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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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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
Differences Between Generations
• BOOMER• GEN X• MILLENIAL
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
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
Internet Customers
• Loyalty Factor• Life Changes• Agents Can Add Value• People Want to Talk to People
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
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
Competition in 3 Years
• Esurance• Niche marketers• Larger agencies (clusters)