner's out there, I wonder what % you'll be able to capture & then most importantly keep them ON the platform.

For some agent who's tech savy, disciplined, runs a well oiled machine & pumps out volume...ya this would make sense. I just don't know what % of the agency force checks those boxes. Most of us hit an income level & then stop. I guess you gotta catch the newer agencies who are in growth mode?

See, you captive guys are much more in tune w/ the volume game. My buddy has a SF agency & they subsidize his lead costs to nothing. He rips through like 25 per day & allegedly can only use SF's CRM.

hmmm...hmmm....hmmm. Again, I literally close 95% of what comes in & the ones I don't, I set a reminder to follow up whenever necessary (aka when claim drops off or whatever..) so it's just a much different world.

Then it wouldn't help you if you have a 95% closing ratio. It's more so Agents with >50%. And who quote more than 50 new households a month. My system fixes the law of dimishing returns problem. As well as integrates tools they pay for now to increase efficiencies.

 

[indienoise]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

Purchasing 25 leads per day is considered high volume? I've never worked in that kind of environment, I figured it would be a lot more.

 

[insurance1822]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

Purchasing 25 leads per day is considered high volume? I've never worked in that kind of environment, I figured it would be a lot more.

for one producer? oh yeah. in very short order you develop a massive funnel & if using appropriate follow up practices...it becomes unmanageable. That's 25 per day for his office and it's 2 total people.

 

[todd02]

Re: Farmers Insurance to Cutt Commissions and Increase Bonus.

for one producer? oh yeah. in very short order you develop a massive funnel & if using appropriate follow up practices...it becomes unmanageable. That's 25 per day for his office and it's 2 total people.

What a waste of money.... but yes, my system would make 2 people dominate in this scenario.

 

[todd02]

Year later and we have proved with overwhelming results an average increase, YOY of 58% increase in policies sold and an increase of 68% premium per policy sold. I expect enterprise deals to close over the next 24 months. Over a 1000 users. Common sense. Staff are always chasing the most Valuable prospects who are most likely to close first. See you haters (no all of you) in another year!