Insurers are exploring ways to support the next generation of agents. Insurers and agents are upgrading sales, service, and marketing to meet evolving customer expectations.
COVID-19’s social distancing restrictions have highlighted sticking points in the sales journey. However, by building strong partners and effectively leveraging technology to support the customer, insurers can differentiate themselves and create long-term relationships with the future of independent distribution.
Young Agents and Technology
There is an understanding that most customers begin shopping online. Some will complete the purchase without human interactions, but many still rely on a person to offer guidance for coverages and provide a human touch. Technology is critical for young agents; it amplifies their message and allows them to build digital social proof that can validate their business operations. Crafting personal brands with frequent messaging can lead to positive network effects and drive new opportunities.
Technology can also help agents position themselves as risk advisors. Some are investing in technology that allows them to be consultants to their client’s business, offering ways to mitigate risk and roadmaps to achieve their recommendations. The tools can then show how the adoption of risk mitigation practices can lower premiums.
Building Partnerships with Young Agents
Young agents look to partner with insurers that are willing to invest in their professional growth. Like many young professionals, agents are looking to grow in their careers, but do not have personal networks in the insurance industry. Insurers can play a role in their professional education through formal training programs. Additional collateral that supports the sales process is helpful, and underwriting checklists can enable young agents to break into unfamiliar markets.
Agents are also looking for insurers that respect the agent-policyholder relationship. Communication can be improved between the three parties (insurer, policyholder, and agent). Insurers directly correspond with policyholders at times. If insurers don’t include agents in this dialogue, it can limit the quality of service that the agents can provide. Clumsiness can inadvertently risk the long-term relationship between trusted advisors and clients.
Insurers that promote the value of independent agents with transparent interactions with policyholders and responses during the underwriting process can win young agents’ business and build relationships. For more on this topic, check out the full report: Young Agents: Partnerships and Tech Preferences. To learn more about the 400 Under 40 community, please visit our page.
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