National Security Group's Corporate Customers have recorded an advance in their cost of revenue by 3.03 % in the 1 quarter 2022 year on year, sequentially costs of revenue were trimmed by -15.28 %. During the corresponding time, National Security Group Inc. saw a revenue deteriorated by -0.48 % year on year, sequentially revenue fell by -4.42 %. While revenue at the National Security Group Inc.'s corporate clients fell by -0.22 % year on year, sequentially revenue fell by -7.78 %.
National Security Group's Customers have recorded an advance in their cost of revenue by 3.03 % in the 1 quarter 2022 year on year, sequentially costs of revenue were trimmed by -15.28 %, for the same period National Security Group Inc. revnue deteriorated by -0.48 % year on year, sequentially revenue fell by -4.42 %.
National Security Group's Comment on Sales, Marketing and Customers
NSIC products are marketed through a field force of agents who are employees of
the Life Company and through a network of independent agents. The Companys use
of independent agents is expected to be more cost effective in the long term and
has become our primary method of distribution over the past decade. In an effort
to boost productivity and better educate agents on the products and services of
NSIC, the Life Company marketing team travels throughout our service areas holding
training sessions for agents.
NSFC and Omega products are marketed through a network of independent agents
and brokers, who are independent contractors and generally maintain relationships
with one or more competing insurance companies. NSFC employs field marketing
representatives who visit in the offices of our independent agent force regularly
to give the agents opportunities for feedback. Our NSFC marketing representatives
also host training seminars throughout our service areas. The goal of these
seminars is to educate the independent agent sales force about our products
and services.
Agents receive compensation for their sales efforts. In the case of life insurance
agents, compensation is paid in the form of sales commissions plus a servicing
commission. Commissions paid by NSIC averaged approximately 11.3% of premiums
and are generally higher for new business production and decline each year at
subsequent renewals. Commissions rates paid by NSFC averaged approximately 15%
of premiums on both new and renewal business. One independent agent, accounted
for more than 10% of total net earned premium of the property-casualty insurance
subsidiaries. The net earned premium from this general agent totaled $6,344,000
or 11.9% of total P&C segment net earned premium. NSFC also offers a “profit
sharing bonus plan” to independent agents in order to promote better field
underwriting and encourage retention of profitable business. This plan not only
rewards our agents but also enhances profitability by giving the agent a vested
interest in our success and also aids in maintaining price stability for all
our customers as agents have a financial incentive to use good field underwriting
practices when completing an application for insurance.
National Security Group’s Comment on Sales, Marketing and Customers
NSIC products are marketed through a field force of agents who are employees of
the Life Company and through a network of independent agents. The Companys use
of independent agents is expected to be more cost effective in the long term and
has become our primary method of distribution over the past decade. In an effort
to boost productivity and better educate agents on the products and services of
NSIC, the Life Company marketing team travels throughout our service areas holding
training sessions for agents.
NSFC and Omega products are marketed through a network of independent agents
and brokers, who are independent contractors and generally maintain relationships
with one or more competing insurance companies. NSFC employs field marketing
representatives who visit in the offices of our independent agent force regularly
to give the agents opportunities for feedback. Our NSFC marketing representatives
also host training seminars throughout our service areas. The goal of these
seminars is to educate the independent agent sales force about our products
and services.
Agents receive compensation for their sales efforts. In the case of life insurance
agents, compensation is paid in the form of sales commissions plus a servicing
commission. Commissions paid by NSIC averaged approximately 11.3% of premiums
and are generally higher for new business production and decline each year at
subsequent renewals. Commissions rates paid by NSFC averaged approximately 15%
of premiums on both new and renewal business. One independent agent, accounted
for more than 10% of total net earned premium of the property-casualty insurance
subsidiaries. The net earned premium from this general agent totaled $6,344,000
or 11.9% of total P&C segment net earned premium. NSFC also offers a “profit
sharing bonus plan” to independent agents in order to promote better field
underwriting and encourage retention of profitable business. This plan not only
rewards our agents but also enhances profitability by giving the agent a vested
interest in our success and also aids in maintaining price stability for all
our customers as agents have a financial incentive to use good field underwriting
practices when completing an application for insurance.
Sources:
National Security Group Inc.’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
Updated on:
Focus of this report: National Security Group Inc.’s corporate clients.
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