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Trusted ChoiceSM: An Overview

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300 billion in premiums. Source: A.M. Best Company, Inc. ... ( GEICO!) Lost significant market share. over 30 years = $60B. Our prior response was silence. ... – PowerPoint PPT presentation

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Title: Trusted ChoiceSM: An Overview


1
Trusted ChoiceSM An Overview
2
The Insurance Universe
  • Total PC business in the United States
  • 300 billion in premiums

Source A.M. Best Company, Inc., Bests
State/Line Reports and Databases, P/C
3
Market Share
USA COMMERCIAL PERSONAL
  • 2002 73 34
  • 1972 90 60

Source A.M. Best Company, Inc., Bests
State/Line Reports and Databases, P/C
4
What is Branding?
  • Branding is not advertising.
  • It is the creation and nurturing
  • of the consumer relationship
  • through communications
  • and customer experience.

5
Successful Brands
6
Why Should Agents Brand Themselves?
  • Image Market Share
  • Our competition is already branding us as
    irrelevant, expensive and lazy. (GEICO!)
  • Lost significant market share over 30 years
    60B
  • Our prior response was silence.

7
Key Goal
  • According to IIABAs Long Range Strategic Plan…
  • The Big I brands will be recognized by
    agents, brokers, consumers, companies and opinion
    leaders as the preferred source of insurance
    and other financial services.

8
Consumer and Industry Research
  • In Fall of 1999, IIABA hired
  • Addison Researcha branding firm
  • to conduct extensive market research
  • In-depth interviewsinsurance companies, state
    association leaders, agents
  • Qualitative researchpersonal and small business
    consumer focus groups
  • Quantitative researchPersonal consumer mall
    intercepts, small business Web surveys, agent fax
    surveys

9
Consumer Feedback
The Addison research showed
  • Buying insurance is stressful,
  • complex and confusing.
  • Consumers
  • Dont know where to find insurance providers
  • Dont know how to identify the good guys

10
The Three Things Consumers Most Want, You
Offer!
  • Customized policies
  • Advocacy/claims assistance
  • Choice of companies

11
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12
Big I Logo
  • Will continue to be used on
  • Capitol Hill where it is known
  • and respected, but…

13
Consumers
  • Did not recognize it
  • Were not influenced by it to work with an
    independent agent
  • Perceived it very narrowly (small operation
    without access to a range of carriers or
    financial services)

14
Solution?
A Complementary Consumer Marketing Brand for
IIABA Member Agencies.
15
How Does Trusted ChoiceSM Work?
16
Trusted ChoiceSM Program Features
  • Pledge of Performance
  • Web site/Agent Locator
  • Public relations
  • Advertising
  • Local marketing support
  • Company co-branding

17
Pledge of Performance
  •  Trusted Choice agencies are insurance and
    financial services
  • firms whose access to multiple companies and
    commitment
  • to quality service enable us to offer our clients
    competitive
  • pricing, a broad choice of products and
    unparalleled advocacy.
  •  As a Trusted Choice agency, we are dedicated to
    you and are
  • committed to treating you as a person, not a
    policy.
  • This commitment means we shall
  • Work with you to identify the insurance and
    financial services
  • that are right for you, your family or your
    business,
  • and use our access to multiple companies
  • to deliver those products.
  • Guide you through the claims process for a prompt
    and
  • fair resolution of your claim.
  • Help solve problems related to your coverage or
    account.

18
Pledge of Performance
  •   Explain the coverages and options available to
    you
  • through our agency, at your request.
  •  Return your phone calls and emails promptly and
    respond
  • to your requests in a timely manner.
  •   Provide 24/7 services for our customers,
    offering any or
  • all of the following emergency phone numbers,
    Internet
  • account access, e-mail and call center services.
  •  Use our experience and multiple company
    relationships
  • to customize your coverage as needed.
  •  Commit our staff to continuing education so they
    may be more
  • knowledgeable in serving you.
  •  Treat you with respect and courtesy.
  •  Conduct our business in an ethical manner.

19
Agencies Join
  • 250 per year for agencies with 9 or fewer
    employees.
  • 499 per year for agencies with 10 or more
    employees.
  • Sign a License Agreement and agree to the Pledge
    of Performance
  • 3-year minimum commitment
  • Over 2,500 agencies, brokerages and their branch
    offices already have joined!

20
Company Investment
  • Percentage of companys property-casualty
  • premium written through independent agents.
  • 1st Year ½ penny per 100
  • 2nd Year 1 penny per 100
  • 3rd Year and beyond 2 pennies per 100
  • 3-year minimum commitment
  • Companies will promote Trusted ChoiceSM in their
    advertising encourage their agents to join

21
Current Participation
  • More than 2,500 member agencies, brokerages and
    their branch offices in 50 states and D.C.
  • 18 national and regional companies supporting the
    program

MetLife Auto Home MSA Group National Security
Fire Casualty Ohio Casualty Progressive Rutgers
Casualty Insurance Company SAFECO Selective
Insurance Group Summit Insurance (R.I.)
California Insurance Group Cascade
National Central Insurance Cos. Encompass
Insurance InsurBanc The Hartford Kemper
Insurance Kentucky National Merchants Insurance
Group
22
Promotion of Trusted ChoiceSM
  • Direct consumers to www.TrustedChoice.com
    its cutting-edge Agent Locator via ads and
    public relations
  • Develop tools for agents to brand themselves
    using Trusted ChoiceSM
  • Offer television, print and radio ads to be
    tagged by Trusted ChoiceSM agencies for use in
    local markets

23
Programs that Trusted ChoiceSM will be
Advertising on during First Quarter of 2003
The news with Brian Williams
24

Pilot Advertising Results Spring 2002
  • Seattle, WA and Louisville, KY
  • After a 4-week pilot, awareness among consumers
    of Trusted ChoiceSM went up 4
  • 4 200,000 people in those two markets who
    recognize Trusted ChoiceSM

25

What Does That Mean?
  • If, long term, independent agents
  • brokers gain even 1
  • of property-casualty market share,
  • we would bring
  • 3 billion into the agency system.

26

We Can Do This
  • Critics claim you need 35 million
  • a year to brandNOT TRUE!

27
Join Us! Join Now!!
  • Our goal is to have Trusted ChoiceSM brand be
    regarded as highly as
  • Harvard
  • Starbucks
  • Tiffany Co.

28
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