With 60+ years of family history in insurance, Matthew J. Runyan, 3rd Generation owner of MRI Insurance, was able to develop a unique perspective and deep understanding of all things insurance. This knowledge inspired him to build an insurance agency that provides one platform for home, auto and life insurance for his local clients.
In this edition of Advisor Spotlight, we get to know Matthew, his company as well as get a valuable perspective on his outlook on the future of insurance.
What inspired you to become a broker?
Helping others. The first friend that passed early in their life with dependents left to clean up the mess, w/o Life Insurance was enough for me to see the need. My family has been in the Insurance industry since before Copy Machines, yes copy machines, not fax machines. Our family insurance history dates back to 1955.
If you could go back in time, what advice would you give yourself at the beginning of your career?
Start with Referral Partners & Potential Clients, Family Members Etc. The Referral Relationships you can cultivate are WAY MORE valuable in the long run as you establish yourself as a trusted professional. I started with people I knew and branched out, which is ok, but also look for those industries that will have referral business coming in their door every day. Those places are invaluable to a growing agency.
What was one of the most surprising things you learned in your career?
Most clients do not fully understand their current insurance policy OR don’t even have one.
What do you feel is MRI Insurance Svc INC, greatest competitive advantage?
Reputation to go above and beyond ALL other agents. We are a true advocate any client can call any time of day. (Not preferred at midnight) but those calls can cement those relationships. We have countless examples of times we saved our clients money due to an error in billing or something simple.
What do you think is the biggest misconception about the process of getting insured?
It takes a long time. Welcome to 2021. I do not know why people still think this, but I run into this all the time. “ Whoa, my policy is already in force?” That was fast! Use the right tools. They are out there.
How do you think digitization is changing the insurance industry for clients and brokers?
Streamlining the process for both. Clients can easily find an educated expert they can trust. Same for agents, get yourself in the right places on the internet, and in front of the right prospects, sales can go from linear growth to exponential.
How do you stay up to speed on changes and trends in your industry?
Sign up for as many free newsletters and webinars I can. Also, attend as many events put on by Insurance companies you sell policies for. These are great places to create relationships for solving problems down the road.
What do you think the insurance industry will look like in 10 years?
BIGGER & Faster, everything is going digital. If you are not, you will not be here in 10 years as a business.
If you could go out to dinner with anyone in the world, who would it not be and why?
AOC. No explanation needed I feel.
What was one of the most meaningful moments of your career?
My first big Life Sale that I lost where I let the customer leave without signing up ((10k) in commission) so he could go home to talk to his wife, even though he was the decision maker. He wanted to follow up in 60 days when she was more recovered from her surgery, and could attend the meeting as well. He died during that time before our next appointment. I use that example often not to scare clients, but show them you just never know. This was my first week selling anything insurance related, and I made many many mistakes that day, but most importantly I recognized my shortcomings, and have since worked on improving each daily.
Matthew J. Runyan’s dense history in insurance and his eye to the future, is what him a natural in running an insurance agency that successfully caters its client’s needs.