The purpose of this message is to introduce bankers to a innovative program called RiskScore created by IOA Risk Services that can help to insulate them from losing their bank customers to other banks who use their insurance division as leverage to move their banking account. It explains how banks are losing their customers.
Let me ask you a question. Are you losing, or in jeopardy of losing, some of your clients to larger banks …due to influence from their insurance brokerage division?
While we know it’s not legal to leverage or “tie” the banking and insurance products,… clearly, many of the banks are doing just that, -- wink – wink, nod - nod. Make no mistake, bank officers are encouraging their clients to move their insurance business to their banks’ insurance brokerage – and banks’ insurance brokers are encouraged to bring their banking counterparts to the table to initiate a banking relationship.
Some of our employees have come from bank owned insurance agencies …and are giving us a front row view of their methods. And their management keeps score.
Your larger customers…say those over $25M in revenue, or over $10M in payroll… have a bulls eye on them! Let’s be clear about that.
Here is the problem. Larger banks have bought into the insurance brokerage market by acquiring local agencies. They fully expect their agents to refer their clients over to the banking side. This is the main reason for the banks’ purchase of the insurance agencies. It’s an effort to gain new bank clients and increase market share – at your expense.
So how can we help? Hi. I’m Rick Dalrymple, author of Accidents Waiting to Happen, national speaker, and Practicing Partner with IOA Risk Services – A division of Insurance Office of America. IOA is a national insurance broker owned by us…our agents and our employees. We are not bank owned and will never be sold to a bank because of our unique ownership structure.
We’ve developed a unique risk management program called RiskScore and PX4 that no other insurance broker offers. This program allows your clients to gain control of their Property & Casualty insurance cost by preventing, controlling and managing claims in an effort to increase profitability. You see, your larger clients pay premiums as a multiple of their claims expenses – usually a 2 to 1 ratio. Reducing claims is mission critical to your larger clients.
Our program is so unique and effective; our clients have experienced an average 41% decrease in claims over a 2 year period. This means lower insurance premiums, lower operational costs and increased profits! 95% of those who join us stay in our program. These highly coveted clients are now insulated from competition, not only because of the insurance savings, but the operational savings and reductions in employee turnover.
Please contact us if you would like learn more and would like to join forces to protect your client base –together we can! Thank you.