Archives for retention

The most common reason for cancelled policies is simply failure to pay. For every policy cancelled you have to sign up another new customer just to stay even, and growing your insurance agency becomes much harder.

Even if you’re able to win the client back, you – and they – will face unnecessary costs and difficulties in dealing with cancellations and reinstatements.

All of that can be avoided if you help your clients keep the insurance they already have. At iMGA we’ve made that much easier to do. When you log in the list of policies in Pending Cancellation status will automatically show, with the most recently modified policy at the top of the list:

Agent Dashboard-Pending Cancels

To review the details of any of the policies displayed just click on the policy number shown.

To see the full list of all your Pending Cancellation policies, simply click on the “To Search” link:

Pending Cancels List

You can then call or email the clients who are at risk for canceling their policies and avoid unnecessary problems. Your clients will thank you and your agency growth will increase – truly a win-win.

At iMGA we work hard to make things as easy as possible for all our independent insurance agents. If you’re a Texas agent who sells homeowners, dwelling, renters, vacant and mobile home policies, please contact us about becoming an iMGA agent.

Home and AutoDeloitte Consulting has released a new study of auto and home insurance policyholders and the results are significant for independent agents.

The online study of 1,080 each auto and home policyholders, titled “The Voice of the Personal Lines Consumer/Buyers in the driver’s seat”, reaches several relevant conclusions:

“there is a sizable group of consumers who still prefer the human touch in personal lines, choosing to establish a trusted relationship with an insurance professional who can help them shop for a policy (sometimes for more than one type of coverage) as well as show them how to navigate the claims process and be their advocate in case of a loss”

“fewer companies are dedicated to distributing through any one channel. Many are looking to reach prospects and more regularly communicate with policy- holders over multiple platforms, both to take business away from competitors as well as improve retention of their own customers”

“there are demographic factors at work that make some prospects more viable than others in terms of taking them away from the competition”

“while some respondents are committed to buying with an intermediary and others without, there is a significant percentage of “independents” that are more open to switching from agents to a direct purchase (or vice versa) given the right circumstances and enticements”

“overcoming suspicions about the integrity of insurers and agents can play a major role in drawing prospects away from rival carriers and channels”

“Price remains the biggest single element respondents consider when purchasing personal lines insurance. However… price is far from the sole decision point when a prospect is determining whether to become (or remain) a policyholder”

If you think your agency is “destined” to lose clients to direct sales, never to retrieve them again – that is definitely not true, especially if you offer homeowners insurance products. 39% of homeowners currently buying direct said their top preference the next time they buy a new policy is to work with an agent. The same was true with 30% of direct auto policy holders.

Homeowners Clients are Better

55% of homeowners who responded to the survey had been with their insurance agent for at least 6 years. Only 49% of auto insurance customers said the same.

Home policy owners are:

  • Less likely to think buying direct would save them money (59% for homeowners vs. 67% for auto customers)
  • Less likely to strongly agree that buying direct would be more convenient (29% vs. 33%)
  • Less likely to consider price extremely influential in their decision (45% vs. 54%)
  • Less likely to switch agencies (only 20% had been with their agency two years or less and many of those were younger consumers who had been purchasing homeowners coverage for a shorter period of time)

With all those great characteristics, it’s clear agencies need to attract homeowners policyholders as much as possible.

What’s the most important step in doing that, according to the survey?

Get Homeowners Policyholders as Young as Possible

Nearly half (45%) of homeowners said they had never switched carriers. So being there first made a huge difference to their agent and/or carrier.

iMGA products let you bring in homeowners clients that are buying their first home or mobilehome. Even before that you can offer your clients a renter’s policy through iMGA. Later if they purchase a rental dwelling or vacant dwelling, we can help you protect that for them also. Together we can help you build a book of quality homeowners clients that will make your agency more successful in the long run.

Higher retention, less price sensitivity, more appreciation for the value agents bring. Who wouldn’t want that? iMGA – and a focus on providing quality homeowners protection to your clients – can make that a reality in your agency.

