Some insurance customers view insurance as a commodity, focusing solely on price or brand name recognition. But a new product from Selective Insurance Company of America reaches insureds who want comprehensive protection and appreciate quality customer service.
PRODUCT: The Selective Edge for personal lines
COMPANY: Selective Insurance Company of America
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available through independent agents.
FOCUS: Customers who carry personal lines coverage through Selective for both auto and home are now eligible to purchase The Selective Edge. With this new and enhanced program, coverage bundled for auto includes vehicle disablement, coverage improvements on pet injury, personal contents and accidental airbag deployment. Enhancements bundled for home include guaranteed replacement costs, increased water back-up coverage, replacement cost for non-building structures and increased jewelry coverage.
“It’s not only high net-worth individuals who want to make sure their possessions are protected,” says Allen Anderson, senior vice president/chief underwriting officer for personal lines at Selective. “It’s likely a person’s home is their most important asset, regardless of the size, and we understand that income demographics don’t define a person’s approach to insurance.”
As Anderson explains, while many insurance customers view insurance as a commodity and are focused on price or make decisions based on brand name recognition, there remains a significant segment Selective calls “consultative buyers”—customers that, regardless of their demographics, want comprehensive protection for their assets and appreciate extra customer service, attention to detail and responsiveness. “We believe The Selective Edge enhancement—which bundles some important extra protection for either home, auto or both—will be particularly appealing to these buyers,” Anderson says. “They want to make sure they are doing all they can to minimize risk and safeguard their assets.”
Anderson adds that this kind of customer is an ideal target demographic for independent agents because they value and respond to thoughtful customer service. “Our approach mirrors that of independent agents,” he explains. “The kind of relationships they’re able to build with their own clients is what we strive to create with them as well.” In fact, Anderson says Selective purposefully partners with just around 700 agents for personal lines throughout their footprint, in order to “develop the kind of deep relationships that lead to long-term success for all.”
Anderson explains that although customers must purchase both their personal lines auto and home through Selective, they don’t have to choose The Selective Edge enhancement for both categories. “Selective Edge is simply the highest level of protection,” he says. “We still offer basic coverage and moderate enhancements for both auto and home, so the customer can choose what best suits their situation. Again, it’s all about being responsive.”
Over the course of 2015, Selective will also introduce additional purchase options for The Selective Edge auto, including accident forgiveness, loss free discount, diminishing deductible, newer car replacement and uninsured/underinsured motorist coverage in umbrella.
TARGET: Consumers with combined auto and home coverage through Selective personal lines.
COVERAGE TERRITORY: IA, IL, IN, MD, MN, NJ, OH, PA, RI, SC, TN, VA and WI.
CONTACT PERSON: Allen H. Anderson, senior vice president/chief underwriting officer, personal lines; Selective Insurance Company of America; 40 Wantage Avenue, Branchville, NJ 07890; 973-948-1665.
Amy Skidmore is an IA contributor.
