Insurance

Which is better – getting an appointment or calling back in X months?

After a year full of uncertainty, making predictions about 2021 may seem futile. While the future is never certain, there are a few personal lines market trends for you to watch in 2021. Some are the direct result of the events of 2020, while others have been in the works for several years. All of them are things to keep your eye on at your agency as you plan for 2021.

Despite all the turmoil of 2020, Smart Start Personal Lines boasted a banner year, breaking production records and writing over $1 million in premium for 7 months straight.

Smart Choice®, signed 84 new agency partners in November, marking a continued trend of over 80 new agencies a month, and continuing the company’s long streak of record setting growth.

Traditional ways of marketing and selling won’t work in the near-term, and maybe even in the long-term as some new behaviors are likely to stick beyond the pandemic. Digital and virtual tools can help agents succeed in this environment.

Keri Fox, a Smart Choice Territory Manager serving Washington state, answers some questions about working during this pandemic.

CEO Newsletter: In a time when people may be suffering from economic impacts, as well as information overload from news and other sources, it can be difficult to know what’s even appropriate for promoting your business and staying front and center.

From the Front Line: Now more than ever agents must resist the temptation to slash marketing budgets. It seems counterintuitive, but when times are hard, that is when you actually should invest more into marketing. This doesn’t mean you have to spend more money (although you should consider increasing your budget if possible). There are many marketing avenues that don’t cost a thing!

IntelliDrive, the telematics-based auto insurance app from Travelers, is now even better at helping customers understand their driving habits and rewarding them for safe driving. The app collects and assesses data on behaviors such as hard braking, rapid acceleration, speed, the time of day customers drive and now, distracted driving. 

​What if technology could help drivers and fleet managers see beyond just the road ahead? A new suite of smart devices is doing just that by helping drivers stay safe and allowing fleet managers access to real-time analytics. The result is fewer accidents and improved efficiency for commercial auto policyholders. That may translate to savings by improving loss ratios and potentially lowering premiums.​

hese are interesting times when determining the value of an insurance agency. The insurance industry has the potential to fare better than others during an economic downturn because insurance is not a discretionary spend in most cases. The compulsory nature of many lines of insurance is a significant factor that positively impacts the retention of customers and premium, regardless of the economic condition.

The first half of 2020 has been interesting, to say the least. We are facing unprecedented times as we try to manage our work and personal lives from home – working remotely, participating in zoom meetings, juggling school schedules and workloads, while doing our best to continue the roles and responsibilities of our own jobs.