Do you feel like your job description is constantly shifting? In your insurance career, change is constant. The insurance field is always changing, and your insurance agent's job description moves along with it. Here are a few new items that you'll likely need to incorporate into your job description in the coming years.
1. Focus on Older Populations
The Baby Boomers are aging, and as this bulge in the population gets older, you'll see a lot more emphasis on products for the retired and the elderly. Seniors want to know about the diverse options for health insurance, but they also need to know about other kinds of insurance such as long-term care insurance. Seniors may also be concerned about keeping their auto insurance. You may not be in the health care or senior care field, but you'll need to consider how the needs of an aging population impact your insurance agency.
2. Develop a Personalized Approach
The rise of the web and social media have led people to want personalized service, no matter what the product. Your customers are not always satisfied with cookie-cutter policies. They want you to piece together a product that reflects their personal needs for insurance coverage. For example, according to Bought By Many , Chinese insurer, Ping An, has partnered with them to create personalized travel insurance such as insurance for food tourists and hikers.
3. Excel at Customer Service 24/7
You've always had to excel at customer service, but now your customers expect you to be available when they're available, which is often during your after work hours. Your insurance agency needs to consider how you can meet this expectation. Flex time and telecommuting can make it easier to have agents available at different hours, while computer-mediated communication can help you manage customers' desires to talk with you during the hours when your business is closed.
For example, some insurance companies, such as Northwestern Mutual, have adopted robo-advisors that can help customers navigate insurance questions. Make sure that you follow up any automated processes with opportunities for personal connection.
4. Respond to New and Diverse Competitors
Advances in cloud computing and open source software have made it easier for insurance agents to set up shop. This means that there are new, small businesses emerging into the market, and part of your job is to understand them. If you're working as an independent insurance business, you also need to consider how you can use the same tools to flex and grow your business.
5. Look at Flexible and Scaleable Technologies
Technology products are not only becoming more diverse, they're also becoming more flexible. What used to be a huge investment has turned into an investment that can change as your business grows. Today, your insurance agency has unprecedented access to everything from customer management software to claims automation. Your job is to critically assess and work with these software products to determine whether they're the right tools for your business.
As the insurance field changes, American Agents Alliance is there to support independent insurance agencies. Get to know the resources that we have to offer to develop your insurance career. Contact us today and learn about our many membership benefits.