People

Insurance Advisor Uses Social Media To Enhance Brand

Lexi Tucker
Posted on July 24, 2019
Nathan Spears, insurance advisor at SouthPoint Risk

Nathan Spears, insurance advisor at SouthPoint Risk

NASHVILLE, Tenn. — No matter what you think about how social media has affected society, you must admit: You’ve likely never been as well informed about people you like and know as you are now.

People who otherwise would have gone about their daily lives without making connections to others in the same industry across the globe except at trade shows now know your daughter graduated high school this year and you have a dog named Joe. Nathan Spears, insurance advisor at SouthPoint Risk, has tapped into the power of social networks to get to know others as they get to know him.

Making The Connection

Spears says social media has made an enormous impact on his personal brand. “I’ve been brokering insurance in the livery space for almost 12 years, but social media has created a visibility I did not have before.” Well known for his short, funny, and extremely creative videos, he showcases the human behind the profession. For example, you’ve likely seen him singing personalized birthday tunes for some of the operators he’s worked with.

“I just try to be genuine and provide what I call ‘nuggets’ of valuable information as it relates to insurance. One piece at a time. Anything more could be overwhelming and boring. I also have a good time with it and don’t mind being more personable. My focus is on the operator and how I can hopefully provide useful or entertaining content they’re interested in.”

Strengthening The Connection

Industry vendors have certainly become more social media savvy in the past few years. Building personal relationships with current and potential clients helps to forge a bond of trust. “If you don’t engage online, somebody else will. I’m not consciously methodical about it; I just enjoy keeping up with the industry and try to have a good time with it,” he says.

Spears has never regretted becoming friends with clients. “It’s not something I push for; it just happens naturally sometimes. If you’re a well-intended person putting forth a genuine effort to succeed in this industry, I’m your biggest fan.”

“I sincerely want my clients to succeed. If they don’t, I don’t.” 

A Taste For Luxury

He first got involved in the transportation space in 2007 when he was hired to service a large, established book of taxi business. He had never worked in the insurance industry before and was a musician. “At the time, I believe we also had one or two limo operators on the books. That’s it.”

In the beginning, he started working as a chauffeur on the weekends to supplement his income and got the itch for the higher level of customer service. “My focus began to gravitate toward luxury transportation. Once I became incentivized, I started writing limo operators in Nashville and have since expanded coast to coast and am licensed in every state but Hawaii.”

Insurance Tips And Tricks

A couple of useful tools to help mitigate claims are dash cams and telematics. Spears says video can assist claims adjustors to determine what party was at fault. “Some states have what is called ‘comparative negligence,’ whereby one party can be 25% at fault and the other 75% at fault, for example. Both parties were negligent (at fault) to some degree. Video can help to determine that, potentially reducing the amount paid out for a claim,” he explains.

Telematics produce analytical data that include driving habits: Speeding, hard braking, etc. If the data reveals a chauffeur is demonstrating poor driving habits, you’ll know before an accident occurs, giving you the opportunity to re-train or terminate that individual.

“Stating the obvious, the more claims an insurance carrier has to pay for, the more likely that carrier will have to increase the base rate for their entire program, not to mention more substantial rate increases for the insureds who are having those claims,” he says.

Regular training of chauffeurs and an emphasis on safety further helps to create a company culture that includes accountability and more responsible habits. Some operators incentivize and reward chauffeurs for avoiding accidents. Operators who can demonstrate safety controls will get more underwriting consideration than those who do not.

“Insurance carriers don’t arbitrarily create premiums,” he says. “The industry creates them for themselves. I was told by one of the largest carriers in the industry recently ‘our target profit margin is 7%. If we see we are making a larger profit margin, we reduce our rates, aiming for that 7%. If we fail to hit 7%, then we must increase our rates to attain it.’ I found that very interesting. Their goal is a 7% profit margin. Do insurance companies make a lot of money? They can, yes. They can also get their butts kicked and sustain massive losses or become insolvent altogether. It happens. Think about it this way… A single-unit operator binds coverage for a new policy with me. They give me a few hundred bucks for the down payment. They can go out that very minute and have an accident that pays out a million-dollar settlement, maybe more.”

For informative videos and contact info, be sure to visit his website.

Related Topics: fleet insurance, insurance policies, insurance rates, limousine insurance providers, Safety & Insurance

Lexi Tucker Senior Editor
Comments ( 1 )
  • NATHAN FROM NASHVILLE

     | about 29 days ago

    I appreciate the opportunity, Lexi & LCT, the ‘Rolling Stone’ of the limo world!!! -Nate

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