If you’ve ever wondered if your clients’ credit scores are linked with insurance premiums, you have wondered correctly. WalletHub’s recent study revealed that credit scores do indeed have a positive impact on insurance premiums. For at least five major insurers, if a policyholder has low credit then it will be reflected with a higher premium. On average, those who have no credit at all will pay an average of 65% more than those who have excelled credit.
An old tradition is slowly fading away as many teen drivers today are shying away from receiving their learner’s permits and driver’s licenses. To many teenagers, earning a driver’s license no longer seems as a rite of passage that many before them have so eagerly sought to have, but seems instead an expensive responsibility they must take on.
The idea of insurance companies seeking to lower insurance costs seems paradoxical, yet huge insurance giant Allstate is one of twenty appealing to the Federal Insurance Office to do so.
Allstate, alongside other insurance companies, insurance trade groups, state regulators, and the Insurance Information Institute, crafted a letter to the Federal Insurance Office that detailed how to fairly enforce auto insurance coverage in order to keep insurance available for all income groups.
Bundling insurance products has always been an advantage for insurance agents, however clients may not initially see how they too can benefit. Your clientss want to know that they are truly saving money and not simply being upsold by their insurance agent. Thankfully the May 2014 Quadrant Information Services study has proved that by purchasing home and auto insurance from the same company, clients can save an average of $270—that’s 15% savings for your client and extra policies for your insurance agency.
It is now a common understanding that insurance agents need to have a website to represent their insurance agency online, however it is more important than ever to make sure its contentis educationaland navigation isuser-friendly. J.D. Power’s 2014 Insurance Website Evaluation Study revealed that price is still the main factor for choosing a particular insurance company, but for younger generations an insurance agency’s website the main factor in the decision-making process.
Starting a new insurance agency is an exciting, yet nerve-racking, event in any insurance agent’s life. After finding an office space, reliable employees, and finding carrier appointments, the next big step is to find clients to fill your books. Here are some tips from experienced insurance agents that have helped them reach success in the market.