Brave New Omni-Channel World: Adapt or Bust
As seen on IAMagazine.com, CEO of ANE, John K. Tiene, asks independent insurance agents what they are doing to transform their agency to embrace Omni-channel technology?
According to Google Research, 98% of Americans switch between devices throughout the course of one day.
Technology is changing the buying patterns of insurance consumers, and not just among millennials. Every baby boomer has a smartphone and knows how to use it. This emphasis on ease, convenience and mobility has opened the door to new insurance competition from retail goliaths like Wal-Mart, Amazon, credit card companies and a host on insurance startups.
Meanwhile, large insurance carriers are using data analytics to leapfrog agents and sell directly to consumers. Mergers and acquisitions, perpetuation headaches and carrier-retailer partnerships are also putting the squeeze on agents.
In almost every service industry today - from banking and investing to local pharmacies and car dealerships - consumers want to interact on their own terms, whether that's in person, via phone, text, email, social media or the Internet. They expect an Omni-channel experience that leverages a convenience cocktail of technology and customer service that provides them with access to products, services and information in real-time, 24/7, 365 days a year.
Aberdeen Group found that companies with extremely strong Omni-channel customer engagement retain on average 89% of their customers - compared to 33% for companies without it. Change is happening so rapidly that agents who don't adapt soon will find their customers going where they can get the seamless service model they demand.
The nature of agent-client relationships has changed drastically from what it was years ago. Agents who gave smart, professional advice used to have the edge. Now, people still value consultation with an agent, but they also want the convenience of Omni-channel access to get their information or complete service activities seamlessly. Whether the customer is shopping online, by telephone or in a brick and mortar store, these are the options they want.
Read the full article online here.
ANE's LinkedIn Tips For Insurance Professionals
Many insurance professionals are curious about how to market themselves, and their agency, on LinkedIn. Does it actually work? Is it an effective tool?
As we are sure you have heard, being digitally current is imperative to increase the quality of your customers' experience. But few people realize that you and your agency are being digitally vetted before you even make initial contact.
It has become more common for clients to look to the web first before making a decision on who to call for help or advice with their insurance needs. So, why shouldn't you be the first person they check out? Your website may not come up first in a search engine, but a solid LinkedIn profile will certainly help your agency be a front-runner when it comes to getting the first call. LinkedIn has become the largest professional network and one of the first places potential clients go to.
So, here's how to get started.
First, think of your LinkedIn profile as your resume and digital first impression. LinkedIn makes it incredibly easy to fill in your information step-by-step.
- Put your full name as it would appear on your business card. No nicknames, no silly job titles like "insurance messiah".
- CURRENT, professional picture. No future client wants to see what you looked like twenty years ago or what your dog looks like. You don't need to hire a professional photographer either. The site makes it easy to snap a photo and upload. Ask a coworker to take a photo for you and return the favor. You can even turn making your profiles into a team project, because nothing says teamwork like social media!
- Add your location and industry for easier searches and visibility.
- Use descriptions that will attract the particular clientele your agency is looking for. Does your agency only sell home and auto insurance? Or do you specialize in general contractors? Make sure to use those as keywords in your profile's heading description.
- Use your agency branding as a background image. Company logos and street view photos of your office make great background images. Now your future client will know what to look for when passing by your agency!
- Highlight your skills, accomplishments and professional memberships in your summary. Before writing, think to yourself - what do you find most captivating about your professional life?
- Always include a link to your agency's website. Not only does this add credibility to your profile, it increases your search engine optimization.
The more time you spend into making your profile the best it can be, the more time prospective clients will spend looking at it. Best part is, do it well the first time and all you'll need to do are minor updates in the future.
Remember! LinkedIn is a PROFESSIONAL networking site. This is not the place to post your every thought and action. If you wouldn't say it in front of a client, save it for your personal Facebook or Twitter account.
Second, once you have completed every nook and cranny of your profile, you are ready to get started networking with future prospects. Post meaningful, useful and intriguing content out there for everyone to see. Share other peoples' work, but include your insight. You will be surprised how many other people are thinking the same thing or have the same questions. Do not bash other peoples' opinions, but use this as a forum for thoughtful debate.
Third, join groups related to your specialty to share insight on insurance issues that the group members might care about. You never know who will be willing to give you a referral. Love antique cars and your agency happens to sell collector car insurance? LinkedIn has a group for that - the possibilities are endless!
