To be an insurance agent is to face the curious fact that change is the only constant. Never was that more true than today, when threats and challenges abound. Markets shift at lightning speed. The technology-enabled customer is in the driver’s seat. Rapidly changing lifestyles require rapid response and rapidly changing products. New and emerging technologies such as self driving cars and the Internet of Things (IoT) reshape our industry.
Market demographics shift as Boomers retire and the Millennial generation comes into its own. The workforce is being retooled by the gig economy. Even the very ground beneath our feet is buffeted as changing climates intensify weather extremes.
To learn more about weathering the shifting market forces, see Bruce Cochrane’s article The Challenge of Change: Disruptive Success (PDF). It appeared in the Big Event issue of The Standard this past November and they’ve been kind enough to let us re-post the article here.
Bruce talks about Big Data and why it’s important, and he offers a list of attributes that will characterize the agency of the future. Among his recommendations:
We are admittedly biased, but we also encourage agencies to consider membership in an aggregation for the benefits of scale. A serious aggregator should offer shared vision, professional management and deep access to technology, training, talent, specialized expertise, and administrative systems and tools. Good agency collaboration allows an agency to achieve what can’t be accomplished alone, while maintaining independence.