An insurance agent marketing program was launched by the California Earthquake Authority with a goal of selling 15,000 policies by August 1 of this year. The Marketing Value Program or MVP is set to improve the relationships between the insuring agents and the CEA such that residents from California will participate in the said program.
Since 2008, the earthquake that happened in Christchurch, New Zealand is considered as the most expensive global insurance wherein estimated losses that are insured range from $3 to $12 billion. The same earthquake magnitude is not unlikely to hit California, but unlike the people of Christchurch who are mostly insured, there are only few Californians who have earthquake insurance. This is according to the CEO Glenn Pomeroy of California Earthquake Authority.
The program that was recently launched is a comprehensive one wherein customers will be provided with the information that they need regarding the protection of their homes should an earthquake happen. Private insurance companies are among the ones that are the crossing point of CEA with the customers, as what was claimed by Pomeroy.
This $5 million program begun on March 7, with three parts. Direct mails will be sent to customers where information is provided regarding the said insurance while advertisements will also be seen on media, with $2 million spent on the said advertisements. The first tier will involve registration until May 1 with the participating insurance companies participating in the MVP. The second one will involve the completion of the training course that is provided by CEA until July 1. The third will be the earthquake safety drill in October, where the agents should have sold out three policies already.
CEA is hoping that the goal of selling 15,000 policies will be achieved through the help of the insurance agents. This will be achieved through the marketing campaigns that are being done by the company.