Presentations like these are types of collaborative discussions that our industry needs more of in order to succeed in the future business world. Following the presentation I went back to my office however it was hard to concentrate on work. There were two specific conceptual ideas brought up throughout the presentation that had my brain tweaked. That’s what this is. But before I elaborated on the two ideas I would like you to understand something about me, in order that you could hold a frame of reference during the article. I’m very enthusiastic about the ideas I believe in and my personal vision of how independent insurance agents will succeed through technology.
With regards to insurance, my visual research is destroying the misconception that insurance is a commodity. I believe technology will allow us to do that. Communication tools like web sites, social network and e-mail, e signatures, cloud based servers, single sign-on these are all action initiatives that ACT, the Agents Council for Technology, is working on and all are vitally important for the success of the independent insurance agent. Capturing the Connected Generation – Passion for the value of insurance and the importance of the independent insurance company is what allows me to constantly pour my heart out about an industry I adore and career I cherish.
The Millennial Generation doesn’t value the service independent insurance agents provide and prefer to deal with direct writers – Ive heard this statement packaged a couple various ways! Millennials grew up with computers and wish to purchase through computers. Millennials associate anything with an agent like more work and less affordable. Millennials have been marketed to their entire life and do not respond to brand equity. Did you ever hear these arguments or some variation of them? I bet you’ve. When hear and read something that’s expressing this point of view like those above I cringe. The problem isn’t really that Millennials don’t relate to Independent Agents real issue is that Independent Agents don’t relate to Millennials.
Too many of us are sitting in our agencies ignoring the Internet, marketing as if its nineteen seventy nine, and selling with the same tired we have always used. Coverage this Price that Review once a year whatever Its all bullshit. Coverage, price and service are simply the barrier to entry for attracting Connected Generation consumers. Connected Generation consumers know that technology allows us to provide a cover, competition price and top quality service with minimal effort. What attracts the Connected Generation is experience of receiving work with your agency. The Client Experience – What Millennials want is the same thing that your Baby Boomer customers want, a relationship.
But Ryan, how may you say that whenever these individuals make insurance buying decisions based on conversations theyve had on Facebook? I didnt say that Millennials want the same type of relationship that Baby Boomers want. Actually Id say that Millennials want a different kind of relationship all together. The reason your independent agency is struggling to attract Millennials is because you’re either unaware, unable or unwilling to provide the kind of relationship that Millennials seek.