Business Gas Confusion
Since deregulation of the gas and electricity supply to domestic and non-domestic users in the UK, many business gas suppliers have sprung up. These suppliers were supposed to compete, bringing down the cost of business gas. In reality, the cost of gas depends on many things and deregulation has brought confusion for business owners who are not sure if they are getting the best price.
There are no published rates for business gas by post code so while businesses are being bombarded by offers for cheaper business gas, the business owner really has no way of knowing who is offering the lowest rates without getting quotes from every supplier.
There are many of different tariffs for business gas customers which make choosing a supplier with the lowest prices even more confusing. One supplier may have a lower rate per unit of gas but another may offer a discount for direct debit payments that makes their cost for business gas lower in the end. To make things even more confusing, business gas suppliers have a strategy of offering new customers low prices so at the end of a contract, business owner must start the whole process of looking for the lowest rates again. If they don’t, their contract will roll over, often at higher rates. It’s enough to confuse anyone, especially business owners who are dealing with setting up their business gas supply for the first time.
Auto & Home Insurance Comparison
Auto and home insurance are both common products in the insurance industry. Auto insurance is purchased to provide liability and personal protections for car-related events. Home insurance provides benefits to cover home and property related issues. These policies have some similarities in basic coverage concepts, but cover different products and situations.
Auto Insurance Basics
Auto insurance is legally required, in some form, in most state in the United States. Liability protection (often to include uninsured motorist, underinsured motorist) is what most states require.
This is protection for personal injury or damaged caused by the insured when at fault in an accident that harms a third party. Collision and comprehensive protection are commonly added to auto policies.
Collision and Comprehensive Benefits
Collision car insurance pays benefits when you are involved in an accident. It pays for personal injury or damage to your vehicle. Personal injury benefits typically include medical payments and other health care following the accident. Property damage is paid based on the cost for repairs from the accident.
Comprehensive car insurance pays benefits for many other common causes of vehicle damage not attributable to accidents. According to My Insurance Quotes, “theft, fire, vandalism, explosions, and natural disasters” are common events covered by comprehensive auto coverage.
Home Insurance Basics
Building home insurance provides for liability and home protection on your property. Lenders often require homeowners to purchase building home insurance that pays for replacement costs and damages to the property. Lenders invest in your property via a loan and want to be sure the property is preserved as collateral. Home policies also typically include liability and contents benefits. Read the rest of this entry »
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About Property Insurance
Property insurance is coverage for your property. The two types of property insurance are commercial property coverage and personal residential property coverage. There are other types of insurance that also fall under the heading of property insurance, including flood insurance and commercial real estate insurance.
Personal Residential Property Insurance
Personal residential property insurance provides coverage for your house and its contents, as well as other covered structures, such as garages or workshops.
Commercial Property Coverage
Types of property insured under a commercial property policy include land, buildings, structures, outdoor fixtures and personal property, such as equipment used to operate the insured’s business.
What is Covered
Most property policies cover damages caused by these perils: fire, lightning, explosion, riot or civil commotion, and aircraft.
What is Not Covered
Excluded coverage under a property policy includes losses caused by earthquakes, floods and maintenance losses, such as rust or corrosion.
Other Property Insurance
Other property insurance policies cover flood damage and commercial real estate. Flood insurance covers damages sustained as a result of flood damage, and can be purchased from the federal government. If you are renting to tenants, you are required to have a commercial real estate policy.
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Insurance Agent & Broker Definitions
Insurance agents and brokers are licensed insurance professionals who sell insurance products to consumers and businesses. Some insurance agents and brokers may also serve in a consulting capacity by helping clients develop and maintain a financial plan.
Agents and brokers often specialize in areas that include life and health insurance, property and casualty insurance and commercial products for businesses.
Benefits
Insurance agents and brokers assist consumers in the purchase of insurance products that include life, health and auto insurance. They also educate consumers about the sometimes complex nature of insurance policies and coverages. Agents and brokers serve in a consulting role to help consumers assess their insurance needs as their lives change.
Significance
A significant difference between insurance agents and brokers is that agents usually represent one company while brokers are licensed with a variety of carriers.
