IA's: What % of Your Insureds Know which Carrier They're With?

[AnonCarrierRep]

My impression is that it's pretty low. Correct?

Assuming that's true (please let me know if not), do you think it's because:

1. The insured just doesn't care who their carrier is (i.e. they just trust you to take care of them) OR
2. The insured doesn't understand the carrier/agent relationship (i.e. they get their insurance from "Bob Smith Agency" and just assume that that's their insurance company)?

Some co-workers and I were discussing/debating recently and was just curious to get your take. Thanks for any responses. Love the forum!

 

[PinTT]

I would say 10-15% don't know who they are with. They do get mail from the carrier all the time so most know/learn over time.

 

[STIBROKER]

well this should be interesting.....

 

[AnonCarrierRep]

I appreciate the responses so far!

I just came back to this and it occurred to me that maybe I should've added a little more detail so folks don't think I'm nuts.

First, I'm obviously talking PL and small mom and pop type CL. This whole debate started over Thanksgiving with my family (which I then brought to work). My mother and uncle (both MD's...so not stupid people by any means) have no idea who their carrier is. Their insurance is with the local agent. It has been for over 10 years. They get the statements and sign the docs everytime it changes, but they don't know which carrier they're with. And one of them (hence the second part of the question) knew their carrier had been changed a couple times and didn't care and the other one just signed the paperwork and thought the local guy was the insurance company.

Anyway, thanks again for all responses! I'm truly just curious as I have no real skin in the game (in my mind, the customer is the IA agent, I don't care what he/she tells the insured).

 

[nyc2phi]

I get this all the time...

Me: "So who are you currently insured with?"

Customer: "John Jones Insurance Agency"

Me: "No I mean the company?"

Customer: "Oh I don't know, I thought that was the company?"

 

[BlockO]

I get this all the time...

Me: "So who are you currently insured with?"

Customer: "John Jones Insurance Agency"

Me: "No I mean the company?"

Customer: "Oh I don't know, I thought that was the company?"

ditto that. I seem to get it a lot too. The only ones who seem to know which carrier they have are ones in which the carrier advertises a lot on tv (geico, allsnake, progressive etc). Those with the lesser known brands are the ones who think john jones is their carrier.

 

[0b1kanobee]

Maybe half and I'm being generous. They have been told, they get statements, ect. ect. but if they call me half of them them ask. The ones who know usually have MetLife or ING. If they have Great American, Jackson or say LSW they usually don't know.

The ones who have money in the market can usually list just about every fund and every individual stock but usually can't name what IA, fixed or VA unless it's one of those two I listed above.

I think it has to do with advertising.