High Net Worth Clients

The high net worth (HNW) insurance market is a lucrative and rapidly growing segment of the insurance industry. Although the percentage of HNW clients continues to grow, approximately 70 percent of HNW individuals have coverage in standard markets. They are often underinsured or have inadequate coverage with carriers who are not familiar with the affluent marketplace.  In today’s market, Celebrities, professional athletes and those who inherit trust funds are not the only clients who have a high net worth and require specific coverage. Generally, HNW clients have homes valued at $750,000 or above and a net worth of $5 million or more.

Becoming an expert in this area requires dedication and time. HNW coverage is not as simple as one phone conversation. Insurance agents who work with these clients must build and maintain relationships and networks. HNW clients should not be considered large personal lines accounts, because they are often complex and require regular and thorough reviews of exposures. HNW exposures may actually more closely resemble commercial exposures, as both may need to insure multiple locations, in-home employees and non-profit activities.

The HNW individual has many unique exposures that come with their lifestyle, and those exposures need to be protected. These exposures can come in many forms such as fine art collections, luxury and vacation homes, private aircraft, specialty automobiles, exotic sports cars, jewelry, and more. Also, increased wealth and assets increases your personal liability exposures. Annual risk assessments are imperative to secure details about net worth, assets, collections and new acquisitions. Brokers who work in this market should work with trusted specialty insurance carriers to tailor coverage in order to meet clients’ needs. Advantage Partners Network understands the specific needs of the high net worth client. We have relationships with premier insurance companies who serve this market, and we will work together with agents to offer a comprehensive insurance and risk management program.

 

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Advantages of being an Independent Insurance Agent

Once you have decided to pursue a career as an insurance agent, you have to decide if being a captive agent or an independent agent is right for you. Both have pros and cons, but choosing a career as an independent insurance agent typically offers a few more advantages.

Independence– Being an independent insurance agent allows you to fulfill your entrepreneurial spirit. You are your own boss. You can work independently, set the tone of you agency and maintain your desired work-life balance. And you reap the rewards of your hard work.

Choice – One of the biggest competitive advantages you will have as an independent agent vs. captives, is the ability to offer customers a choice. Because you represent different insurance companies, you are able to offer a variety of coverage options and price points. On average, independent agents represent five to eight different insurance companies. With your connections and knowledge of the market, you are able to find the best coverage and value for your customers, all the while offering service on a personal level.

Relationships – You will have the opportunity to connect with customers and build lasting relationships. By becoming a trusted adviser, you understand the needs of your customer and can ensure adequate coverage. You are able to help your customers through all stages of life, whether they are renting an apartment or buying a home, starting a business, getting married, adding a teen driver to an auto policy, or looking to cover their retirement condo. You can develop life-long relationships with your customers.

Community – Because you share an interest in the community where your customers live, you are able to understand the benefits and challenges that they face based on your location. You can become involved in the community; sponsoring youth sports teams, buying from local businesses and supporting school organizations.

Finally, when making your decision, you may also consider joining an insurance network. An insurance network provides members with mutual support, extended resources and group benefits. There are many long term advantages that come with being an independent insurance agent. Do your research, weigh your options, and get selling! 

Find out more today by signing up with us! No Obligation, Cost or Fees!

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Tips to Improve Productivity

Achieve high team productivity with simple tips! 

Every business wants a team of productive staff. However, successfully running a productive team can be a very challenging task. The best companies in the world (Apple and Google, to name a couple) are successful because they build on incredible teams. So, if you’re a team leader, you may feel like a huge weight has been put on your shoulders. Here, we tackle how to best excel team management for productivity.

Work on communication

Communication is the most important thing that a team can have. Without proper communication, problems arise and are never resolved. Connect with your team on a personal and professional level so that you can get better at communicating with your staff and so that they feel comfortable approaching you with problems and concerns.

Take breaks

You’re never going to be well-liked if you force your team to pull more hours of continual work. We’re all humans, and breaks are necessary if you want to stay focused. Encourage breaks to make sure that your team is getting enough downtime so that they head back to their desks refreshed.

Set goals

Without goals, your team will go nowhere. Bear in mind that these goals should be realistic! If people can work towards an achievable goal, they’re more likely to shift into gear.

Appreciate your team

Congratulate team members on meeting certain goals so that they get the recognition that they deserve. In the long run, they will feel appreciated and won’t go looking for other work.

With quality management and a fully-trained team, your business can thrive! For more tips on how to improve your business, join the independent insurance agent network, Advantage Partners Network today!

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How to Protect Your Brand’s Reputation for Reliability

Strategic tools to protect your brand’s reputation for reliability!

Anyone in business will know that it takes years to build a reputation and five minutes to ruin it. If you think that in just a few moments of handling a situation badly, you could lose a client forever, we’re sure that you would do things differently. Protecting your insurance brand’s reputation for reliability plays a big part in customer satisfaction.

Your insurance company’s reputation is a massive liability. In a world of Internet reviews and public shaming, it can only take one incident to crumble your agency. If you want to protect your company’s reputation, you need to utilize these strategic tools.

