Growth, customer retention and efficient account management are all strong tools to cultivate a thriving independent agency. Meanwhile, customers seek a holistic insurance solution that protects their lifestyle, offers financial savings and provides efficient claims experiences. Packaging home and auto policies with a single carrier can meet all these needs.
Protect Your Customers, Save Them Money and Simplify Their Experience
Insurance coverage can represent a significant expense to many customers and, as the dollars add up, there is a risk that the conversation will shift from value and coverage needs to price and affordability. One way for customers to save money is to package their home, auto and specialty policies with a single carrier.
For example, by combining their home and auto policies with Safeco, customers save up to 15%. This can represent significant savings on policies that offer customizable, comprehensive protection.
It’s not just about the premium savings, though. Carriers like Safeco that offer a single loss deductible offer customers valuable protection in the event of a loss that damages their home and auto or specialty vehicle. Imagine a tree falls on your customer’s garage and damages the garage and cars inside. With a single loss deductible, the auto deductible would be waived after the home deductible is paid. This prevents your customer from paying two deductibles for the same incident, which could prove costly.
Managing insurance policies shouldn’t be a burden for your customers. Bundling policies with a single carrier allows a customer to align the renewal periods and effective dates of their policies while receiving a single bill. The customer experience is simplified, efficient and requires less paperwork—a win all around!
Grow Your Business, Retain Customers and Drive Efficient Account Management
Safeco’s Agent for the Future survey revealed that independent agents want to focus on quoting new business and prospecting for new clients while leveraging cross-selling to grow.
Packaging home and auto policies is key to achieving both those goals. The research shows that the national agent average is 1.6 policies per client. Packaging home and auto can work to increase your average to at least two policies per client—and even more, if you can include an umbrella policy or specialty vehicle. Account rounding and cross-selling policies not only increases the value of your customer support representatives, but also increases the “stickiness” of your customers. With increased retention, your agency has an opportunity to continue to seek out new leads and drive new business growth opportunities.
As an added bonus, packaged home and auto policies will bring efficiency to your agency’s account management practices. An aligned renewal period and term for both lines allows for consolidated annual reviews with your customers. This improves your ability to be efficient while saving your customers time.
Want to learn more? Discover Safeco’s winning package or find out how to become a Safeco agent.