In essence, it could be said that the agent works for the insurance company while the broker works for the client. Because they represent several insurance companies, brokers are typically able to provide more options regarding price and coverages. However, since they deal with a variety of companies they may not be as well versed on individual products as an agent.
Education And Training
Most brokers and agents have at least some college training, many in a business or financial field, according to StateUniversity.com. All states require that brokers and agents become licensed, and each state has its own insurance department to oversee the licensing process. Different requirements need to be met to obtain a broker’s and agent’s license. Read the rest of this entry »
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Revolutionising the Insurance Industry
British company MoneySupermarket.com has just launched a brand new app which it claims will revolutionise the insurance industry. Developed by awarding winning digital technology company Mobile Interactive Group (MIG), the app compares car insurance deals which are available through over 100 car insurance companies in a matter of moments; meaning that consumers can now find cheaper deals faster than ever before, even when they are on the move.
Available to all iPod touch, iPhone and iPad owners; the app has won over critics in the UK who have praised its ease of use and the low cost results which it returns. This led to it winning The Guardian’s consumer app of the week award upon its launch.
How does the MS car insurance app work?
The app is currently available for download free of charge either from iTunes or the MoneySupermarket.com car insurance website. In order to utilise the app, users must create a MoneySupermarket user account where you will be asked to reveal things about yourself such as your occupation, age and gender; basically anything which is relevant in the calculation of car insurance premiums. This is perhaps the most arduous part of the process, but the advantage of creating such an account is that it only needs to be done once; saving users time and effort on subsequent occasions.
The effort required to enter information about specific vehicles has also been addressed; with the app having a very clever little feature where users need simply take a photograph of a vehicle’s registration plate number. The app will then retrieve the information which is stored in association with that vehicle in the DVLA (Driver and Vehicle Licensing Agency) database in the UK. This not only makes this onerous process a lot easier and faster for users; but also reduces the possibility of input errors.
Once the required information about the individual and the vehicle has been entered, the app will then retrieve quotes available through all of the car insurance companies that are featured on the MoneySupermarket website; totalling over 100 in all. Each of these quotes will have a click to call button located alongside them which app users can utilise in order to contact individual providers in order to make enquiries about the content of the actual policy or potentially arrange for the policy to be put in place.
Setting the standard
MoneySupermarket’s Julie Fisher has hailed the app as the beginning of a new era for the insurance industry; commenting that she expects other price comparison companies to release similar apps in the near future which take advantage of the burgeoning app market and the apparent desire of consumers to conduct this type of activity while on the go. Indeed, the company’s competitor Confused.com is now believed to be working on a similar device.
It is of course possible that the company will launch apps for other areas of insurance in the near future, with home and travel both likely to be prime targets to go mobile. MoneySupermarket also did not rule out bring out a version of the app which would work on android phones.
Techniques in Selling Life Insurance
Techniques vary when selling life insurance. Listen to your client as a good insurance representative should. Keep an open mind as you are forming a profile of this client. Make your time pay off for both yourself and your client
Meeting with the Client
Obviously you’re there to sell this client not only on yourself and your company, but most importantly on using insurance to continue a lifestyle for his family. Be prepared to deflect objections with answers.
Listen to your client first, and then ask questions. For instance, if he is no longer there to support the family, will his widow be able to maintain the mortgage and upkeep on the home, pay for a college education, and take family vacations? Be armed with the cost of living ten years ago and the cost of living today.
Paint a picture of the family without the breadwinner. It is important to make that client understand the value of buying the insurance now, without delay. Health conditions can change in the blink of an eye and life insurance approval is based on your current health condition. It is important you communicate this.
Selling the Correct Product
Once you have overcome the objections, it is time to match the client with the correct product. If, during your meeting, the client has indicated a tight budget, never try to sell a policy that you know will be difficult for her to pay. This will only cause the client to reject the policy.
A term life insurance policy is a relatively inexpensive way to cover a person. This is a good, affordable way to begin coverage. However, this is not permanent insurance. It is, as the name implies, good for only a certain term. Read the rest of this entry »
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Life Insurance Selling Ideas
Many people rely on their job and place of employment for life insurance coverage and think their insurance needs are completely covered. Insurance agents know better.
They know that more people are unprepared than prepared for the “what if” in life.
