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

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It ’ s just personal … lines

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

  3. 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. 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. 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 • 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. 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. The Landscape 9 months 3 years 4 years 13 years 38 years 50 40 30 20 10

  12. 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. 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. Remember… Your Website IS Your Business Card!

  15. 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. 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. 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. 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. Questions? Thank You. Steve M. Brooks, CIC, CPIA SteveB@BandBinsure.com Steve@personallinesgrowth.org

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