Taking Back Personal Lines
Here are some interesting facts about the personal lines business from the Personal Lines Growth Alliance:
- 50% of property/casualty premium in the U.S. is personal lines.
- One-third of all property/casualty premiums (including commercial) is personal auto alone.
- The personal lines sector generates a total of $230 billion in annual premiums.
- National and regional independent agent carriers only account for approximately one-third of those personal lines premiums.
…yet most agencies treat personal lines as an accommodation at best.
It is my belief that direct writing companies did not take away personal lines from independent agents. We gave it to them. Many agencies made the strategic decision to concentrate their marketing and sales efforts on commercial business. Personal lines became an afterthought.
Yet a healthy personal lines book represents the highest margin business that an agency can write. There’s no better time than now for independent agents to take back personal lines.
I recently did a podcast with Rick Gilman, Executive Director of the Personal Lines Growth Alliance, talking about how to use a balanced approach to marketing to effectively build a personal lines book of business.
You can listen to the short 16-minute podcast at his Personal Lines Growth Alliance Podcasts page.
You can also download a short article I wrote on the subject, Take Back Personal Lines.