MyInfoCenter is a "safe deposit box on your computer. "
TECHNOLOGY
Give this CD-ROM product to clients to help them
organize and record their personal financial information,
and to reinforce your agency's brand identity
By Nancy Doucette
MyInfoCenter is a "safe deposit box on your computer. "
--Dave Cole, Beardsley, Brown & Bassett, Bridgeport, Connecticut
Branding is a hot topic. Authors, consultants and seminar presenters will tell you that if you want to define your business in the marketplace, you need a strong brand. Orville Redenbacher understands that, as does Starbucks Coffee and FedEx. An agency's brand will differentiate it from the competition. And once the customer recognizes and values that brand, that customer's loyalty to the agency increases, which translates to better retention and increased revenue.
Keeping your brand in front of your customers, though, requires some creativity. A CD-ROM product that can assist in that effort has attracted the attention of Travelers Property Casualty as well as a growing number of agents. MyInfoCenter™ is branded with an organization's logo on the packaging, in the program, and on the reports it generates. This password-protected desktop program includes embedded links throughout so users can be directed to the organization's Web site or any other site, for that matter.
Travelers is making its own proprietary version available to approximately 10,000 independent agents for distribution to their clients and prospects. Individual agents are buying quantities of MyInfoCenter to give to clients and prospects as they also see the value of a product that enables these individuals to organize all their important information about their assets, finances and other personal information in one secure location.
Dave Cole, senior vice president of Beardsley, Brown & Bassett in Bridgeport, Connecticut, has been giving MyInfoCenter to clients and prospects for about 18 months. He says the perceived value and the actual value of MyInfoCenter for a client or prospect is significant. He notes that the events of 9/11 were a wakeup call for people to get their personal information centralized and organized. Once he's given it to a client or prospect, he follows up with the individual in two weeks to see if the individual has any questions. "Probably 75% to 80% of the people we give it to sit down and complete the information," he reports. "People realize if they don't get their information organized, a spouse, sibling, child, or executor will have a difficult time assembling the information when it's all spread out--in a shoe box, drawer or safety deposit box. Cole describes MyInfoCenter as "a safe deposit box on your computer."
He also likes the idea that MyInfoCenter can include the agency's logo in each category and on each report that the user generates. "It's a branding opportunity that's unparalleled," Cole notes. "Your name or your company's name is on every page of the document; there are Internet links to your Web site or e-mail. We have a lot of branded things. But none of those remain resident in a person's life--the pen runs out of ink, the coffee cup gets broken.
"With MyInfoCenter on a person's computer, it's not going anywhere," he continues. "Does the individual see it every day? No. Does the individual use it like a pen? No. But it has far more value as a tool to clients and prospects than any other type of premium. It transcends the premium or give-away idea and becomes something truly useful. So if you order MyInfoCenter with your agency name and contact information on it and in it, that's something that's going to stay forever."
MyInfoCenter can be reshaped to reflect the preferences of the sponsoring organization. In the case of Travelers, the product was renamed "MyPersonalInfo."
MyInfoCenter developer Sheldron Seplowitz explains that this product is available either in a private labeled version--which is what Travelers is offering to its agents--or a branded version--which is what Dave Cole mentioned above. For organizations interested in private labeling, Seplowitz says MyInfoCenter can be reshaped to reflect the preferences of the sponsoring organization. In the case of Travelers, the product was renamed "MyPersonalInfo." Travelers streamlined the product, creating a proprietary version that would provide the most value to the agents' customers.
Clyde Fitch, president of independent agency operations for Travelers, points out that Travelers is always looking for new and interesting ways to help its agents achieve long-term profitable growth. When the company learns of a product such as MyInfoCenter, Travelers reviews it with The Travelers Producer Council as well as with its field force. "We like to work in partnership with our agents when we develop resources for them," he says. The outcome of this particular endeavor was "MyPersonalInfo."
Fitch explains that MyPersonalInfo serves a dual purpose for the agents who give it to clients. On one level, it's a recognition gift--a way of saying thank you to the customer for that customer's business. On another level, it helps the agent have a conversation with the client about coverage at some time during the year other than at renewal time. "Agents can offer customers a mug with the agency logo on it but this has no tie-in with insurance," he points out. "MyPersonalInfo fosters communication between the agent and the client. It helps the agent make sure the customer has the appropriate coverage. Additionally, it helps customers document important items in the unfortunate event of a loss."
