What Has and Has NOT Changed in the Insurance Industry?

by Bill Gough, Allstate Hall of Fame Member

I’ve said it plenty of times…. The real business Insurance Agency Owners are in is “The Relationship Business.” 

However, if you asked agents what business they are in 97% of them would answer the insurance business. 

The insurance products and agency services offered are your deliverables and are still the same for the most part like they were years ago. Oh sure, insurance companies improve product features and benefits over time. 

The real business agents are in is “The People Business”. 

Agents focus should be building great relationships that require trust which leads to loyalty, which leads to people becoming referral advocates for your agency. The old adage still rings true today, that people do business with who they know, like, and trust. 

The best way to do this is through using media you can control to communicate information your customers, prospects, and centers of influence value. 

Most of the time that info does not need to be about insurance because you’ll come off as a sales pest. Valuable info is content that helps your “people” become healthier, wealthier, and wiser. (I’ve mentioned this several times before too.) 

Once you become a trusted source, it is so much easier and they are more receptive to talk about reviewing policies annually, other insurance they should consider, or meeting with your financial specialist. 

I suggest talking with Melissa or Amanda about helping you get more from our done for you services for social media, email, agency newsletter, and your own book.

Now the Biggest Changes….

The obvious changes center around agency technology and how the insurance buying public can acquire the personal insurance products they need.

I believe that agency owners must be constantly on the hunt for tools to make their agency more efficient and profitable. Using automated processes and systems in the agency with the RIGHT PEOPLE being accountable for completion can deliver the highest ROI and ideal lifestyle for agency owners.

I emphasize right people because your sales superstars should be doing what they do best … SELLING new policies. There is plenty of work for them to close deals, follow-up thoroughly, and work on referral sources to bring new customers into the agency. True sales stars should not be doing customer service work, and certainly they should not be doing the “grunt” tasks in the agency that an unlicensed entry-level administrative person can be brought on to do.

The same is true for your Customer Service Heroes.

The strength of their nurturing personalities is perfect to make your customers comfortable about servicing their policies. The CSH position in the agency is so important as we cannot afford for customers to be exiting the back door as new customers are coming through the front.

Administrative staff is needed to assist your Sales Superstars and Customer Service Heroes. These Admin Aces complete the specialization of right people in your agency.

All of these specialists need to be fully developed with daily practice and role-playing exercises to maximize profits and their potential.