Fourth, are you extremely knowledgeable in a particular area of insurance? Write about it! LinkedIn has a fantastic publisher tool that allows you to publish your own articles and put your profile in front of thousands of potential clients. If your agency website has a blog, you already have content waiting to be published.
These are just some of the basics of getting started with your LinkedIn marketing, but having a completed, well-thought our profile adds a professional edge to your agency that has become necessary in our digital world.
To learn more about optimizing your LinkedIn profile, join us on April 7th at the Renaissance Woodbridge Hotel for our Annual Conference. Register today at https://aneconference2016.eventbrite.com
Hook and Retain New Workers Compensation Clients Using Balance Point
ANE Member Agencies have a competitive advantage in the marketplace when they leverage our exclusive partnership with Balance Point Payroll.
When you meet with a prospect, you have the opportunity to ask them about their previous audits, current insurances, cash flows, succession plans, etc. and spark a positive conversation about the value you can bring to the table. Go over all of the risk audits your client could potentially have, take time to educate them on Pay As You Go coverage and how Balance Point can help eliminate those worries.
Pay As You Go is one of the many services Balance Point can offer to help gain long-lasting relationships with current and future clients. They connect with 19 different workers comp carriers and will build custom files with any carrier of our Members' choosing. By using these benefits, opportunities to discuss other profitable lines of insurance will arise, making retention more likely.
Why Offer Pay As You Go Workers Compensation Coverage?
Offering Pay As You Go coverage to a potential or current client shows you are looking out for their best interest. If your client is paying workers compensation in a traditional sense, then at the end of the year, a premium audit may be conducted to verify payroll, class codes, and sub-contractor exposure. Getting your client a little cash back at the end of the year would be nice, but for those businesses who owe money - they won't be so thrilled!
The benefits of Pay As You Go:
- No money down.
- The quote is determined by payroll reporting in real time.
- No estimates = No surprises!
An audit still may occur, but the risk of your client owing money is much lower. For new or small businesses, having to owe a few thousand dollars at the end of the year could really make or break their future planning. Pay As You Go is a win/win for all and will create success stories you can share with your other clients and prospects. When ANE teams with Balance Point, clients truly get the best of both worlds - better consultation, better service, better everything!
Please contact your Balance Point representative today!
Pete Luciano pete@balancepointpayroll.com
Insurance Information Institute President Addresses ANE Members
At ANE's Annual Conference in April, Dr. Robert P. Hartwig, CPCU, President of the Insurance Information Institute addressed the conference on the state of the industry.
Dr. Hartwig discussed the state of the industry and what it means for the independent insurance agent today, as well as privately sat down with us to explain industry trends.
What are the biggest issues facing insurance agents?
The largest issue is our industry's increase in distribution channels which causes more competition for the independent agent. Direct channel competition with aggregator sites, such as Google, also provide more outlets for consumers to shop around. Hartwig does describe that individuals are more willing to work with agents if they communicate with their clients the way they want to be communicated with. This meaning agents need to expand their communication repertoire through technology and social media.
Advantage of joining a network?
Networks, such as ANE, expand the depth of an agency's capacity without an income loss. Independent agents who join a network can satisfy a larger range of clients they normally would not be able to on their own.
Watch Dr. Hartwig's full interview on our YouTube Channel!
Learn What Big Broker Mergers Mean for Independent Agents
On Wednesday, July 8th, Insurance Business America published 'Big broker mergers: What they mean for smaller independents' featuring ANE CEO John K. Tiene. Find out how smaller agencies can still stay competitive.
Merger and acquisition activity among major international brokers –such as last week’s $18 billion merger deal between Willis Group and professional services firm Towers Watson – should send an important message to smaller independent agencies on how to survive in an environment of heavy consolidation, says one industry leader.
According to John Tiene – chief executive with the East Coast-based Agency Network Exchange – banding together through networks and alliances is the best approach for independents hoping to compete with broker operations that are growing increasingly larger.
“The Willises of the world are only going to get bigger and continue to crowd out mid-sized agencies that have historically made up the bulk of the market,” Tiene told Insurance Business America. “That really just reinforces the need for insurance agents to start thinking about joining an organization that gives them some of the similar scale and access that Willis and others have.”
