The independent insurance agent channel has undergone significant modifications in recent years. Customer expectations skyrocketed. Competition has risen. Digital business practices became the standard. The year 2022 only increased the rate of change in the insurance industry.
Insurance agents, on the other hand, rose to the occasion, adjusting to new ways of doing business while continuing to give good advice and service to their clients.
We learnt a lot from industry professionals this year, and here are the top ten lessons to help independent agents advance:
- Adopt and prioritize digital
The COVID-19 pandemic made in-person encounters tough over the last year, making digital tools even more important. However, rather than simply adopting digital, agents must prioritize digital investments. Being digital first is all about putting the consumer first, but it also helps agencies expand, run more efficiently, and serve customers better.
- Take chances
A willingness to accept chances is part of a growth attitude. True Agents of the Future are risk-takers who are not afraid to try new things, even if they may fail.
- Concentrate on your distinct value offer.
The methods used to deliver on those value propositions are evolving. Agents must adapt to meet shifting consumer expectations while maintaining solid connections and providing competent counsel.
- Make the most of your technology by leveraging data.
One of the numerous advantages of employing digital technologies is the ability to track results and discover proven methods to increase leads and develop your firm. You can save costs by learning those numbers and analyzing the data over time.
- Prepare your clientele for new digital ways of doing business.
It doesn’t have to be difficult. Customers will do business with you the way you ask them to if you set the expectation and explain the change.
- Use video to provide a human touch from a distance; embracing technology does not imply sacrificing a personal touch. Indeed, digital tools can assist agents in bringing a personal touch to client relationships even when they are unable to meet the client in person.
Video, in particular, allows you to engage with clients, demonstrate your personality, and develop personal ties. According to Ashley Abrams, marketing manager at McClain Insurance Services, in order to connect with customers through video, agents should start small and unscripted, aiming for authenticity rather than high production value.
- Tailor your marketing to your ideal customer.
Create digital marketing profiles to reach out to potential customers at the right time and in the right place.
- Accept diversity
The future is varied. By 2060, racial minorities will account for more than half of the population in the United States. Insurance companies must embrace diversity in order to properly service a diverse population.
- Develop a growth mindset
Winning agencies are always looking for new and inventive ways to grow and improve.
- Maintain your adaptability.
This year required us all to reconsider our year’s strategic plans and fast shift to new ways of doing company. Insurance agents had to quickly adapt during a turbulent year, from closing offices to working remotely to embracing new technology to connect with and assist consumers.
This year taught agents to be adaptable and quick to pivot, and forward-thinking agencies are taking those lessons to heart.
Rather of anticipating a “return to normal,” agencies that embrace change and work to lead the charge into the future will succeed.