Seplowitz notes that MyInfoCenter does indeed help customers prepare for a loss. For instance, when Hurricane Isabel hit North Carolina and Virginia in September, countless people lost important documents. Had they had MyInfoCenter, policy numbers, passwords, phone numbers, and addresses would have been readily accessible either on a floppy disk or hard copy. (See sidebar above.) However, as Dave Cole pointed out earlier, it's more likely that the death of a spouse, child, sibling or parent will leave survivors scrambling to find important personal information.
Section categories appear on the top bar. Category options appear on the lower bar. Clicking a tab brings up a new record.
MyInfoCenter includes 48 categories, Seplowitz explains. Not everyone will choose to use all of them, he observes. "If an individual needs only seven categories, and that organizes them to the degree that they need to be organized, then that's fine. It may take them a couple of hours and they have what they need. But if they're going to do it all, they're going to have to make an investment of time. And of course there are some who are so disorganized it will take them a substantial number of hours. But if clients consider what they might be doing on a rainy day--organizing their sock drawer, or organizing their life--the latter makes more sense."
At the risk of oversimplifying the effort that went into developing MyInfoCenter, Seplowitz describes it as "a bunch of blanks, a guide." However, it should be noted that this "bunch of blanks" grew out of Seplowitz' 30-plus-year association with the P&C and life insurance industries. But the actual catalyst was his understanding of how vulnerable his wife felt at not knowing exactly what they had and whom she should contact should something happen to Seplowitz.
In addition to completing the blanks, individuals can attach documents, photographs or audio files, so as banks or brokerage firms start to send monthly statements electronically, MyInfoCenter provides a central location for storing them in their electronic form. "MyInfoCenter will accommodate anything you can bring into your computer--irrespective of whether the individual scans it in, imports it from somewhere else, or creates it. As long as the document has a name, the individual can associate it with a particular record in MyInfoCenter. For example, an individual's banking statements can go to the Bank of America record, or the individual's Schwab statement can be attached to the Schwab record."
And should the agency elect to embed live links into the product, Seplowitz points out that keeps the product from being stale. "The live links--to the agency Web site or to specific carrier Web sites--take the user to information that is posted that day," he explains.
"It's not uncommon in a marriage for one spouse to oversee all the important information. That leaves the other spouse at a disadvantage. Once all the information is collected and centralized in MyInfoCenter, there's tremendous peace of mind. It's just like insurance in that respect. Why do we insure things other than for peace of mind? MyInfoCenter is a sort of insurance policy providing peace of mind if the individual uses it. It's a one-time purchase that lasts a lifetime." *
COLLECT, ORGANIZE, RECORD
MyInfoCenter developer Sheldron Seplowitz explains that six section categories are the foundation for the product. Drop down menus take the user into the various category options under each section category. Once in a particular category, the user fills in the blanks to complete the record. As an individual's circumstances change, a record can be updated and resaved. Reports based on the various records may be printed, saved to a floppy disk or e-mailed.
The six section categories are:
Family Information. Includes details about the person who maintains the information; the spouse; children, siblings, and parents; medical; funeral; and wills.
Important People. Includes contact information for advisors, professionals, and key contacts; and family, friends, and service providers.
Banking and Brokerage. Includes category options for certificates of deposit; credit, debit, and ATM cards; custodial accounts; banking and brokerage; and stocks, bonds, and mutual funds.
Insurance and Other Financial. Includes category options for income; insurance; loans, debts, and mortgages; other investments; and retirement accounts.
Property. Includes category options for personal property (collections, art, antiques, jewelry, and furniture); real estate; stored documents; and vehicles.
Miscellaneous. Includes category options for important dates and events; links, access codes, and passwords; and loyalty programs, memberships, and charities.
For more information:
MyInfoCenter
Contact: Sheldron Seplowitz
Phone: (203) 595-9090
E-mail: sseplowitz@myinfocenter.com
Web site: www.myinfocenter.com