The Willis/Towers Watson deal is certainly massive, valued at $18 billion and expected to bring in annual revenues of $8.2 billion. Particularly key to the transaction is the access to data analytics Willis will gain from Towers Watson, aiding the brokerage in richer consumer insights, risk management solutions and product development.
That only underscores the importance of developing technology for smaller and mid-sized agencies – again something that can be accomplished through agency networks, says Tiene.
“The analytics piece is very important – independent agents have to be as tech savvy and proficient as the bank, the investment house and the corner drugstore,” he said. “Commercial clients especially are now wanting to get insurance online, and agencies have got to get with it and start doing business in different ways.”
Agency Network Exchange recently announced an exclusive deal with Vertafore to provide members with agency management software that includes some of those business analytics solutions. Other technology providers have launched similar tools to help agencies compete with larger brokerages and carriers.
Such capabilities – including the greater market access afforded by membership in a network or alliance – will only grow in importance as 2015 shapes up to be one of the biggest years for insurance consolidation in recent memory.
With the right tools, however, Tiene sees this trend eventually favoring smaller independents.
“The challenge with the bigger, conglomerate brokers is that they haven’t taken time to become efficient organizations,” he said. “Many of their clients feel lost within the labyrinth of a mega broker, and that affords a great opportunity for smaller agencies to take their business by being nimble and providing the kind of service clients want, with the access and influence of a larger organization.”
View the full article in Insurance Business America here
ANE Joins Vertafore Premier Partner Program
Agency Network Exchange and Vertafore to offer ANE members Vertafore Agency Platform.
ANE and Vertafore, the leading provider of software that transforms the business of insurance, announced an agreement to make Vertafore the exclusive provider of agency management technology solutions for ANE members. ANE agencies will receive preferred pricing for the Vertafore Agency Platform, comprehensive software that helps agents easily and economically grow new business, retain clients, maximize profitability and manage business lines.
"ANE's agreement with Vertafore represents a dynamic and revolutionary approach to how we do business and will give our members a distinct competitive advantage in an increasingly complex marketplace," said John K. Tiene, CEO, ANE. "We believe Vertafore is uniquely positioned to bring the industry's next generation and most advanced technology to our independent agency network."
The Vertafore Agency Platform cloud-based solution includes agency management systems for P&C and benefits, personal lines comparative rating, commercial lines reference content, agency and producer licensing, client portals, and electronic signature through DocuSign - all consolidated on a single screen. As part of the agreement with ANE, Vertafore will also provide on-site support and training for ANE agents.
"ANE's member agencies will have access to a variety of insurance technology solutions to help them win more new business, retain clients, maximize profitability and successfully manage all lines of business more efficiently - today and into the future," said Cliff Demmer, Vice President of Sales at Vertafore. "As part of Vertafore's Premier Partner Program, ANE member agents and ANE leadership are provided a team of experts that will help them best take advantage of this unique opportunity."
Vertafore's Premier Partner Program provides ANE's independent member agents with the technology to realize powerful productivity enhancements for their agencies day in and day out. Data management and analysis tools build upon the growing strength of the ANE network and provide ANE with the information needed to make decisions that will benefit the entire membership.
Vertafore works with 96 of the top 100 independent agencies and80 percent of the industry's top carriers. In 2013, the company reported over 81 million real-time transactions between carriers and agencies, representing 250 percent growth from 2011. From real-time connectivity with agencies to insurance-focused workflow, collaboration and compliance, only Vertafore offers agency and carrier-proven technology and market data to drive carrier success.
Learn more about the benefits of the ANE-Vertafore Partnership here
About Vertafore
Vertafore delivers cloud-based insurance software and services that transform the business of insurance. With the largest customer-base in the industry, more than 20,000 agencies and carriers leverage Vertafore's insurance solutions that are built on today's most advanced cloud, mobile, and information technology platforms. Only Vertafore offers the most complete portfolio of solutions for agencies and carriers to drive efficiencies and increase profitability - including agency management, rating and connectivity, content management and workflow, information solutions and producer lifecycle management. For more information about Vertafore, visit www.vertafore.com and follow the company on Twitter, LinkedIn, and Facebook.
Liberty Insurance Associates Joins ANE as Equity Partner
ANE has announced that Liberty Insurance Associates, Inc. of Millstone Township, NJ is now an equity partner.
