Millennial brain power has already helped destroy your future in non-High Net Worth personal lines, small commercial and life insurance. It’s called InsurTech, and the war is already over. They won. Within a few years, every insurance product that is really nothing more than price shopping (Probably 50% of all your accounts) will be procured and issued via the internet. No need for brokers. That’s just added expense. Think back to what happened to travel agents.
NOW THE GOOD NEWS
The Insurance Brokerage industry needs young, fresh, diverse minds to fill the void being left by a tsunami of retiring talent. We need creativity, energy, and new thinking. Guess what? The Millennials fill the bill. Of course, you think they are lazy, unmotivated and basically just not as perfect as you were when you were at their age. Remember, the prior generation thought the same about you!
Young people don’t care how we’ve always done it, especially if it doesn’t work now. We need that. They challenge, and they ask “why” a lot. We need that. And, they can relate to the up and coming wave of millennial business owners, CFO’s and Risk Managers. We need that.
Young people are flexible in their hamstrings and their minds. They have the ability to bring a fresh perspective to solve problems. Marketing, networking, organic growth, process, strategy and tactics. The rules of our industry are changing, as they are in any industry. Smart industries are going to get the best young talent and they are going to invest in training them, paying them, and creating a work/life balance that retains the very best. The firms with the smartest, best trained and happiest employees will be the long-term winners.
EMBRACE YOUTH, EMBRACE CHANGE, EMBRACE WINNING
Winning in the future will depend on your ability and willingness to embrace the future. Future employees, future client buying habits and needs, future technology. The employees you hire now will determine the long-term success of your firm. Choose those that position you to win for the next twenty years.
Lionel McCray is an executive coach with the Sitkins Group, Inc. At The Sitkins Network, we deliver proven agency results…..simplified. This includes hands-on training and coaching with exclusive agencies in the areas of leadership, sales, service, and finance/administration.
We will help your agency implement and execute winning processes including the Risk Concierge Program, our proprietary agency selling system, and build a culture of accountability that leads to world-class results.
If you want to learn more about the Sitkins Network and see if a territory is available in your area, go to www.sitkins.com/p/tsn.
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