According to Inc. Magazine, a critical step in improving employee retention is having policies in place that attract candidates who are a good fit for your company.

At iMGA we do not want to attract and retain just any type of employee. We’re looking only for people who really stand out, particularly in the insurance world. The more clear we can be about what we want the better the chance that the current team and any new employee are both happy with the result.

So, we publish the following “iMGA Philosophy” (inspired by this great work at Gaspedal):

At iMGA we believe that every day at the office should be exciting, interesting, challenging, rewarding, and fun! You work too hard for it to be unfulfilling, and life is too short to not have fun at work, where you spend most of your waking hours.

At iMGA we do:

  • Put our employees and their well-being over everything else. We take care of our people first, second, and third. They’ll be better positioned to care for each other, our agents and policyholders from a position of confident security.
  • Work that has meaning. We literally help put peoples’ lives back together after tragedies. If that’s not a worthwhile calling for you we strongly encourage you to work elsewhere.
  • Create great moments. Look for opportunities to make everyone stand up and clap, cheer, and open a beer! Be able to shout to the world, “I really CHANGED how we do what we do.”
  • Make mistakes. No one is perfect. If you’re not making occasional mistakes you’re not trying hard enough or making enough decisions. When you make one, own it, get whatever help you need to fix it if possible, and make sure everyone learns from what happened so it isn’t repeated.
  • Have fun at work. If you’re not enjoying yourself, you should find something else to do. No job is worth long-term suffering.
  • Take breaks. Great work comes from clear, well-rested minds. Naps are encouraged. At least two weeks of vacation each year is required, preferably at one time. Every few years take your two month sabbatical, do something completely different, and bring a fresh perspective back to the office.
  • Require improvement. From everyone. So help “the boss” and your peers out and let them know where they need to get better. They’re required to do the same for others – return the favor.
  • Deal honestly with everyone. Messing with this is the fastest track to no longer being employed here.
  • Want you to make a lot of money. We’re red-blooded capitalists through-and-through, and the more valuable you are the better off the company will be. We’ll find as many ways as possible to spread the wealth.

At iMGA we don’t:

  • Continue to do something “just because”. If you see – or are doing – a task that seems to have no purpose, or seems like “there must be an easier way” – speak up. If there’s no purpose, we’ll kill it. If it can be done more easily, we’ll help make that possible.
  • Miss out on life. Time with family and friends is critical. You’ll regret missing your kids’ games or your parents’ visit a lot more than some meeting. Don’t even consider it.
  • Mess around when it comes to office politics.  We are on the same team and act like it.  If you are the backstabbing, taking credit for the work of others, promoting personal agendas over the common good, foot-dragging, whining, gossiping, complaining, mean-spiritedness, pettiness, self-important type, do not apply.  You’ll have a very short stay here if you do.
  • Repeat mistakes. If we repeat a mistake it means someone didn’t own it the first time and/or didn’t spread the learning. A mistake’s not a problem. A coverup is.
  • Care “how everyone else does it”. Saying those words or thinking that way is a fast road to a short tenure here. We want to do everything better than everyone else, not the same.
  • Deal with dishonest people. It’s not possible to make a good deal with a bad person. Don’t be tempted. You’ll have our full support.

We believe that being clear about our philosophy will make it more likely that we’ll be able to work with the kind of people we really want to have on the team. More importantly, we believe this kind of team is most likely to make us successful for the long term.

Is turnover an issue for you? What do you make clear to your staff and prospective employees? Could/should you do more?


P.S. We have a great opportunity available right now for someone in the Austin area who’d like to be a part of an environment like ours. It’s a paid internship – starting at $10/hour but with the opportunity to increase – and with strong support and the chance to learn a ton about systems, user experience, user interface design, and game theory. If you know of anyone who might fit the bill, please have them contact us via the form on the iMGA Careers page.



↑ Top of Page