Try getting one of these geek Millenials to sit down and talk about protection. They want to do everything online and aren’t willing to listen to a professional. Their attention span is about a minute without checking their cells for texts, emails or searching the web.
Maybe they are on Google Maps looking for an agent nearby who isn’t ripping them for being smart, or younger, or Hispanic, or black, or not a Christian, or a liberal, or a progressive, or a Democrat, or an Arab, or an environmentalist, or a number cruncher, or having an accent, or taking Uber to get there, or having a smart phone, or agreeing with almost all climate scientists, or working in any job they isn’t one type of sales, or being single with kids, or any number of other things.
Agent, I’ll ask it again. A gay Muslim Mexican couple (US citizens) and let’s add Millenial who left their smart phones in their car walk into your shop. What do you do, Agent? What do you do?
Here’s the real issue. People do lots of research these days. People have the ability to shop online through multiple outlets and make a decision prior to choosing an agent; if they choose one. The problem is that while agents are out looking for people at networking meetings, people are looking online for a quick solution. Keep in mind that we live in the day of the “15 minute can save you 15%” quote and the “Big Lou is just like you” quote.
Agents have to be smarter and deliver information where people are looking. At least 30% of all purchases are done through a mobile device or mobile website, but we want people to sit down and go over needs analysis with us. If agents want to sell more life insurance, they must invest in technology; as an investment in technology is an investment in the future.
If your company doesn’t allow websites other than the traditional “financial adviser business card” website, then you’re with the wrong company. To remain relevant, you have to deliver information where your clients are looking. Ask yourself, are you online? Are you connecting with today’s social media tools? Are you delivering educational content to your client before they shop? If you can’t answer affirmatively to all of the above, then you’re missing out as an agent.
Good luck remaining relevant. I’m working on the life insurance sections of my website.
Well said, David. As with any industry, the onus is on the businesses to change with the times and man, the times are a’changing as it relates to the use of the internet for nearly everything you could want.
You (that’s the general you, not specific to anyone) can either lament about a specific segment/market not being reachable or you can identify the reason(s) you’re missing out on those opportunities and try to bridge the gap.
No matter what guidelines may be in place with the carrier, there’s always a market you can tap into if you do your due diligence. Folks can say “Millennials have no attention span and don’t want to talk to a professional” (I am not a Millennial) and “Therefore, we don’t want to write any Millennials” but that closes them off to the entire group.
The US Census Bureau states there are over 700,000 millennials who make more than $100,000 a year. Let’s conservatively say that only 1% of those folks want a professional analysis of their risks to ensure they’re properly covered (e.g. is a PEL policy in their best interests?)
Taking a hard line of “Millennials aren’t the group we want to write” because of sweeping generalizations you have about that market segment which aren’t based in reality for everyone in that group, and you just closed the door on 7,000 policies where the policyholder makes more than $100,000 and could have been your client for the next 30+ years.
20-something years ago I left the the independent agency I worked for and went to work for a major carrier, convinced that the internet would make the small independent agent irrelevant within 5 years. Today, that agency is busier than ever and I’m actually thinking about returning to them for the (hopefully) brief remainder of my working years.
No matter who or what your target market is these days, it is just as important today as it was 25 years ago to make it easy for people to do business with you. Quality service is just as important, of course, but people’s expectations have increased exponentially with regards to the ease with which a transaction is executed. If your not on the cutting edge, you are far behind.
The challenge is to make consumers understand that buying insurance is not like an Amazon 1-Click purchase of a pair of socks or an aromatherapy candle. Not every purchase can be app-ified.
Insurance boils down to a complex, legal contract that is designed to protect you from losing almost everything you own and/or a big chunk of what you might earn over the next 20 years. If you were being charged with a homicide, you wouldn’t think of going to a phone app looking for a remedy from someone who says they can save you 15%.
