What kind of insurance do you have on yourself

Discussion in 'General Insurance Agent Discussions' started by Sam, Sep 21, 2006.

  1. Sam
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    Sam Founder Administrator

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    One interesting thing I have noticed when speaking with insurance agents is the ignorance many of us have for insurance products that we do not sell. Personally, I have Allstate for my homeowners insurance. I never really priced it around, I just walked into their office and bought it. I was recently thinking how silly that is. I know how varied the insurance prices can be in health and life, so why wouldn't I be more rational about shopping around the other insurances I hold.

    I have Geico for auto and I have been very happy. However, I never tried to shop that around either. I just asked a few people when I bought my car, and went with their recommendation.

    I think that that is an interesting insight into referrals. It is hard to bear in mind as an independent agent, but it really isn't about price. It is about trusting people and relationships. This is something that I am working on with my referrals. Instead of telling accountants about how I have access to the cheapest products and I have the knowledge to save them and their clients money, I need to focus on conveying my honesty and my integrity. The accountants who trust me are always sending people to me, even when they don't have a need for any specific product. They know that they will only get recommendations that serve their best interests. Others, who I tried to impress with my product range and prices, are less willing to send people to me.

    Do any of you make decisions about your other insurances based on recommendations and not on price. (For equal service) How do you get professional referrers to actively help you instead of waiting until someone mentions something?
     
  2. Guest
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    Re: What kind of insurance do yu have on yourself

    I am joining a group called BNI (Business Networking International).
    This is a group of local business owners who are committed to actively seeking out business for one another. There are local chapters throughout the country. You should be able to find yours at:

    www.bni.com

    They actually have referral quotas, weekly meetings, workshops, trade shows, etc.
    The best part is that they only allow one person per profession in each chapter. Should be a great way to increase referral business. You basically have a sales force of 20-30 people making a weekly effort to refer business to you.
    $295/year membership fee, $75 activation fee.

    We'll see how it goes. I do have a friend in NC who says she has benefited greatly from her local chapter.
     
  3. sman
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    sman Guru

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    Re: What kind of insurance do yu have on yourself

    Years ago I was with State Farm for my HO and Auto coverage. But I decided I needed to find a local independent agent. I still shop rates, but through my one agent. I had been with a regional carrier, Mercury. But recently switched to Encompass. I was able to save some money. And I'm still with the same agent.

    I think you should shop your HO and Auto. While relationship is important, I'm not willing to spend an extra $600 a year for the same coverage. Develop a relationship with a local, independent P&C agent and he/she can shop your rates every year just like we do for our health clients.
     
  4. insurebob
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    insurebob Expert

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    Kyle, I have one word about joining BNI.

    DON'T

    You will get everyone's neighbor/best friend/prospect who has Type II Diabetes, High Blood Pressure, and Arthritic Gout.

    By giving you these people, they will meet their quota, and you will keep getting frustrated, while they're able to turn your leads into business, and all you can do is offer a Discount Card.

    With a Chiropractor, all you need is money to pay for the adjustments.
    With an Advertising Agent, all you need is money in petty cash for pens, calendars, etc. to be printed and handed out.

    It's much easier for a lead you give them to qualify to use/get their service. Not so coming back to you.

    DANGER, WILL ROBINSON, WARNING, WARNING!

    The Financial Planner, or CPA is going to get the leads you need. The reason you'll be told is that it is for Financial services, not health, but you can have them later (yeah, right).

    The reason BNI loves Insurance guys (so do all other leads groups), is that everyone knows someone who is obese, diabetic, clinically depressed, or has muscoskeletal problems, and they just can't wait to give you these "time wasters" to meet their leads goals.

    Ask them how long the last insurance agent lasted. Ask to speak with that person, to get the story straight from the horses mouth.

    Ooops, one other lead you will get is someone who is on 8 meds for three problems.
     
  5. Guest
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    So, Bob, are you saying you recommend BNI? :lol:

    Thanks for the warning.
     
  6. insuremojo
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    insuremojo Super Genius

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    Hmmm, I thought you were gonna tell us about your health insurance...

    I have Nationwide health plans for my family. I have a high deductible Lifestyle plan. I like them....only one deductible for medical and pharmacy...and no coinsurance....just copays.
    Deductibles are waived for dr visits and pharmacy. Been thinking about taking one of their HSA's.
     
  7. Guest
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    If I did not have health insurance through my wife I would have an Assurant HSA.

    For all my other insurance products I do my own shopping around. For auto I do not use an indy agent because they usually go right to Progressive, which is high.
     
  8. sman
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    sman Guru

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    Then you are going to the wrong indy agents.
     
  9. Guest
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    Guest Guest

    Probably.
     
  10. James
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    James Guru

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    For all of my PC Insurance, House, Car etc I go through Farm Bureau, like to keep everything together. Plus the people there are really good and they are my neighbors. Been with them since I moved to Tennessee, as I say price is just one component of a good relationship.

    My wife pays next to nothing for Health Insurance at her work since she is a State Employee at UT.

    I sell mainly LTC from Met and JH, so I have one policy each, you gotta own what you sell, since I write them myself at least I get the commission to offset the cost. DI from Union Central and Life through Mass Mutual and FB.

    Yet though I did go and do a stupid thing for about two months some time back and went captive with Sterling. Did okay for about four weeks, two weeks in training and then two weeks in the field. Yet though after about two weeks I was like what the hell did I do? So I left, yet though after I left someone there decided to contact all my carriers and send off a letter that I sign about cancelling my apointments! Dang, that was stupid!

    Oh well, I still have my Big Four and I'm quickly sending in my paper work to get reappointed with the others. Yet though they had to send it off after I resigned, since I know it takes time for those things to make it through the pipe and get the letters of cancellation. Just hacked me off though, they wait till I leave to send out that letter! Just glad I only gave them the carriers I wasn't that concern with except for MM which I'm really not happy about, yet I'm not sure if I told them about MM, maybe someone went to the State and pulled my Apointment List?
     
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