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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. Agenda. Potential in Personal Lines Competition Future of the Industry. Potential in Personal Lines.

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it s just personal lines

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

agenda
Agenda
  • Potential in Personal Lines
  • Competition
  • Future of the Industry
potential in personal lines
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.
potential in personal lines1
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.

potential in personal lines2
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
personal lines
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%.
competition1
Competition
  • GEICO alone spends $1.2 billion on advertising each year in the U.S.
  • A growing percentage of that spend is online.
the landscape
The Landscape

9 months

3 years

4 years

13 years

38 years

50 40 30 20 10

the landscape1
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.
your landscape
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
your landscape1
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.
ideas for your landscape
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
ideas for your landscape1
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.
action items
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.
ad