The insurance industry today may be facing more challenges than it ever has before. Here are four specific areas that can play as big threats to insurance agents:
1. New Competition with Better Tools – A gluttony of competition has entered the marketplace. Household names like Amazon, Google and Wal-Mart are now offering insurance solutions. Mark Cuban just invested over a million dollars in a comparative rater startup any consumer can use. Zenefits, a startup that simplifies that complexity of health benefits, became the quickest company to raise $100 million in venture capital.
2. New and Emerging Technology – Technology has completely shifted how consumers buy and perceive value. The Internet is now the main hub to get information on insurance plans. The problem is that not enough agents are embracing online platforms, or they’re using them incorrectly.
3. Becoming the Disposable Middle-Man – Insurance companies are looking for ways to dodge agents and go directly to customers. Many have started reducing commissions while others are being forced out altogether. Technology has made your job disposable unless you use it to your advantage. If we don’t give insurance companies a good reason to keep us around, they may decide not to one day.
4. Losing 50 Percent of the Industry – Many agents ask me, “Why should I care if 50 percent of the insurance industry is retiring or leaving in the next five years? That means more business for me.” Both insurance agents and agencies need to work together, not against each other. If we don’t seek out the new talent and capabilities necessary to create a sustainable future for this industry, our buying power as a whole is going to severely diminish. Customer Service Is Just Foreplay doesn’t just address these issues, it actually gives agents a tool they can use to combat them. Agents today must go beyond just offering the standards of customer service, they must strive to build the Modern Customer Experience. As said by one agent…
“Customer Service is Just Foreplay is a tremendous “road map” for insurance agents to move beyond just providing excellent customer service, but rather, a complete customer experience. The combination of real-world applications and examples, coupled with digital strategies and recommendations, make this a go-to resource for any insurance agent to survive and thrive in the years to come.”
– Carrie Reynolds, “The Insurance Goddess” – Alan Galvez Insurance, Owner & Agent