Face-to-Face

Insurance carriers have not perfected the art of marketing to Latin independent agents or the Latino market. They are not terrible at it but they could be better. In a recent Insurance Journal survey (see page 50), nearly half of the respondents – members of the Florida-based Latin American Association of Insurance Agencies – went so far as to say carriers’ efforts are “poor,” while slightly more than half rated carriers’ marketing practices “good” or “very good.” No one used the word “excellent.”

Agents say carriers would benefit by investing more resources in basic customer service initiatives. And by fine-tuning their advertising in Latino media outlets.

If more advertising advice is needed, carriers and agents might also listen to Bob Killian (see page 51), who hammers home the message that advertising intended for Hispanic consumers should be written in Spanish, not translated to Spanish from English.

Certainly those carriers that value this market, including many in the auto insurance line, know the importance of communicating in Spanish. They also must understand the importance of face-to-face customer contact.

In short, carriers’ efforts are good but not great and carriers that are interested in growth but fail to understand the Latino market do so at their own peril. If the Latino market ever was a niche, it certainly no longer qualifies as such and the carriers that may be lagging behind would be wise to heed the realities that are now firmly established.

Nearly half of the Latin independent agents surveyed predict 25 percent growth of their Latino business over the next five years, while another 28 percent of the respondents are even more optimistic, projecting 50 percent growth. That’s a lot of face-to-face selling.

Speaking of face-to-face, that’s a lot of what the Latin American Association of Insurance Agencies is about, according to Nestor Rivero, president (see page 48). The LAAIA was formed nearly 40 years ago by recent Cuban arrivals who knew they were not returning to their homeland any time soon and wanted to bond with other professionals. LAAIA is today stronger and bonding with more members and other associations than ever before.

John Addeo says he understands the value of bonding and face-to-face communications as well, when selling insurance and when buying agencies. His Confie Seguros agency consolidation team (see page 45) has its eye on Florida agencies that serve the Latino market. His plan includes giving agents more products to sell during those face-to-face meetings.

In a time when business news is so negative, it’s refreshing to come across a market where the news is all about positive growth and relationships.

Topics Carriers Agencies