Try getting one of these geek Millenials to sit down and talk about protection. They want to do everything online and aren’t willing to listen to a professional. Their attention span is about a minute without checking their cells for texts, emails or searching the web.
Maybe they are on Google Maps looking for an agent nearby who isn’t ripping them for being smart, or younger, or Hispanic, or black, or not a Christian, or a liberal, or a progressive, or a Democrat, or an Arab, or an environmentalist, or a number cruncher, or having an accent, or taking Uber to get there, or having a smart phone, or agreeing with almost all climate scientists, or working in any job they isn’t one type of sales, or being single with kids, or any number of other things.
Agent, I’ll ask it again. A gay Muslim Mexican couple (US citizens) and let’s add Millenial who left their smart phones in their car walk into your shop. What do you do, Agent? What do you do?
Here’s the real issue. People do lots of research these days. People have the ability to shop online through multiple outlets and make a decision prior to choosing an agent; if they choose one. The problem is that while agents are out looking for people at networking meetings, people are looking online for a quick solution. Keep in mind that we live in the day of the “15 minute can save you 15%” quote and the “Big Lou is just like you” quote.
Agents have to be smarter and deliver information where people are looking. At least 30% of all purchases are done through a mobile device or mobile website, but we want people to sit down and go over needs analysis with us. If agents want to sell more life insurance, they must invest in technology; as an investment in technology is an investment in the future.
If your company doesn’t allow websites other than the traditional “financial adviser business card” website, then you’re with the wrong company. To remain relevant, you have to deliver information where your clients are looking. Ask yourself, are you online? Are you connecting with today’s social media tools? Are you delivering educational content to your client before they shop? If you can’t answer affirmatively to all of the above, then you’re missing out as an agent.
Good luck remaining relevant. I’m working on the life insurance sections of my website.
Well said, David. As with any industry, the onus is on the businesses to change with the times and man, the times are a’changing as it relates to the use of the internet for nearly everything you could want.
You (that’s the general you, not specific to anyone) can either lament about a specific segment/market not being reachable or you can identify the reason(s) you’re missing out on those opportunities and try to bridge the gap.
No matter what guidelines may be in place with the carrier, there’s always a market you can tap into if you do your due diligence. Folks can say “Millennials have no attention span and don’t want to talk to a professional” (I am not a Millennial) and “Therefore, we don’t want to write any Millennials” but that closes them off to the entire group.
The US Census Bureau states there are over 700,000 millennials who make more than $100,000 a year. Let’s conservatively say that only 1% of those folks want a professional analysis of their risks to ensure they’re properly covered (e.g. is a PEL policy in their best interests?)
Taking a hard line of “Millennials aren’t the group we want to write” because of sweeping generalizations you have about that market segment which aren’t based in reality for everyone in that group, and you just closed the door on 7,000 policies where the policyholder makes more than $100,000 and could have been your client for the next 30+ years.
20-something years ago I left the the independent agency I worked for and went to work for a major carrier, convinced that the internet would make the small independent agent irrelevant within 5 years. Today, that agency is busier than ever and I’m actually thinking about returning to them for the (hopefully) brief remainder of my working years.
No matter who or what your target market is these days, it is just as important today as it was 25 years ago to make it easy for people to do business with you. Quality service is just as important, of course, but people’s expectations have increased exponentially with regards to the ease with which a transaction is executed. If your not on the cutting edge, you are far behind.
Careful, Agent does great down in Longview, TX with carbon paper and carrier pigeon. No price optimization is going to keep him down!
The challenge is to make consumers understand that buying insurance is not like an Amazon 1-Click purchase of a pair of socks or an aromatherapy candle. Not every purchase can be app-ified.
Insurance boils down to a complex, legal contract that is designed to protect you from losing almost everything you own and/or a big chunk of what you might earn over the next 20 years. If you were being charged with a homicide, you wouldn’t think of going to a phone app looking for a remedy from someone who says they can save you 15%.