Educating prospects is an ongoing task and goal in selling insurance. By studying demographic trends, agents can leverage the information to incorporate into developing, marketing and advertising life insurance to meet a wide range of needs among a broad base of prospective clients and customers.
Annuities for Baby Boomers
The financial impact of what the baby boomer generation will face upon retirement is in the news every day.
Many have seen their 401(k) and IRA investments decrease in value and are concerned about how these investments might continue to fluctuate.
The impact is gravely important to baby boomers because many are relying on these instruments to fund their cost-of-living expenses when they retire. This timely and important concern provides insurance sellers with a prime target marketing opportunity.
Insurance companies and agents can develop online, direct mail and direct sales tactics and ideas to educate baby boomers on the benefits and advantages of annuities.
Develop white papers and educational materials that will alert and demonstrate how annuities provide tax advantages and can be structured to allocate a specific amount that is “untouchable” so that their savings and retirement funds are protected, and a specified amount is allocated to invest in other instruments such as the stock market or mutual funds. Read the rest of this entry »
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Marketing Ideas for Insurance Agents
The marketing of insurance products and services can be a challenge, as people are often reluctant to discuss insurance matters. However, some basic marketing ideas can help draw attention to your business, and you may not have to spend a lot of money in the process.
Considerations
Your marketing budget will help determine the types of ideas available to you. If funds are low, consider low-cost ideas like canvassing your neighborhood door to-door, networking by joining organizations like the chamber of commerce or volunteering to help raise your profile in the community.
Getting Creative
You can also take a more creative marketing approach to attract attention. For example, if your specialty is car insurance, placing a wrecked car in front of your office creates a strong visual image as to what your business is about.
Building Relationships
Develop relationships with other professionals in your area to set up a referral network. For example, if you specialize in life insurance and financial planning, contact a CPA about referring clients to each other as a way to build both businesses.
Tips on Insurance Products Marketing
Unique challenges surround insurance marketing. It is a product you cannot feel, taste, smell, touch, hear or visually enjoy. The idea that you need insurance means you are at risk for loss and no one treasures having loss brought to mind. People buy insurance because they recognize a need for it. Here are a few things you can do to be the source that fulfills that need.
Sell Based on Value
Offer your prospects a no-obligation insurance audit. Those solid leads who accept will appreciate your expertise and attention. You will have an opportunity to demonstrate how your insurance product knowledge can help them obtain the most advantageous coverage at a competitive price.
If possible, offer and provide a premium gift as an incentive to book an appointment. Use a premium gift that is related to your product, such as a key ring or map for auto insurance.
If possible, offer a free trial enrollment during which the customer can review the policy without charge or obligation. Phrases such as “send no money” and “you are under no obligation” can be powerful helps toward turning a lead into a sale.
Offer a selection of a limited number of plans with clear comparisons between plan features and their overall costs. This enables your prospective customer to experience freedom of choice.
Additionally, when you offer comparisons to other products, you underscore your credibility and product knowledge. To further highlight your credibility, include testimonials and insurance rating agency commendations and favorable ratings. Read the rest of this entry »
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Insurance Company Training
The U.S. Bureau of Labor Statistics has predicted that health and medical insurance jobs will experience significant job growth during the 2008-2018 decade.
Despite corporate downsizing and technological advances limiting employment in the field, professionals with insurance training should have good job opportunities due to the industry’s high employee turnover rate.
Professional seeking administrative positions must develop training on the job or through a vocational program, while higher level positions and management jobs in insurance companies require university degrees or MBAs.
Function
Insurance company training programs not only help employees and students develop current and relevant skills, but also allows professionals to gain a competitive advantage in the job market.
Insurance professionals often seek continuing education within companies to advance their careers, and develop deep knowledge about the insurance industry.
Formal training programs allow participants to learn about the latest news and trends around specialties, including actuarial calculations, insurance policy insurance and accounting.
Curriculum
The curriculum in insurance company training courses varies according to the professional goals of the student, the organization and program objectives.
For instance, a typical program for an insurance sales agent might include a course on the fundamentals of insurance planning, effective selling, account building, negotiation tactics and retirement planning. Read the rest of this entry »
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