Commercial Insurance Guy
@someinsurance
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Business Insurance , sharing anonymous thoughts (Mainly about Sales) and insurance stories of course
Joined May 2022
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How to improve customer acquisition cost as a producer. A short thread. Keep in mind
Time = 💰
See 👇
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@realEstateTrent
Term. Please don’t buy anything but term. But enough that the interest gained if invested can sustain your lifestyle.
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@realEstateTrent
When you are 70 and 80 years old you will likely have a substantial nest egg and will not need life insurance or nearly as much as you do now.
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@realEstateTrent
Whole life is for morons that let an insurance agent convince them it’s an investment vehicle. Term is a true insurance product that does exactly what it says.
30 year term or 20 year term. Buy enough that if invested wholly the interest funds the lifestyle so your spouse is set
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Insurance industry needs to fund a documentary about injury attorneys and put it on Netflix 😂
Show how much premium dollars go to fraudulent cases and inflate premiums.
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Buyer- “i’m paying a ton for my insurance”
Me - “Okay , how much are you paying?”
Buyer - “$2,500”
Me - “per month… that’s really not bad”
Buyer - “No, per year”
Me - ……
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@MallardReborn
No family worship. No real catechizing of the children. Probably no prayer as family outside of church. You see it often where families are good in head knowledge but only practice on Sunday and Wednesday night. Huge gap the rest of the time.
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One of my biggest headache clients left me via BOR today.
The revenue did not even come close to justifying the headache.
Competitors problem now ✅
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When you are laying in bed and realize you forgot to bind that coverage
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Just had a customer call because their premium is going up $343. This is a business that does very well but pretty small revenue.
Please don’t write small accounts.
It’s not worth the headache.
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Multi factor authentication for a carrier login cracks me up every time.
I don’t think a hacker on this planet wants access to Berkshire Hathaway guard online rating platform so they can BOP an auto service account.
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Best advice for new agents
1. Have a minimum revenue
2. Have some niche industries
3. Please don’t insure trucking
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Just had a carrier decline to quote a piece of business because Google maps shows a pothole in their parking lot.
You can’t make this stuff up.
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Apparently 60 minutes running a piece on P&C and the Florida market. Should be helpful for public perception of the industry 🙄
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Probably 90% of the knowledge I have gained in insurance is from conversations with other agents… literally a cheat code.
Get a mentor, surround yourself with people that perform better than you. And learn.
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I’m convinced if you just operate with a sense of urgency you will out perform the majority.
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You will never see me give advice to producers that work on accounts larger than $100,000 revenue aka commission.
I’ve never worked on anything larger than $50k in revenue and unless it falls in my lap I’m not pursuing it.
My bread and butter is $7,500 in revenue to $20,000
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Thanks for the underwriting decision to decline quoting this risk… I bound it 4 days ago 😂
#Insurance
Slow underwriters please get in the back of the buffet line in my revenue feast.
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Stop writing accounts that lose money for the agency…
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Insurance is one of the most abstract products you can sell.
If you are not using analogies and stories to explain it… you are leaving revenue on the table.
Use analogies and stories to compare unknowns to knowns.
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We have a producer that received blacked out premiums from a prospect… He sent them a proposal back with blacked out premiums 😂
#Legendary
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Maybe they will finally get all the contractor autos off personal policies so a carrier can charge the true premium.
State Farm results are out:
Auto: "Earned premium was $45.7 billion. Incurred claims and loss adjustment expenses were $48.4 billion"
This means the LOSS ratio (not CR) was a 106 for the year.
Guess we won't be seeing Jake commercials anytime soon.
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Everyone on this boring list has insurance but we barely make the list! I love it. Insurance is a great business to be in. Might be the best industry on the planet.
The market is a bubble.
A great way to protect yourself is buying a boring business.
Here's my top 40:
1. Laundromat
2. Accounting Firms
3. Title Company
4. Notary Service
5. CFO Services
6. Property Management
7. Property Maintenance
8. Tree Trimming
9. Pool Maintenance
10.
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I insure a GC with $30,000,000 in sales growing by 20% each year. Great loss ratio.
They are creating a separate entity and have assembled an all star team for a new endeavor. In the service industry.