Use Social Media to Connect with Customers

When a customer has an issue, they’re going to tell friends and family. More often than not, they’ll post something on social media to warn their followers on Facebook or Twitter. Rather than face the public shame, take the opportunity to address the unhappy client. For shining reviews, take the time to thank satisfied customers for the mention.

Monitor Reliability

When providing an insurance service to a client, you’ll need to be sure that it’s the coverage that the customer wants (and needs). Through database management and monitoring software, you’re able to better track customer satisfaction. Actively monitor how many clients renew their policies with you, too.

Stay Secure

Customer data breaches are becoming increasingly common. Hackers, quicker than ever, are able to penetrate firewalls and access sensitive information, including Social Security Numbers and credit card details. If these were to leak, then your company would be held accountable and it’d be known for less-than-reliable.

With the right tools and guidance from Advantage Partners Network, your insurance agency can take off. A professional hand in pointing agents in the right direction allows your business to perfect procedures and maneuver around obstacles. Contact us today to get started.

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Is Size Important for Agency Networks?

Every insurance agency starts out small. But how does it affect your agency network?  

It’s safe to say that there isn’t a shortage in the number of people yet to be insured. The population is growing as steadily as ever. As the average size of the agency increases, the average age of clients is likely to increase as well. With some forward thinking carriers, young people are opening up to new agencies rather than going for the giants in agency networks. This is a win for smaller agencies who are striving for more clients so that they can grow.

Is a bigger insurance business better? While larger agencies get more options and bigger deals with partners, almost all of these agencies start out as a solo agent. The agencies that now dominate the insurance industry have access to national and local networks, ensuring that their agency’s income thrives and the value grows instantly.

If your agency, whether you’re a captive agent or an existing independent agent, wants to tap into this source that big businesses take advantage of, it’s time to think about expanding your company. The chances are, you would gain customers and access to products that you wouldn’t on your own. In turn, your business and clients would see a huge return on investment.

What are you waiting for? Join Advantage Partners Network for more tips on how to improve your business and start watching it grow! Visit us to learn more about how to increase and maintain your agency’s independence and represent the most competitive mainstream carriers!

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Avoid Making These Insurance Marketing Email Mistakes

Avoid these common email marketing mistakes that insurance agencies make.

Do you know what is the most common activity that people do on their smartphone? No, it’s not checking Facebook or browsing the web – it’s checking their email. Not only is email one of the most popular apps used by the modern consumer, but it’s also one of the most profitable marketing channels. For insurance agencies, it’s worth to invest in smart email marketing.

However, you can’t just do email marketing. It has to be planned, concise, and right in order to get good results. Before you jump in the dead end, read on for the top email marketing mistakes that insurance agencies make, and how to avoid them.

Mistake #1: Not personalizing emails

People don’t want to read generic, mass-produced emails that, at the end of the day, don’t apply to them. People want to know that they’re being looked after when they buy into a service, so going the extra mile is imperative. Personalizing emails is a must – Look at a client’s behavior, previous history, age, location, and gender in order to send them an email that’s relevant to them.

Mistake #2: Creating emails that look like ads

When people are checking their emails, they’re in a ‘get it done’ mode. If they think that you’re trying to sell them something that they don’t want or need, they’re going to delete your email even before opening it. If the individual does open the email, they will decide, simply from the look of it, if it’s worth reading or not. Ensure your email looks its best before sending it out.

Mistake #3: Using an old email list

Always maintain your email list! This includes:

  • Confirming unsubscribe requests
  • Removing email addresses that bounce
  • Updating email addresses
  • Eliminating duplicate addresses

This is so important as it could trigger spam monitors and email security services if it is deemed ‘unnecessary.’

Does your independent insurance agency need help finding the right resources to reach greater success? Contact the network insurance agency in Florida, serving the nation’s insurance agents with the tools that they need to reach new heights!

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Easy Ways to Build Customer Loyalty

Nurture your current customers into loyal clients through an independent insurance agent network.

Every business knows that acquiring customers is good, but securing loyal clients is better. Believe it or not, but it costs six to seven times more to obtain new customers than it does to retain current ones. It’s easier said than done to keep a hold of your clients in the ever-competitive market. An independent insurance agent network can help you to create loyal customers.

Check out how!

Use a point-based loyalty program.

It’s given in the name: a loyalty program requires your customer to return to your business time and time again in order to cash in on a reward – so make it a good one! A points-based loyalty system can boost in-store purchases, online conversions, and gain data about clients that shows you where and how to improve services offers. The program can be integrated with your website, social media networks, and email marketing to offer seamless and cohesive engagement with the customer.

Engage through social media.

The popularity of social media offers a huge opportunity for brands to connect and win over customers. Over 72 percent of consumers say that social media helps them to engage with brands that they follow. Platforms such as Facebook and Twitter offer chances for brands to respond to customer complaint requests on the go and ensure customer satisfaction and loyalty.

Leverage email marketing.

Despite the fact that unsubscribing to emails is now a popular pastime, emails are still effective at marketing. Email marketing drives more ROI than any other marketing channel, so it’s important to make the most of this! Take email personalization to a whole new level to build strong customer loyalty. Look at past services, items, behavior, location, age, and more to engage with the customer.

