Insurance has never been the most approachable industry. Its opacity, combined with burdensome and convoluted paperwork has given it an air of mystery bordering on suspicion. In fact, according to a recent
It is not so surprising then that customers have traditionally turned to
However, there is a silver lining to accelerated
Track new products and evolving market trends
How consumers discover and purchase new products is rapidly evolving. The move to digital is just the tip of the iceberg, and agents who want to keep up with the times and scale their operations must be attuned to how times are changing.
To boost the chances of completing any given sale, agents must also be able to offer online and mobile accessibility for all relevant processes – filling and signing insurance applications, collecting fees remotely via credit card and digitally modifying policy details based on each customer case. Only agents who are acutely aware of shifting consumer tendencies and the tech trends that follow suit will be able to tap into the full power of digital insurance.
Data to build trust
The need for a keen, data-based understanding of customer needs stretches far beyond the initial sales process – it fosters trust and bolsters personalization at every stage of the agent-consumer relationship. A vast majority,
Digital tools make it easier than ever before for agents to conduct surveys among their client base and gain access to customer data through insurance agencies in compliance with privacy laws. In doing so, they can collate data to establish and define their respective customer pools based on hobbies, habits and lifestyle choices that impact policy-relevant risks. Say a customer indicated that their favorite pastime was hiking – their agent could prepare to offer policies that are appropriate for physically active, lower-risk individuals.
The impact of such data-based personalization is twofold: it communicates a sense of care to potential customers, and it shows that agents are using digital tools to engage with clients’ needs and problems – something
Proximity matters
The pandemic (and the digital transformation it catalyzed) has put new distance between everyone. But despite the dwindling number of in-person meetings, there is still room for agents to cultivate a “local” brand presence and strengthen ties with current customers while continuing to build out their digital client base.
Positioning oneself as a local can have a real impact on marketing success and word-of-mouth credibility – as the pandemic continues to wane,
When surveying clientele, agents should strive to gather data at the micro and local levels while keeping the big picture in mind. By asking neighborhood businesses, trusted local leaders and everyday residents about what they want out of their insurance; agents will not only carve out a sustainable, dependable space within the community but be able to tailor policies to the community’s needs.
Migration, not separation
Digital migration is a very real trend that business leaders across all industries – even one as steeped in tradition as insurance -- must confront. But the assumption that digitization will be the demise of independent insurance agents is misguided. When treated as complementary to each other, there is no limit to the potential for both national and localized personalization afforded by digital connectivity.
By leveraging digital channels and new technology to gather