Our business environment is changing!!! Social media, podcasts, blogs and webinars are opening people’s eyes to a new world of cooperation, mentoring and community.
We also know our industry is aging, and as the seasoned veterans look towards retirement, a new generation of agent is emerging and I am excited to see what the future holds. With a changing of the guard comes opportunity to change old industry habits and create new ones.
So…. If I may indulge myself for a bit and tap into the Superhero mind of a fortune teller and propose a vision for the future of Insurance distribution.
Simple Supply & Demand:
The Insurance Journal reported in 2015 that “25 percent of the industry expected to retire by 2018” However, young agents are not keeping up with that attrition. In other words,
when demand stays the same
supply of labor decreases,
the price goes up.
That price could mean compensation, authority or respect. Less agents = more respect demanded from clients. The next 5 to 10 years should equal less price quoting, less bidding insurance out to keep you honest and more loyalty to agents that truly take care of their clients.
Baam!!!! That’s something to get excited about.
Easy Access to Info:
Customers are getting more savvy. They can look up any info they want with regards to their insurance coverage.
This removes any incentive for agents to sell, sell, sell.
The good agents will no longer be the ones that talk the fastest, rather the ones that listen the best and have the know how to put products together that fit the needs of the customer. Consultants and problem solvers will rule the insurance world.
Niche Marketing and Communities:
The insurance advertising world is REALLLLYYYY LOOOUUUDDDD! Generalists will just fall into the noise while specialist agents and products will stand out. Niche marketing creates a wonderful opportunity to join communities of other agents and create referral partnerships that feed each other business. Doctors are a great example of an industry we should emulate. Specialists get referrals from generalists to handle the toughest cases. If you are an independent agent that hasn’t formed solid relationships with direct writer and generalist agents you are missing out on a huge opportunity that is only going to get bigger.
The future is bright, my friends. Abraham Lincoln said “the best way to predict the future is to create it.” Let’s take action and be the change we want to see in our industry and our communities.