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Plan Your Route to Personal Lines Profits

pathways 150x150 Plan Your Route to Personal Lines ProfitsSince joining PLGA, I’ve talked with lots of different people about what it takes to grow their particular agency’s share of the Personal Lines market. Depending on their perspective, the list varies greatly from more competitive markets to shifting internal culture from service to sales to assisting with CSR scripts, and everything in between.

Occasionally, I’ll come across specific products that different vendors may be offering to help leverage the social media environment more effectively or it might be creative carriers that are supporting their agency force with content for Facebook or Twitter, etc. or maybe they’ve created an agency portal for rate quoting or other services.

Regardless of the focus of their efforts, generally there is one common element, the agency recognizes the value of personal lines and is making a concerted effort to grow that market. I recently read an article by Ross Dik, president of the Worchester, MA-based Knight-Dik Insurance Agency called An Argument For Personal Lines. It originally appeared in TAAR, The Anderson Agency Report and addresses the main reasons agents should consider building a strong personal lines book. Ross makes a very potent case for personal lines as a highly profitable market, one that leverages the key strengths of agency management systems and the stability that is inherent in personal lines.

In a follow up conversation I had with Ross, he talked about the four outcomes his agency is focused on when going after personal lines business:

  • Retention of your existing business – renewals often proving the best retention methodology
  • Upgrade of your existing policy limits
  • Cross selling other coverages
  • New business acquisition

If you’d like to hear more about this directly from Ross, check out this month’s The Power of Personal Lines Podcast.

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