As the marketing director for Charllie Pinson Insurance KY the question of "Where does the industry go from here?" has been on my mind this week. Insurance giant, AIG, has sure taken a beating and of course had a government bailout.
As a Kentucky independent insurance agent, I am surely grateful that our agency has many companies to offer our clients; not just one company. We represent Progressive, Hartford, Safeco, Travellers, Farmers and several other Kentucky Auto Insurance providers. We also represent AIG; but the point is we offer our clients the power to choose.
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In this day when big companies continue to swallow up smaller companies it's hard to keep up. Safeco was bought by Liberty Mutual. Wachovia, Merrill Lynch, Lyman Bros, and others are all in the news with dramatic changes.
It just goes to show you that bigger is not always better. Sure, we want to grow our business, just like any other successful business. But at the same time, with too rapid growth of overhead pursueing "the next level" of success comes at the costs of reducing profitablility. You spend more money; but make less profit. They called that the "Law of Dimishing Returns" when I was an econmics student.
With all the turmoil, you have to be watchful. As for Charlie Pinson Insurance KY we are going to stick with what we know....offering our clients downhome personal service with the choice of doing business with numerous insurance companies. Sometimes, it's fun to be the hare...but the slow and steady turtle always wins the race.
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Joyce Pinson is the marketing director for Charlie Pinson Insurance KY, and it's sister Kentucky health insurance agencies. Joyce attended the University of Kentucky majoring in Agricultural Economics.
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