Check out this virtual round-table chat with host George Nordhaus and guests focusing on a 20/20 look at 2021. His title for the webinar queues off the book/film “The World According to GARP.” In this case, GARP serves as an acronym for the participants:
George Nordhaus, Chairman of Agencies Online
Al Diamond, President of Agency Consulting Group
Renaissance Alliance president Bruce Cochrane
Paradiso Insurance Agency owner Chris Paradiso
The core of the lively discussion focuses on what’s in the cards for insurance in five years. Themes include:
Consolidation – Participants are in agreement that while this will affect agencies, it may have an even greater impact on insurers. Expect more niche and specialty players and more insurance products/entities to be driven from the ground up rather than top down.
Data & analytics – Data mastery and data harnessing are key agency competencies for the future. Data mastery enables laser like-focus and drives more value to customers. It also facilitates niche marketing and pinpointing prospects. Agency management systems will meet the challenge or be disrupted by new modular alternatives.
Artificial Intelligence (AI) – Think of AI as “augmented intelligence;” it will be the industry’s best friend, driving agency efficiencies beyond human capacity.
Relationship marketing – enabled by data and metrics, there will be a move away from price shoppers as analytics are harnessed to more precisely identify and service customers. Expect a renewed emphasis on relationship marketing and customer gradation to target and service the right markets.
Importance of mobile – driven by millennials, the move to mobile continues gathering steam. The time for agents to stake out real estate via phone apps is now, not in 5 years. Websites are good communication vehicles for prospects, but apps are the way to service and maintain relationships with customers.
There’s much more: Check out the full session here: