The Insurance Brokerage Industry is NOT broken
I have many friends and clients that are in the insurance business, which has not declined over the years – but has expanded. What do I mean? When I was a kid my dad bought life insurance, homeowners insurance, auto insurance and health insurance. That was it – just the four things. It never occurred to him to buy anything else. Business owners back then bought basic liability insurance to make sure they were covered.
Buy today, there are so many types of insurance and insurance related products. For instance, if you just take business liability insurance and break it down you have professional liability, errors and omissions (E&O), employee liability, and the list could go on and on. And that is just under the liability umbrella. Many business owners have a key-man policy to help with business dissolution. And don’t even get me started on all of the life insurance type products that have boomed and expanded over the past couple of decades.
But if you listen to some so called experts they will tell you that the insurance industry is broken. Whitney Arthofer leads us to believe in her article titled, “Insurance brokerage is broken” (https://techcrunch.com/2016/05/02/insurance-brokerage-is-broken/) that agents are stuck in a rut using old fashioned ways to sell their products, and insurance consumers today are well educated and too smart to need an agent. I say the insurance industry is no more broken than the medical industry, you just have to work smarter than you do harder.
Buy today, there are so many types of insurance and insurance related products. For instance, if you just take business liability insurance and break it down you have professional liability, errors and omissions (E&O), employee liability, and the list could go on and on. And that is just under the liability umbrella. Many business owners have a key-man policy to help with business dissolution. And don’t even get me started on all of the life insurance type products that have boomed and expanded over the past couple of decades.
But if you listen to some so called experts they will tell you that the insurance industry is broken. Whitney Arthofer leads us to believe in her article titled, “Insurance brokerage is broken” (https://techcrunch.com/2016/05/02/insurance-brokerage-is-broken/) that agents are stuck in a rut using old fashioned ways to sell their products, and insurance consumers today are well educated and too smart to need an agent. I say the insurance industry is no more broken than the medical industry, you just have to work smarter than you do harder.
(continued below this success story)
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Jeff and RPM Business Solutions have been instrumental in helping me stay focused on my long-term goals. He provides great feedback and insight into key business challenges. He brings resources and ideas that have proved useful to my marketing and sales goals. Jeff really knows how to keep you on track and holds me accountable to overcome the hurdles that come my way on a regular basis.
Kathy Post Post Insurance & Financial, Inc. |
So how do you do this??? Well… there is no magic bullet but the successful agents out there know what I am about tell you in just a few words. Here is what insurance consumers need from an insurance agent today. To make it easy I have broken these down into four roles that are easy to imagine inside your head.
Successful agents do all four of these. They may package them in different terms or words but you can bet that on each and every sales call the agent hits each one. I told you there is no magic bullet. You may have to change how you deliver your product or service but I can guarantee you that the insurance industry is not dead or broken
- A host – Just like when you have a guest in your home you consider their needs and wants, make sure they are comfortable and go out of your way to make sure they have an environment that is enjoyable and safe to speak their mind.
- A doctor – No doctor ever walks in on a patient, hands them a bottle of pills and says, “I was just at a great conference on this drug, it should help you,” And then walk out. A smart doctor will take the time to ask you questions, look into your past, and see what is going on to help you have the health you want for the future.
- A counselor – This is taking the doctor role to the next level. While the doctor may poke and prod, and ask a few questions, the counselor really gets to the meat of the issue. He wants to know what is happening, what is causing it and then begins a process to help the patient work through it.
- A tour guide – If you have ever been on a tour bus or guided tour then you know how important a tour guide is. They point out things for you to look out for and things to see that may be important to you. If it were not for the guide you may fall into a pit or miss seeing the one thing that you were hoping to experience while on the tour.
Successful agents do all four of these. They may package them in different terms or words but you can bet that on each and every sales call the agent hits each one. I told you there is no magic bullet. You may have to change how you deliver your product or service but I can guarantee you that the insurance industry is not dead or broken
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