I called 3 underwriters today to discuss the account and placing this
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I have told soo many startups to please not do this business idea. Some of them
1. Tree service
2. Party bus rental
3. Trucker on his way to buy his truck that will generate $50,000 a year in sales and $26,000 a year in insurance premium.
4. Inflatables
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He is probably rated as grading
Definitely has the dumps on a State Farm personal policy
Cash preferred
3 ghost policies
Millionaire
There is a guy we do business with weekly
He does our excavating for sewer projects
He says he makes between $1,500-$3,500 a day on average, sometimes way more depending on the scale of the project
He is always smiling and in a great mood
Is this what it’s like to be a
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$17,000 in revenue booked so far for 2023… hot start for me. I’m normally a slow starter in January and hit my stride in February.
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Something that I think is often overlooked. First 4 years in the industry I think you must work an extra 5-15 hours a week to see large gains. 9-5 doesn’t cut it.
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State Farm personal auto policy to the rescue
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I have 140 customers.
The bottom 60 customers account for 6% of my revenue….
Choose customers wisely.
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I’ve been in this business almost a decade.
It used to be pretty big news if you lost your underwriter.
Now it doesn’t even matter… so much underwriter turnover it’s really mind blowing.
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Cincinnati right now because a computer glitch left off a normal exclusion and now they went viral
Breaking: insurance companies prepare for WW3. What do you think?
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Quit trying to give your insureds and prospects a free bachelors in insurance!!! They don’t care! Just instill some confidence that you know how to do your job and sign them up. They don’t care to know what you know! Keep it simple people.
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Yesterday had one of the strangest/coolest experiences. I cold called a business. Had good talk with the owner. Loyal to her agent but getting non renewed due to class. Told me to hang tight she was gonna call her agent and see how the remarket was going and then call me back…
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I sent a submission for a current customer of mine to 4 markets.
In the email of the submission I had a link to the insureds website in the 2nd sentence.
3 out of 4 underwriters have asked for a website link…
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The contractors wife after he made her call in to get quotes once you start asking questions about the business….
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Need to explain a complex insurance thing to a prospect or a customer?…
Take 5 mins and think of an analogy for their business to explain.
Analogies make abstract topics soo much easier to understand.
Sell using analogies!!!
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If you own a middle market business… my recommendation would be to change your effective date to November. Hilarious the same accounts that get declined in March due to underwriting will get pricing credit in November due to underwriters needing to hit goal….
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If you take 3 days off without cell signal it’s inevitable your top 3 problematic customers will have issues. Lol.
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My pops is an elephant hunter. He recently took a massive BOR that is double my production for the year…
He didn’t even turn the BOR in for a couple days lol….
Effortless. 100% close rate for the past 3 years. He’s the grim reaper for incumbents.
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I insured a restaurant that installed cameras over every register and at multiple angles inside the restaurant and kitchen etc….
Weekly cash flow increased by $3k… 👀
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The Law of Insurance sales
- If you propose something that you hope doesn’t get issued… it will get issued 100% of the time
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Insurance broker in this environment is no longer a lifestyle business!
It’s hard work and you better not be soft or thin skinned!
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This year and next year it will probably not be fun to be an insurance producer… renewals will be tough, you are going to lose relationships, and you will have to work really hard.
The good news? Everyone is going through it and the toughest are coming out the other side!
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Bad producers wait for the prospect to call them back… Good producers know the prospect will never call them back and initiate contact EVERY single time.
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How to sound like everyone else
- “I’m the most experienced agent around, please let me quote”
- “we have great service team”
- “we have the best carriers!”
How to WIN by being different
- “I’m new and I’m building my book around customers like you”
- “you are already with the
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How does frank afford to under charge for his services? All the trucks are on a State Farm personal policy and have been for decades
How to buy a plumbing company:
Meet Frank
Frank is 76 and he has been plumbing since the 70’s and licensed since 1984
Frank is 76 and still working
Frank really wants to retire
I just met Frank this morning while grabbing my morning coffee
Tip 1: always go to the same
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After the BOR when the client ask if you got any better quotes…
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Concerning new business production.
I do 100% of the following.
Gathering info
Apps
Submission
Underwriter correspondence
Gather quotes if needed
Proposal
Closing paperwork
Create customer in epic
Documentation in epic
Client onboarding
Hand off to account manager
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Tons of real estate minded folks following me tonight.
If you buy commercial property insurance (especially in volume) please increase your budget and rents asap. Market is drying up faster than we can account for it. Carriers pulling out and reinsurance increases of 40%
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Producers… if you are afraid to pick up the phone and make a “cold call”. You have 3 options.
1. Get over if you wimp
2. Quit
3. Be extremely mediocre and make your family suffer financially because of your fear.
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Underwriting question
“Is the storage facility gated and locked with security fence” - YES lol
This bad boy does $4400/month.
No gate, no cameras, & no problems.
Taxes & insurance cost me roughly 4k/year.
Paid 250k for it.
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My grocery store has 12 shopping cart returns in the parking lot.
Tonight I counted 16 shopping carts strewn across the parking lot.
These are the people we are competing against in the game of life.
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Just had a customer call an umbrella a “balloon” policy and now I can’t think of anything else to call it 😂
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You already know this is on a State Farm personal auto policy
Company vehicle for personal use.
We have a fleet of over 30 vehicles.
10 go home with employees.
We don’t allow personal use.
But should we?
Employees ask for exceptions all the time.
What’s the liability here?
Should I allow personal use?
Should I allow it only
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Kinsale… I get it. Everyone hates them… but… they fill a need in the market.
1. Rehab an account with bad losses
2. Write things no one else is willing to do at a massive profit.
It’s pretty American to be honest.
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Niche , niche , niche. And know the industry front and back. Learn about it until you feel like you could open one and be successful. Then you have a real niche. Speak the language. Know the ins and outs.
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When you are cold calling… remember you are not converting Muslims to Christianity… you are looking for LOW HANGING FRUIT !
this could be… but not limited to
1. Someone mad at agent
2. Someone confused about something
3. Someone with coverage issue
4. Bad claim experience
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Good morning to everyone except contractors who make their wives call around to get insurance quotes and give them zero context as to what they are calling about…
“IDK what he does he just said call and get quotes… 🤷♀️ ”
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Want to be a good closer
1. Don’t care about the outcome
2. Prepare like it’s life or death
3. Be sarcastic and playful
4. Have fun
The journey is more rewarding than the outcome.
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Blue check as of today. Thank you all for the support and follows. I’m doubling down!
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Holy Insurance Claim
There’s an enormous
#chemicalfire
about 20 miles east of
#atlanta
. Biolab industries had a fault in a sprinkler system and water hit some chemicals causing a reaction and a massive fire. Video shot by my nephew on his drone a few miles south.
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Up until this year I thought burn out was for wimps. I believe I have experienced it in October and November. Took some time for myself and did some reflecting, and I truly believe I’m reenergized and ready to perform in 2024. For those of you I laughed at in the “don’t burn
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I could replicate 85% of my book with 3 package carriers, 3 comp carriers, 1 wholesale broker and 1 good bond underwriter.
I’m rewarding those that put food on my table in 2023.
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Pro tip - cold call contractors on rainy days. They are catching up on paperwork and likely in the office.
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When a customer with a large commercial building is calling your cell phone.
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When you get a BOR signed… don’t forget to explain to the insured how pissed off the incumbent will be and tell them exactly how they are going to act and say….
1. It gives them a heads up and an out if they don’t want any conflict or they are truly happy with incumbent and
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Cyber insurance right now is such a no brainer for a business.
A stat that blew my mind:
17% of dealers fell victim to cyberattacks in the past *year*.
An under-discussed, growing issue that the industry is not prepared for.
(data via CDG Partner: CDK Global)
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When your CSR asks “are we even licensed in that state” as you are onboarding a new account…
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The new account that was such a pain in the butt to book (due to class code)… insured sent me a box of crumble cookies VIA fedex today with a very nice note. What a nice gesture. Really impressed with the owner. They are destined to grow.
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70% of my carriers are absolute dead weight. Just a name on a list. The top 30% runs circles around the rest.
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We are a small/medium sized agency. Great markets and multiple producers in each department…. We have booked over $90,000 in new revenue this week and there is a chance we will book an additional $15,000 in the next couple of days.
When everyone is winning…. It can be a lot
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When a prospect says “I want y’all to quote I just need to be with someone local”… ask them to sign a BOR and transfer policies over. You will see quickly if they mean it or they want to save money. Flush out the truth by asking for BOR. Most don’t care about local or not.
