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The big, bad wolves
earthquake, professional liability (and the attendant
exclusions, endorsements or enhancements)?
While certain carriers have commoditized the purchase of
car insurance, it is difficult, if not impossible, to imagine
any business owner (farmer, retailer, manufacturer, etc.)
willing to buy a product online that could cost anywhere
from 10 to 25 percent of their total operating expense
annually without a thorough understanding of what
the coverage provides for that price – and that’s the
irreplaceable value that an independent agent brings to the
customer. They rely on the relationship built over the years
with their trusted independent agent to assure all aspects of
their risks are considered and that the ultimate insurance
purchase is one balancing cost, coverage and risk tolerance.
None of the BBWs have demonstrated any desire to invest
the time and resources necessary to establish, develop and
maintain that relationship. The independent insurance
agent not only assures that the customer’s needs are met
today, we anticipate what they need tomorrow and work
proactively to confirm that our customers have the right
products and services to protect their lives and businesses.
However, technologies to enhance our deliverables are
critical to our ability to compete. Our industry must find a
way to compete with the BBWs in the technology race – we
need to slice and dice data, to create a customer profile
the FBI would envy. The Big I and our carrier partners are
working collaboratively to develop i