Brooks Glad Presentation 11 11 10 V2
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Personal Lines Growth Alliance Chairman presents to the Great Lakes Automation Day event in East Lansing MI.
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Brooks Glad Presentation 11 11 10 V2
- 1. It’s just personal … lines Steve M. Brooks, CIC, CPIA President, B & B Premier Insurance Solutions Chairman of the Board, PLGA GLAD10 Great Lakes Automation Day November 11, 2010
- 2. Personal Lines Growth Alliance Agenda Potential in Personal Lines Competition Future of the Industry
- 3. Personal Lines Growth Alliance Potential in Personal Lines History Independent agents demanded more efficiency. Inefficiencies source of high expense ratios. Prevented fair competition with direct & captive writers. Playing field is now level. Time to capitalize on our opportunity.
- 4. Personal Lines Growth Alliance Potential in Personal Lines $230 billion business Independent agents currently capture only 35%. There’s $150 billion of premium still available. Personal Auto Insurance alone – Largest single segment of P&C Insurance.
- 5. Personal Lines Growth Alliance Potential in Personal Lines Represents more than simple “Accommodation” sales. Who hasn’t seen loss of revenue in Commercial Lines? Commercial Lines mired in prolonged soft market. Recession put pressure on premiums. Reduced payrolls Inventories Auto fleets
- 6. It’s time for Independent Agents to get excited about Personal Lines!
- 7. Personal Lines Growth Alliance Personal Lines Premiums have not changed much. Agency valuations biggest “bang for the buck?” Preferred Personal Lines. Most stable business. Good agencies have a persistency of over 90%.
- 8. Competition
- 9. Personal Lines Growth Alliance Competition GEICO alone spends $1.2 billion on advertising each year in the U.S. A growing percentage of that spend is online.
- 10. Future of the Industry
- 11. Personal Lines Growth Alliance 9 months 3 years 4 years 13 years 50 40 30 20 10 38 years The Landscape
- 12. Personal Lines Growth Alliance The Landscape What is your Internet strategy? Gen Y will out number Baby Boomers this year! YouTube is second largest search engine. 96% of Gen Y have joined a social network. Fastest growing segment of Facebook is 55-65 year olds. 80% of consumers research products online before buying.
- 13. Personal Lines Growth Alliance Your Landscape What are you doing to attract people to your website? Are you using Social Media? Facebook, Twitter, LinkedIn, YouTube. Keep website current. Link website to business partners’ websites. Ex. Auto body shops, glass repair, 24 hr. emergency restoration companies. Video
- 14. Your Website IS Your Business Card! Remember…Remember…
- 15. Personal Lines Growth Alliance Your Landscape Update your website. What’s your SEO? Where do you show up in a search? Track revenue coming through your website. Go “Local” – capture your local community using digital marketing.
- 16. Personal Lines Growth Alliance Ideas for Your Landscape LinkedIn Post your picture on it. Keep it up to date. Get and Give recommendations. Blog – start your own Apps – Create a unique app for your agency. Claim, payment numbers, etc. Twitter
- 17. Personal Lines Growth Alliance Ideas for Your Landscape Build friends, followers and connections. Referral contest. Automatic email campaigns. Cross sell. Retention. New clients. Keep data base up-to-date that includes: Suspects, prospects and existing clients.
- 18. Personal Lines Growth Alliance Action Items Develop comprehensive digital marketing strategy. Develop email gathering process. Develop and implement social media strategy. Develop sales process to convert the leads to sales.
- 19. Thank You. Steve M. Brooks, CIC, CPIA SteveB@BandBinsure.com Steve@personallinesgrowth.org Questions?Questions?
Editor's Notes
- Opening: 1.Golf – Top 100 New Challenge – Missed opportunity in Personal Lines 80% of commercial, 35% of Personal 2.Acknowledgments: Thanks so much for being invited today. Also want to thank the sponsors. 3.Agenda: Today I am going to talk about: Potential in Personal Lines – only 35% Competition – lizard, caveman, Future of the Industry – Internet, social media, SEO How many agents here focus on Personal Lines? 4.Close: Call to action – (Don’t be like me) A) Make Personal Lines a priority in your office B) Website – social media, SEO C) Local – Keep local
- Competition: Because Personal Liens is such a large market, it is also very competitive! Geico alone spends over 1.2 billion on advertising and more and more of it is online. By the way, anyone know the biggest advertiser in the US? Proctor and Gamble Crest, $5 billion Agencies to survive in the future must shift from service oriented emphasis to an aggressive sales and marketing focused agency! Does anyone know who is the larges insurance company used by Independent Insurance Agencies? Nationwide Personal Lines Bob Sulzirger Inspection reports Cribs
- Must update your website: a)Keep it current b)Try to link your site with businesses you work with; auto body shops, glass repair, 24 hour emergency restoration companies, etc. c)Get a website expert to put in key words into your site that help with SEO d)Video – As I stated before, YouTube is now the second most used search engine. Everyone loves to look at videos. Very inexpensive to film your own video and post it on YouTube. Then add it to your Website and Facebook. D)Also, most of our auto insurance companies have their own videos that you can put on your website. Post on twitter, Facebook. Some companies for a small fee will add your agencies tag line at the end of their expensive professional videos. This adds credibility to your Agency. E)Consider getting a Reach Local 800 phone number. This will help you track all of the calls from your website or special advertising. You can look on the internet
- Numbers: Remember NOW your website is your business card. What are you doing to attract people to your website? Are you using social media? Facebook, Twitter, Linked In, Even You Tube. You Tube is actually the second business search engine! 96% of Generation Y has joined a social network. It took radio 38 years to reach 50 million users. TV took 13 years to reach 50 million users. The Internet took 4 years. The IPod took 3 years. And Facebook too less than 9 months for 100 million users!! ***Fastest growing segment in Facebook is 55-65 year olds *** Even if you get a referral, there’s a good chance the prospect will look at your website. If it isn’t up to date, it will instantly give your business a “BAD” impression. There is nothing worse, in my opinion, to look at a company’s website and their last monthly newsletter on the website is from 3 years ago! How much searching is happening on the web? You can check google yourself at adwards.google.com 1.Update your website – remember your website is your business card 2.Get an expert to do SEO 3.Track revenue coming from the web through tools like The Reach Local 800 number. 4.Go “Local” Capture your local community using digital marketing. **80% of consumers are starting their searches fro products and services on the internet. Goggle IS the main street 1.There is a PPC (pay per click), paying for someone to click on a link to your agency website. This is very expensive and most agencies haven’t’ been able to convert people “clicking” to actual clients. 2.Then there is SEO (Search Engine Optimization), which is the ability for your Agency to come up on the First page in Google, Bing, etc. So if someone types in Lansing Auto Insurance, what agencies – companies come up?? Again if your website doesn’t do anything to compel the prospect to “some” type of action, then you are wasting your money.