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My Mom is in real estate Sales. She helped someone with directions at a gas station and gave them her card in case they couldn’t find it… she just listed their house for $1.1 Million …
@gas_biz
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Never lose sight of what this industry provides for. At our agency alone it clothes and feeds nearly 60 people DAILY (employees and household members)…. Take pride in that!!!
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Honest question, why would someone want to “disrupt” an industry that the worst players retain 85% of their customers every single year…
Why not just play the game and play it well?
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I’ve sat around for 2 weeks waiting on a bond to hit…. Probably have 15 hours total working on it with the GC and underwriter. $30,000 in revenue… found out last night my GC didn’t get job. Gut punch.
Rolling my sleeves up this morning with my nose bloodied and back at it.
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I know a guy who owns 60 gas stations and still uses his Mercedes to pickup cokes at Sam’s club… also works as cashier at his stores. Probably more wealthy than 99% of Twitter users.
Someone threw a shot at me this week and said "he just owns a gas station" that's okay. I'm super comfortable with who I am but for the guys who can't speak up for themselves here's the deal. The guys who run these stores came here with a dream.
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Just called my best underwriter about 2 accounts that hit my desk. Sad part is… he will write them. And other carriers will ask why my flow is so low… because you are 4th and 5th and 6th place amongst giants. I’m only putting the backups with you baby! MVP eats 1st!
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In 1871, The Great Chicago Fire destroyed most of the property in the City.
A new agency is formed in Chicago within a month to underwrite fire insurance.
in 1885 Henry Marsh joins the firm.
This is the beginning of
@MarshGlobal
🧵 👇
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New producer advice
1. Obsess over carrier appetite
2. Memorize carrier commission percentages.
3. Learn the carriers that actually write the biz vs lip service wannabes.
4. Go be great ! WORK
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Reminder… 30 mins of prep work on a Sunday night can set you up to crush your week.
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Next month I’m gonna run an Insurance carrier March madness style Bracket Poll!
Drop your favorite carriers below! From 64 down to 1! Agents choice!
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I feel like there are 4 ways to make it in business.
1. Specialize in something nobody else does.
2. Do something extremely simple and do it best in class.
3. Outwork 99% of your competition.
4. Right place right time.
I think you can make it checking just 1 of those off.
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15 call attempts
5 conversations
3 appointments
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I just had a contractor call me and request rates for class codes from the carrier. Turns out they have hired an uninsured sub to do a job and they are calculating his comp premium and holding it from his pay and holding back for the audit…. I’m beaming like a proud father! This
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Commercial Insurance Guy Book Club…
Dirty 130 replaces sugarcoating with grit and dirt in order to pour rocket fuel on your production.
Agency amplified might be the most broad advice and scale planning book I’ve ever read.
Read these before 2023!!!
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If you email proposals out… That is a losing strategy!
Call them or do a video proposal if you have to.
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Sometimes it takes longer to write down the thing you need to do than it does to actually do the thing you need to do.
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Be careful giving that cellphone number to these small accounts. They have more problems and emergencies than the big ones!
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You ever walked into the office of a 40 vehicle plumbing outfit?
The owner is wearing jeans and a polo or t shirt and his black lab is laying down in his office… dog hair everywhere….
Please don’t wear a suit on that appointment. 😂
Always match energy.
My second year in brokerage I sold a deal that made me a sizeable commission
The next day I showed up to the office wearing a golf polo instead of a suit because it was the middle of Summer and for some reason I felt I "earned it" after closing a big deal
A senior broker came
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This guy posts one of the biggest W’s you can have in life and idiots are commenting how stupid it is to have a paid for house instead of a 2.6% rate… I feel like you shouldn’t be critical of someone’s plan to get out of debt unless you are debt free yourself.
We paid off our 2.6% mortgage 🤯
I’m 34 years old with a paid for $700k house
Never thought I’d be able to say that
Largest expense in our budget is gone
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Please
Send
My
Loss
Runs
Scare an insurance agent in 5 words or less.
I'll go first.
Do you sell full coverage?
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If you never push back… like ever… you aren’t a salesman/producer you are an order taker.
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Agreed.
What do they put on their resume?
“I successfully declined 2,500 accounts this past year and quoted 10, bound 1”
@someinsurance
Underwriting is going through a generational transition, lack experience, and have different work habits. I’m finding it difficult to connect with many these days.
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