As we all know, the property and casualty insurance industry is in the throes of a significant transformation. The frequency and intensity of natural disasters have left insurers scrambling to reassess their risk concentrations. Aon’s recent report, which disclosed that U.S. insurers disbursed a staggering $295.8 billion in natural disaster claims over the past three years, underscores this challenge. As larger insurers pull away from high-risk areas and restructure their policies, many of our insured who either own second homes or have offices in certain regions, are left in a conundrum.
That’s where being an AAIG member comes in handy
There’s a lesson to be drawn from the heart of Wisconsin’s pride, the Green Bay Packers (If you’re a Bears fan we apologize.). Just as the Packers wouldn’t settle for a generic game plan, neither should insurance agencies settle for off-the-shelf insurance packages. This is where the strength of American Advantage Insurance Group (AAIG) comes into play.
The Limitations of Big Carriers
If you’ve watched any amount of television in the last few months, you’ve undoubtedly seen commercials from all of the major national insurance carriers that make the point of “saving through bundling”.
First, let’s understand the term bundling as the large insurance players use it. Large insurance carriers often promote bundling as a one-size-fits-all solution. While this might appeal to the masses, it often leaves gaps in coverage, much like a generic playbook might leave vulnerabilities on the football field (See the Chicago Bears.).
AAIG’s target market is professional individuals that need to protect themselves, their families, and their hard earned assets. That clientele should never accept an off-the-shelf solution unless their independent insurance agent has thoroughly vetted that solution for exposure to risk.
AAIG has the Power
With the power of having access to over 40 carriers. As a member of AAIG, agencies aren’t limited to the offerings of a single provider. Instead, they can craft tailored insurance solutions, cherry-picking the best elements from a plethora of carriers. It’s akin to having the ability to draft players from over 40 teams (Yes, we know there are 32 teams in the NFL.) to create the ultimate dream team/coverage package for their clients.
Why Tailored Bundling is the Wedge Issue in 2023
For insurance agencies aiming to provide unparalleled service, the stakes are high. Clients, especially high net-worth individuals, businesses, and property owners, seek comprehensive coverage tailored to their unique needs. By offering tailored bundling, agencies can ensure that their clients are not just covered, but comprehensively protected.
Being part of AAIG means having the tools and resources to offer this level of customization. It’s not about pushing generic packages; it’s about understanding the client’s needs and crafting a protection plan that fits like a glove.
The Packers’ Anecdote: Excellence Through Customization
Reflect on the Green Bay Packers’ strategy. Each player, each tactic, each move is chosen for a specific purpose. They wouldn’t use generic players, even if they were cheaper, because they would be guaranteed to lose. AAIG members should make this point with their insured when crafting coverage solutions.
Conclusion: Elevate Your Agency with AAIG
In the Midwest, the insurance landscape is competitive and the coverage needs are demanding. As Midwesterners we are used to dealing with adversity. Differentiation is the key to overcoming adversity. As members of American Advantage Insurance Group, agencies gain the advantage of tailored bundling, ensuring they can offer clients the best protection available. It’s not just about expanding your portfolio; it’s about elevating the quality of service and solutions you provide and letting your customers know why they made the right choice by choosing to insure through you.
For professional insurance agents looking to make a mark, remember: being part of AAIG means being part of a network that values comprehensive protection over generic offerings. Let’s work to redefine the consumer’s perception of bundled insurance and weather the storm together.