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Showing posts from August, 2017

The Endowment Effect - Why We (Agents) Keep Bad Business

If you could “divorce” one of your clients who would it be? ...people attach some strange value to what they own, simply because they own it, and are reluctant to let go even when trading makes economic sense. Every time I ask an agent that question, they immediately have an answer, and it’s usually more than one client. My next question is, “Why?” The answers include they have a ton of losses, they’re always rude to our team, they require constant service, they never pay their bills on time, etc. The list goes on. I then ask, “Why don’t you divorce them? Why not advise you can no longer be their agent?” Usually, the answer is in the form of body language. Looks of surprise, shock, or confusion. The concept of dropping a client is foreign to almost every agent I speak with. Richard Thaler’s “Endowment Effect” is the concept that people attach some strange value to what they own, simply because they own it, and are reluctant to let go even when trading makes economic sense. Agen

Digital Content for Contractors Insurance

Imagine your prospects in the contracting industry searching online for insurance and other risk management information… what if they found something published or shared by your agency?  Let’s make it happen. Use the content we’ve created to share social posts, update your website and even find inspiration to write a blog post. Each resource below has tips for getting this content in front of your prospects. Contracting Industry Page on StateAuto.com Why should your clients in the contracting industry partner with you and State Auto for insurance? Direct clients to the Contracting Industry Page on StateAuto.com for an overview of our expertise in this segment and helpful resources for their business. Tip: Send a prospect the link to this web page and include it in your quote proposal. Infographic: Equipment Theft Data Tool theft from the job site is a major problem. The “Equipment Theft Data” infographic shares important data and tips to prevent theft. Tips: Shar