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Why Independent Agents Will Win in The Affluent Market

Looking to round out a strong first quarter as we head into a new decade? Consider the win-win relationship represented by affluent accounts.
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Looking to round out a strong first quarter as we head into a new decade? Consider the win-win relationship represented by affluent accounts. Not only does offering a holistic coverage solution to these customers create customized protection; it is also an opportunity to grow your business with products tailored for the affluent account—like Safeco Premier Home.  

Customers with affluent accounts are seeking a consultative experience.

Affluent account customers are the ideal customer for an independent agent. These customers tend to have unique needs, specific risks they’re looking to protect against, or both. Independent agents have the skill set to provide these customers with a truly personalized experience that assesses their unique insurance needs by reviewing carriers that best match those needs and creating a holistic insurance solution to protect the customer’s assets and provide peace of mind.

These customers are not looking to spend money on insurance extravagantly and often may consider upsells or additional coverage to be frivolous. They may be unaware of the protection offered by adding optional coverages or increasing limits. They rely on their agent to explain risk exposures.

As mass-market carriers that compete specifically on price become more ubiquitous in the public’s awareness, the conversation gets shifted away from coverage needs and the complexities that more nuanced offerings provide customers. Price-driven, one-size-fits-all mass-market coverage does not necessarily account for some of the needs of customers with affluent accounts. For example, generic policies may not cover the rebuilding costs for a large-scale casualty, updating a historic home to code after a loss, removing and replacing damaged landscaping, or the increased value of personal property.

Your ability to recognize the unique coverage needs of these customers and match them to a product specifically designed for an affluent account drives value for the customer. 

Affluent accounts can serve as a growth driver for your agency.

The benefit that customers with affluent accounts gain from independent agents—expert advice and tailored solutions based on ease and choice, and consultation with a knowledgeable expert—are symbiotic. Agents can win and grow with affluent accounts. Customers tend to be less price-sensitive; they are seeking peace of mind from having the “right” insurance solutions, not just hunting for the lowest price.

As a result, many of these customers are looking to develop long-term relationships with their independent agent. Seeking out affluent accounts can help you develop a loyal client base and drive up your retention rates.

Retention is further solidified as affluent accounts often offer valuable cross-sell opportunities. These customers frequently have specialty vehicles, need an umbrella policy or even have multiple homes.  These opportunities give you a chance to strengthen your book, increase commission and reinforce retention while the customer benefits by placing all of the business with one carrier, especially one like Safeco that offers packaged discounts and a single loss deductible for customers that protect their home and auto with Safeco.

Within this niche market, a comprehensive homeowners product, like Safeco Premier Home, is designed to offer customized coverage for affluent accounts so both you and your customer win!

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Sunday, August 2, 2020
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