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Young Agents

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Perspective of Young Agents on the state of the Insurance Industry and the need for improved technology

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Page 1: Young Agents

ACT FOCUS GROUPYoung Agents

Technology ForumSep 2008

[email protected]

Page 2: Young Agents

Aging Insurance Industry

• Average Age of Agency Owner – 51• Average Age of Client Base – 53• 2.3M workers in Insurance Industry• Over 1.0M will retire in the next 10 years

Page 3: Young Agents

Differences Between Generations

• BOOMER• GEN X• MILLENIAL

Page 4: Young Agents

Major Pain Points in Agency

• Inefficiencies and Speed of Processing • Increased Client Expectations due to

Competitors• Lack of Youth in Management and the Need to

Embrace Change• Need for Relationships with Consumers and

Carriers

Page 5: Young Agents

Appealing to Youth

• Flex-time; Work from Home• Involve in decision making• Be receptive to their suggestions • Communicate ‘their’ way• Reach out – IIABA’s Project InVEST

Page 6: Young Agents

Internet Customers

• Loyalty Factor• Life Changes• Agents Can Add Value• People Want to Talk to People

Page 7: Young Agents

Energizing Ideas from Young Agents

• Provide Chat Capability on Agency Website• Use Text Messaging• Create Special Website for Niche Marketing• Provide Customer Access Portals on Agency

Website• Use gotomeeting with Small Business Clients• Research and Communicate With Clients

Using Social Networks

Page 8: Young Agents

Suggestions for Carriers from Young Agents

• Cooperate with Real Time improvements so the Agent can sell more

• Provide a live person with authority for underwriting --- and a backup for when they are unavailable

• Use standard apps – eliminate or reduce supplemental data requests

• Speedy turnaround on quotes

Page 9: Young Agents

Competition in 3 Years

• Esurance• Niche marketers• Larger agencies (clusters)