Liberty Insurance President and CEO Andrew C. Harris, CPCU, ARM, CIC, has been appointed to the ANE Board of Directors.
"Liberty Insurance Associates is a nationally-recognized insurance leader with decades of frontline agency experience," said John K. Tiene, CEO, ANE. "Liberty adds invaluable insight, knowledge and contacts to the ANE organization, and greatly enhances our ties with a number of key insurance companies."
"Liberty recognizes that the independent agency distribution system is evolving and we believe the ANE business model best aligns with our vision," said Harris. "We expect ANE to be a strong influential partner that will enhance our ability to grow and support our clients, our employees, and our community."
Harris has more than 39 years of experience in insurance sales and agency management, including more than 32 years as the president and CEO of Liberty Insurance Associates. As the majority partner in LIA, Harris has directed the growth of the organization from a small agency handling mostly personal insurance to a multi-lines agency with over 40 employees. Today, Liberty's growth is primarily driven by meeting the property and casualty insurance needs of commercial lines.
Within the insurance community, Harris is active in the Professional Insurance Agents at both the national and state level (PIA-NJ). Harris was recently president of the National PIA from 2012-2013. He served as president of PIANJ from 1998-1999. In June of 2006, Harris was awarded PIANJ's Distinguished Insurance Service Award. From 2003-2008, he served as the president of the Proformance Insurance Company. In addition, he is the current vice chairman of the Board of Directors of New Jersey Community Bank, headquartered in Freehold, NJ.
About Liberty Insurance Associates
For over 85 years, Liberty Insurance has been a customer-focused agency, dedicated to professional service, and true partners with its clients throughout Monmouth County and the state of New Jersey. The agency motto: Counsel - Advocacy - Service, represents the key attributes of the agency personnel. "Insurance Made Easy by the Professional at Liberty" has become its mission. As an independent agency full of caring and knowledgeable experts, Liberty always strives to provide its customers with advice and counsel for the full range of property, casualty, life, health and financial services products that meet their unique insurance needs. For more information, visit www.libertyinsurance.com
Partnership Gives Members Access to New E&S Market
Agency Network Exchange partners with Specialty Risk Placement to streamline Excess & Surplus Business with Mesa Underwriters Specialty Insurance Company.
Yesterday, April 28, 2015, at our annual conference, ANE announced an exclusive relationship with the wholesale insurance broker Specialty Risk Placement, LLC (SRP) to expedite service for our ANE member agents and provide a single source to place complex commercial contract-binding risks through Mesa Underwriters Specialty Insurance Company (MUSIC).
"This agreement gives ANE members direct access to SRP executives for insight on coverage and risk, which will result in faster turnaround time and higher commissions for our agents," said John K. Tiene, CEO, ANE. "It also provides agents with a direct line to MUSIC, one of the best markets for small to mid-sized accounts that require placement in the excess and surplus lines market to cover a wide array of risks."
SRP located in Fairlawn, NJ provides wholesale insurance coverage for small, mid-sized and larger companies including real estate, contractors, commercial property, professional liability, restaurants, and a variety of specialty business. Visit http://www.srpins.com/ for more information.
MUSIC, a wholly-owned excess and surplus lines subsidiary of Selective Insurance Group, Inc., offers property and commercial general liability insurance coverage through a strong network of wholesale general agency partners in al 50 states. MUSIC's insurance specialists have extensive knowledge in writing small to medium-sized commercial business classes, along with brokerage and program business in the excess and surplus marketplace. Visit www.music-ins.com for more information.
ANE Annual Conference
Our annual conference brings together more than 40 ANE agents from across New Jersey and the mid-Atlantic states. The theme of this year's conference was "The Holy Grail for Agency Owners: Attracting, Managing and Compensating Quality Producers." The event featured keynote speaker Dr. Robert Hartwig, President of the Insurance Information Institute, followed by six breakout sessions, including one on "Producer Accountability" by Jim Wochele, Senior Consultant at MarshBerry.
Yesterday's announcement continues the momentum that began last April when ANE unveiled its new brand and logo, and announced we were adding resources and staff to expand into Pennsylvania and other mid-Atlantic states. In the last year, ANE has added executives and expanded our product portfolio to better serve our agents.
You can view our full press release on our new partnership and annual conference on Insurance News Net. View the full article here.