February 25
When Brand Loyalty Gets Palpable
Some Facts:
– It costs 9 to 11 times more to recruit a new customer than to keep an existing one.
– An increase in loyalty of only 7% can lift lifetime profits per customer by as much as 85%.
– Often, an increase in loyalty of just 3% is equivalent to a 10% across-the-board cost reduction program.
– Brand Keys’ 2019 Customer Loyalty Engagement Index Notes “Lasting Loyalties”Brand Keys 24th annual Customer Loyalty Engagement Index (CLEI), conducted by the New York-based brand engagement and customer loyalty research consultancy has identified “loyalty” as a profit-generator for brands that know how to create it and market it.
Agency M&A Breaking Records at Breakneck Speed
Mergers and acquisitions of insurance agents and brokers last year broke several records in 2018, according to OPTIS Partners’ annual report. OPTIS logged a record 626 deals in the United States and Canada in 2018, including 330 transactions in the second half of the year and 148 transactions during the fourth quarter. There were 611 […]
Top Nine Mistakes Employers Make in Employment Applications
Employment applications – almost every employer in the country uses them. They don’t seem as if they would be a basis for liability, but they do contain a number of minefields of which employers should be aware. A general theme of federal and state laws, regulations, and guidance is that employers should avoid asking an […]
AGENTS and CARRIERS: JD Power Survey Identifies Level of Satisfaction
J.D. Power has just issued its 2019 U.S. Independent Insurance Agent Satisfaction Study. The second annual study, developed in alliance with the Independent Insurance Agents & Brokers of America (IIABA), evaluates the independent P&C insurance agent’s business outlook, management strategy, and overall satisfaction with personal lines and commercial lines insurers in the United States. According […]
Actuarial Foundation Receives One of its Largest Grants from the New York Life Foundation
The Actuarial Foundation has announced that it has received a $300,000 grant, one of its largest, from the New York Life Foundation. With a 25-year legacy of enhancing math education and financial literacy, The Actuarial Foundation will use these funds to support two education initiatives: The Hardest Math Problem, a new math competition, and the […]
Largest Insurance Convention in CT on the Horizon
HARTFORD, Conn.—Professional Insurance Agents of Connecticut’s Annual Convention, the largest industry networking and education event in the state of Connecticut, will be held at Foxwoods Resort Casino Mashantucket, March 7-8. “The PIACT Annual Convention is the must-attend event of the year for all industry professionals throughout the region,” said PIACT President Ken Distel. “The convention […]
MSO Honored by Emmanuel Cancer Foundation
MSO, Inc. (The Mutual Service Office, Inc.) will be honored by the Emmanuel Cancer Foundation for MSO’s efforts in support of families battling pediatric cancer. For over 28 years, MSO has held a bi-weekly food collection for the Emmanuel Cancer Foundation (ECF) and their food pantry. In addition, MSO’s annual golf outing has raised over […]
Burns & Wilcox Partners With Golfers Expanding Philanthropic Initiative
Burns & Wilcox, one of North America’s leading wholesale insurance broker and underwriting manager, announced the launch of its signature philanthropic initiative called Champions & Charities with brand ambassadors Webb Simpson and Jimmy Walker. Through the program and in partnership with the Burns & Wilcox brand ambassadors, the company will give a minimum of $50,000 […]
N.Y. Bill Round Up
Standards For Equitable Payments of Insurance Commissions, Insurance for Historical Motor Vehicles and more By PIANY Multiple bills have been introduced in the state Legislature that may affect you, your agency and your clients. Three of the bills were introduced by the Chair of the Senate Insurance Committee, Neil Breslin, D-44. The fourth bill was […]