Turning a one-time client into a loyal customer is going to allow your business to thrive! Now that your insurance agency is up to scratch on how to get started on this, get your business going! Join the insurance agency network, Advantage Partner Network to join the team of top-tier professionals!

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Why Your Company Benefits from Donating

Your agency benefits from giving back to the community and society.

Whenever a business gives back to the community, it could be entitled to significant benefits. While you give to the community with no expectations of receiving something in return, your company benefits from giving back, simply because of the generous act. Charitable acts are performed without expectation of financial gain or glory, but they certainly come with their own set of rewards. Successful business people are treated for their ability to provide what society wants and needs.

Check out how your company benefits from giving back!

Reputation

When you give to a charity or a cause in need, it shows a sign of compassion, thought, and generosity. These desirable traits are admired by the society, proving that the business is formed from good people. When businesses help other people, those people tend to want to support the company in return. Building a reserve of goodwill in the local community means that there will be supporters of the company.

Improve the Community

Whether you choose to give equipment to a school, food to a shelter, or donations to an environmental cause, you’re choosing to be part of a bigger movement. It helps to make the local community, and the world, a better place to live. Giving back improves a company’s image in the eyes of the local residents and results in an improved environment.

Respect

Not only does the local community or environment movement respect you, but employees do so, even more. If your company gives back to the community, it can help to boost staff happiness, employee morale, and inspire your team to follow suit, further helping a good cause. To know that they’re part of a generous team can make all the difference in sparking their enthusiasm for the company.

While you figure out which cause you want to aid, allow Advantage Partners Network to help. For quality resources and tools for your insurance agency and new agency management system, contact us today!

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The Summer Companies That Should Carry Commercial Insurance

Why these summer businesses need commercial insurance.

Summer is right around the corner. The presence of warm weather brings the opportunity for new and exciting companies. Even though new and seasonal businesses believe they are exempt from needing protection, this is not the case. Being prepared is key to surviving disasters. Following are three summer activities that should carry commercial insurance.

Pool Maintenance

It’s no surprise that during the summertime, pool use increases significantly. Many people have pools in their backyards just waiting for the first sign of sun to dive in. However, many don’t like the idea of cleaning and maintaining them. Pool maintenance businesses have personal injury and liability to consider. As both risks are prominent in the maintenance of pools, acquiring the right insurance is imperative.

Party Entertainment

Summer season is most definitely party season. The need for party entertainment increases, meaning that artists and performers are hired all season long. A party entertainer, no matter how big or small, needs to consider purchasing insurance addressing the following:

  • General liability
  • Personal injury and advertising
  • Rented premises
  • Liquor liability

Watersport Instructor

What better time than summer to take up surfing or water skiing? Those trained professionals may consider making their hobby into a business over the summer. As much of this time will be spent with other people in the water, securing adequate insurance is necessary. Consider liability, personal liability, and hull and crew coverage for the ultimate protection of your vessel and the hired crew.

Are you ready to get started on boosting your insurance agency? Advantage Partners Network is designed to aid your business to achieve greater success. From selling insurance to valuable resources, we help you get your business going. Get started by joining us today! For more information, give us a call.

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The Business Auto Insurance Symbols You Need to Know

Do you know the key symbols for business auto insurance?

Whether you’re a seasoned professional or a beginner in the industry, knowing your stuff is imperative. With more and more businesses on the move, knowing the ins and outs of business auto insurance becomes essential. Part of this is recognizing and understanding the symbols.

The standard business auto coverage form, CA 00 01 uses ten symbols to describe covered vehicles. Unless there’s a coverage symbol shown beside the coverage name, the coverage won’t apply. Unless the correct coverage symbol is shown, small business owners may be without the coverage they intend to have.

Here are a few examples of symbol definitions:

Symbol 1: Any auto

When the policy has a Symbol 1, the small business owner will have coverage for any auto owned, hired, borrowed or used by the insured.

Symbol 2: Owned autos only

Only the auto vehicles that the insured own are covered under protection. This includes Liability Coverage for trailers that you don’t own, while attached to power units you do own.

Symbol 3: Owned private passenger autos only

This covers vehicles that the named insured owns, including private passenger autos acquired after the policy begins.

Symbol 5: Owned auto subject to no-fault

This covers vehicles owned by the named insured that are required by law to have no-fault coverage in the state in which the autos are licensed or principally garaged. Vehicles that the named insured acquires ownership of during the policy period are automatically covered if they’re also required to have no-fault benefits.

Symbol 8: Hired autos only

These are autos that the named insured leases, hires, rents, or borrows. Not included are autos leased, hired, rented, or borrowed from any of the named insured’s employees, partners, or members of a company or household.

Do you need guidance on your journey into insurance? An independent insurance agent network can help you do all of this and much more. Advantage Partners Network is designed to aid your insurance brand in achieving greater success. From selling insurance to valuable resources, we help you to get your business going. Get started by joining us today! For more information, give us a call.

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