In 2016, the estimated total number of independent Agencies in the United States stood at 38,000, according to Independent Insurance Agents & Brokers of America Inc. Given the huge number, it comes as no surprise that the competition is extensive to run an agency profitably. Today, we will examine 7 steps that can guide an agent towards success.
1. Be available:
We all know the success story of the half bitten Apple. At InsuredMine we are not kidding when we draw the analogy with what happened at Insuretech Connect 2018 (ITC2018). Despite a complete experience with two days of exposure, meetings, and attending sessions, we know we only took a bite of the apple; we know there is so much more to explore and experience, but most importantly, to learn and grow.
Insurance customer expectation and engagement was way different than it is today and is changing at a rapid pace. Companies like Google, Amazon eBay, and Netflix have leveraged technology and flipped business models completely upside down. Since technology is fostering “I want it when I want it and how I want it” motto, we can’t expect the customers to demand any less when it comes to insurance.
Today 4 out of 5 customers are way different than Jack’s customers years ago, because though they trust Jack just as equally today, they still compare and verify
Engagement is a tricky term. It is halfway to a promise, but a long way from commitment. Agent-customer relationships also work in a similar fashion. Customer engagement is the depth of the relationship a customer has with a brand. Although engagement is a good sign that leads to a prospective customer, how we navigate from the first interaction until the customer commits plays a key role. Some strategies on how we can achieve customer engagement are discussed here and we are confident these strategies will work for all agents.
It is next to impossible to find an industry that technology has not penetrated. Especially with the insurance industry, gone are the days of making appointments with the insurance agents, negotiating in person on the price, or making frequent trips to pay your premiums. With digitization, the click of a few buttons brings everything to your fingertips through downloading an app or logging in to a website. Transacting online has become the norm today for most people. The Insurance sector, in particular, has benefited from this dramatic shift to
It is said that extinction is the rule and survival is the exception!
But when it comes to the dinosaurs of the insurance industry, you can’t help but wonder about what it is that makes them so resistant to extinction, even though nothing about them has changed for about a century. Have they adapted so exceptionally well or did modern day economics fail to penetrate them through technology, process, or people? This also deepens the curiosity when you notice that the average age of top 45 insurance companies on the
It takes a lot of hard work and determination to set up a small business. Startups face many challenges such as getting funding, finding innovative product ideas, and competing in an already established market. These challenges keep surfacing and every hindrance that decides the future of the startup. Running a newly established business also has an unknown number of risks. It is extremely important to determine your risk absorbing capacity and start an insurance plan for your business. A startup also implies continuous changes to the structure of the business and it is crucial to notice
It was more than 20 years ago that IBM’s chess-playing computer Deep Blue won a game against Garry Kasparov, the then chess world champion. It was a striking triumph for artificial intelligence (AI) and was a wake-up call to the AI community.
Because chess is a combination of pure calculation and deep strategy borne of experience, Deep Blue’s victory demonstrated that such “hybrid” logical/experiential realms are for the taking in the AI world.
“Innovation is the only insurance against irrelevance” – Gary Hamel
To an innovative person like me, the best part of being human is being confronted with difficult situations on a daily basis. The difficult situations we all face make us better as we learn to solve them. We have heard the saying, ‘smooth seas do not produce skillful sailors’. We navigate life everyday faced with several problems; some are easy, others are not. One such experience inspired me to start InsuredMine.
About eight months ago I was
The right company for you is the one that provides you with the best recommendations about products, services, and prices. Here at InsuredMine, that is precisely what we do. We believe that knowledge is power so we strive to empower users with our analytics, but distance ourselves from the usual pressure antics of selling you anything for our benefit. Before you decide on a company, consider the following important recommendations: F
Do some homework: Doing some homework is always a good idea. Generally speaking,