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Time for Plan B?

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Time for Plan B?

Think of it this way: The traditional plan, plan A, has been for families to insure their assets- homes, autos, motorcycles, boats, etc, with one company and one agent for many years. They have tolerated increase after increase in order to stay loyal to an agent or a company they feel comfortable with or that handled a claim properly or maybe because the agent was a neighbor or friend or relative

Big insurance companies like to believe it is mainly because people like being associated with big name-brand companies and that if the agents would just be better agents- customers would never leave the company for any reason. To be honest, the concept that customers will tolerate any premium increase if the agent treats them enough like a good friend and neighbor is, well, insulting.  To the customer and to the agent.  The big insurance companies even produce scripts which are given to their agents as guidelines on how to talk to the customer- you know-the customer who is the good friend and neighbor- as if speaking to good friends and neighbors requires expert analysis and helpful hints.

The truth is, smart consumers have begun adjusting spending habits in recent months and one such habit is traditional loyalty to one company for insurance needs. While it may be difficult to ‘break up’ with your current insurance company, as one big company has advertised, people are doing it en- masse and for the majority, it is not because the agent failed to use a scripted dialog that made the customer feel extra-friendly and neighborly. It is happening because of skyrocketing rates. In most cases, the customer may actually prefer to stay with the agent.

Agents can be friendly and neighborly all day long but they cannot control rates.  The traditional plan A doesn’t work anymore.  As difficult as the break up may be, people are saying goodbye to long-time agents who only represent one insurance company because they cannot justify paying double or triple the rates.   Plan B has rolled out nation-wide and consumers are finding agents who can offer competitive rates from more than one big insurance company.  Often, consumers are quite happy to forgo an agent altogether and opt for on-line insurance transactions with major insurance companies.


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