I was asked recently to give a talk to a group of investors on things to look for in an insurance agent / agency. This is really quite simple, but I wanted to offer my thoughts here for you!
This list is in no way exhaustive, but below are several things that if I were looking for an agency I would focus on!
Service
Have you ever spent a lot of money on a meal, concert, show, vacation etc. and been completely put out by the service you received? The insurance industry is primarily a service industry. There is nothing worse than having an amazing product with terrible service! Our number one goal as a company this year is to increase our service and decrease our response times. Why? Because our client’s matter!
Market Access
Unbridled Insurance is an independent agency, which means when we get you quotes, we are quoting your business with somewhere between 4 and 10 carriers. Why is this important? Carriers’ competitiveness changes from year to year, person to person and place to place. Working with an agency that can shop your coverage around helps you know you are getting a competitive rate on your coverage.
Product Expertise
While we are primarily a service-based business, what we sell is vitally important. Not all homeowners’ policies are created equally and there are dozens of things to consider when building out a policy. The sad thing is most people don’t know how good or bad their product is until they are facing a claims scenario, and when that happens you are stuck with what you got! Do you need coverage for water backup, service line, loss assessment, foundation, equipment breakdown etc? Maybe you do, maybe you don’t! These coverages are rarely included on base policies, but sometimes the need for them is every bit as important as the rest of your standard coverages.
Technology
The insurance industry has honestly been way behind when it comes to customer facing technology, but that is beginning to change. Our agency recently deployed a new system that allows me to view all of my insurance through the agency portal. My home, business and life insurance is all there for me to see effective dates, premium amounts etc. This may not be a big one for everyone, but for me personally technology makes it so much easier to do business with an agency.
