The recent news stories about the tenth of a point drop in the unemployment rate to 8.8 percent and the growth in jobs added in the month of March is, according to some, a sign that the U.S. economy is “kicking” into gear. I have seen signs myself of at least a perceived improvement in the economy of a lot of people. My 401k is feeling the benefit too, thankfully.
As I was reading some of the stories today it occurred to me that, while you might naturally think these improvements will have a positive impact on the commercial lines market (which it might, if it is sustainable), there will also be benefit for the personal lines market.
I believe as people are finding themselves employed once again and feeling the relief of having a regular income, they might consider trying to achieve a certain sense of security in other aspects of their lives. What better way to do that than to insure their assets.
Of course, it’s unlikely that anyone dropped their auto coverage or homeowners during their “employment hiatus” unless financial circumstance were very dire. But what about talking with your personal lines clients about rounding out their accounts? Do all of those appropriate accounts have personal umbrella? What about flood insurance? If your agency sells life too, is now a good time to bring that into the discussion? Or long term care?
Sometimes growing your personal lines business can be as simple as asking for it. Hopefully, if you’ve built up a solid relationship with your PL clients, you would know if they had been let go during the down turn or have been part of the recovery. There are so many ways you can have positive impacts on your clients lives, you just need to be part of their lives in some small way.