Mr. Higgins is spot-on with his comments. The insurance industry and the intermediaries in independent agency/broker channels must change to align with the evolving requirements of customers. Yes, those requirements – and expectations – will differ by each (personal and commercial) P&C line of business. But that is the challenge which insurers and agents/brokers must rise to (quickly) meet.
Why is it presumed that Walmart or Overstock whom I believe really only do personal lines and perhaps very simple commercial policies will even come close to competing with Agents? People do not want the jack-of-all trade superstores to handle their financial services, it has not worked in the past and may work to some degree right now, but it won’t cater to the higher caliber clients that agencies serve. Costco has been doing doing auto and home for years, I don’t think it worked well nor do I believe a big deal was make out of it when it was introduced.
They are “competition” in the sense that their insurance services – whatever they are – represent yet more choices for customers.
Business history has demonstrated through the decades it is foolhardy to disregard any form of competition. The smarter course of action is to learn what customers like from any competitor source… and more importantly, to learn what customers want throughout their insurance commerce journey (from awareness to research to selection to service).
If the agent role is dying then why is the lizard and company moving towards putting agencys around the country? We just had a couple of them move in a few miles down the road.
Mr. Higgins is spot-on with his comments. The insurance industry and the intermediaries in independent agency/broker channels must change to align with the evolving requirements of customers. Yes, those requirements – and expectations – will differ by each (personal and commercial) P&C line of business. But that is the challenge which insurers and agents/brokers must rise to (quickly) meet.
Why is it presumed that Walmart or Overstock whom I believe really only do personal lines and perhaps very simple commercial policies will even come close to competing with Agents? People do not want the jack-of-all trade superstores to handle their financial services, it has not worked in the past and may work to some degree right now, but it won’t cater to the higher caliber clients that agencies serve. Costco has been doing doing auto and home for years, I don’t think it worked well nor do I believe a big deal was make out of it when it was introduced.
They are “competition” in the sense that their insurance services – whatever they are – represent yet more choices for customers.
Business history has demonstrated through the decades it is foolhardy to disregard any form of competition. The smarter course of action is to learn what customers like from any competitor source… and more importantly, to learn what customers want throughout their insurance commerce journey (from awareness to research to selection to service).
I am not too worried about writing Walmartians insurance. I don’t want them. I have too many good clients to serve and provide coverage to.
If the agent role is dying then why is the lizard and company moving towards putting agencys around the country? We just had a couple of them move in a few miles down the road.