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Millennials and the Insurance Brokerage Industry

hiring millenials talent Dec 15, 2017

AN UNCOMFORTABLE REALITY

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...

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Bigger, Better, Brighter: Part Two

Better

  • Great client experience. Being a better agency transcends providing great service. It’s about going above and beyond to create a superior experience for the customer. Remember, the client experience is defined by how the client feels after they’ve met with you. Did you create a “Wow!” as well as a referral?
  • 24/7 client service. I hope that everyone reading this has a way for clients to contact them 24 hours a day, every day.
  • A better website. Have you ever gone online and looked at your agency’s website as if you were a customer? What did you think? From what I’ve observed, most agency websites leave a lot to be desired. Does your website provide clients access to policy information? Does it educate clients and prospects about your agency and what it can do to help them? Does it positively impress those who visit the site? Or is it just a generic electronic brochure like everyone else’s?
  • Beyond risk transfer. You get better when...
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Bigger, Better, Brighter: Part One

One of the best questions I’ve ever heard is from Dan Sullivan of The Strategic Coach program. He asked, “Is your past greater than your future, or is your future greater than your past?” I certainly hope it’s the latter and that you’re more excited about what’s on the horizon than what’s in the rear view mirror.

Of course, we all know people who live in the past. Their glory days are well behind them and yet they talk about them like it was just yesterday. Maybe it’s the former captain of the high school football team whose conversation will frequently turn to “the big game” from 40-plus years ago.

Similarly, there are producers who wax poetic about “the good old hard market days.”

Let’s face it, as an independent insurance agency owner or producer, your past has been pretty darn good. After all, this is a great business, and that’s exactly why you should expect an even greater future.

Years ago...

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