The Federal Trade Commission reports that identity theft tops its list of complaints by consumers nationwide. Policies to protect from this rapidly growing crime include internet technology, security analysis, and customer profile monitoring to identify and prevent identity theft and privacy breeches.
Statistics show that Americans are the most highly targeted for identity fraud, and in 2016, over 791 million identities were stolen. It is important to note that in 2018, identity fraud rates fell for the first time ever, thanks in large part to chip based debit/credit cards, and other insurance measures put in place by financial institutions.*
It’s important for agents to begin considering offering this vital protection to clients as more and more of our personal data moves to online formats.
A solid identity theft policy should provide the following services to ensure clients are safe from this time-consuming and costly experience:
- Constant monitoring of personal information such as:
- Bank accounts
- Social Security Numbers
- Credit Card Accounts
- Driver’s Licenses
- Email Addresses
- Telephone Numbers
- Vigilant monitoring of Internet and websites trolling for information
- Assistance in documenting and reporting crime
- Aid in recovery of funds/identity
How can clients obtain it?
You can offer clients several options if they wish to purchase identity theft protection. Some companies offer it as part of a homeowners policy, others offer it as a rider that can be purchased and added to the homeowners policy, or you can offer it through a standalone policy.
However it’s offered, this coverage can be an invaluable part of protecting your clients most valuable asset – their very identity.
As you go about your daily tasks of running your agency, is reaching out to clients who don’t have an immediate need on your list? It should be. Insurance Journal recently published its 101 Sales and Marketing Ideas for Agencies*, and our president and CMO offered the following tips:
- Don’t Pitch, Connect. If people don’t like you, they aren’t going to do business with you. Build relationships, be present and available, and follow through on commitments and promises. Show your value by being knowledgeable in your field and maintain your connection with clients well after the deal is closed. — Andrew Caldwell, President, Smart Choice
- W.O.M. Marketing Works. Customers buy based on recommendations from trusted sources. Ask your clients to recommend you to their friends and family or post a review online or on social media. The added bonus is that not only is Word of Mouth Marketing proven to be effective, but also it is free. — Jef Morgan, Chief Marketing Officer, Smart Choice
There is a common theme in these gentlemen’s advice about networking. Because you build great rapport with your clients, they then tell their friends about you. It’s no secret that the key to success in this business (in most businesses, really) is relationships. When you become a trusted partner for your clients, they become your best advertisements. It’s so easy to get stuck behind a computer screen or to be so busy that time gets away from you; however, make it a priority to make a client connection each day. You’ll be amazed at how the networking web works its magic on your behalf if you just put in a little effort. Reach out to one of your clients right now!
Risk Placement Services, Inc. took an in-depth look at the commerical trucking and property markets in its latest “The Navigator” newsletter.
Here is an excerpt:
From a carrier perspective, the Commercial Auto market has been a losing game for the past seven years. Transportation has consistently underperformed the rest of the insurance market by 12 to 15 points, and 2010 was the last year Commercial Auto posted a combined ratio under 100%. The good news is that sophisticated carriers are leveraging data and predictive analytics to better refine risk selection for improved future results. Those carriers that are ahead in the technology process are starting to outperform the competition.
Read Full Article >
The 2nd quarter of 2019 has been a challenging market cycle. The best thing to do is have open and honest communication with your clients and carrier partners to manage expectations and make sure no one is surprised or caught off guard by the outcome of any deal. One thing this market does better than the others is weed out the good brokers from the bad, the good underwriters from the less savvy, and it allows those with a good handle on their business to rise to the top. RPS continues to be poised to serve our clients with some of the best brokers and underwriters around the country.
Read Full Article >