What Will Your Agency Look Like in the Future?
As independent agents, we have to ponder the question of what the future holds for our businesses. Will we be prepared to make the rapid changes required by a digital world that continues to evolve at break-neck speed? J. Bruce Cochrane, President of Renaissance Alliance recently shared his vision in an article that appeared in The Standard.
On the Highway to the Agency of the Future
If you're a forward-looking independent agent, over the last few years you've been diligently launching your blogs and your Facebook accounts, you've been putting online auto quoting systems in place, and you've started engaging with your customers via a plethora of mobile devices. Good for you. But if you thought that the chief challenge Google posed to your agency was how to get at the top of the search results, let me introduce you to Google's game-changing driverless cars. Here's my prediction: By the year 2020, the auto insurance market as we know it will be in rapid free-fall.
Driverless or autonomous vehicles - robot cars for short - are no longer the Flash Gordon fantasy stuff of the future. The future is now. These vehicles are equipped with sophisticated collision avoidance systems that interact with their surroundings using radar, GPS and computer vision. Early test vehicles have logged more than a half million driverless miles without a single accident. Correction. There was reportedly one accident, but it occurred when a human took over the controls.
And then there's automated traffic law enforcement, with video cameras going up at intersections across the country to ticket stop light runners and government traffic safety programs all designed to modify driving behavior and drive down collisions, bodily injury and deaths. Who could be against this? Everyone wins! Except insurance agents.