Is Google Disrupting the Insurance Industry? No, and Here's Why.
Google Compare is closing this month, but it's not time for a victory dance.
It was not the first company to make headway into the online space. But, it did signify a change in the accepted status quo the industry has enjoyed thus far.
As far as why Google Compare is shutting down, there’s been a lot of speculation.
The important thing to remember is that Google’s entry into auto insurance is evidence of consumers’ changed expectations.
Disruptors? Not Really…
Disruption is the buzzword of 2010s. It describes companies like Amazon, Netflix and Uber. These are companies that entered existing industries and introduced new, groundbreaking ways to operate.
Amazon transformed shopping. Netflix changed the way we watch TV and movies. Uber reset the idea of how private transportation services operate.
Compare.com, CoverHound, Insurify, The Zebra (and previously Google Compare) are not the threat people make them out to be.
They are not the disruptors. They are just following the real disruptors, today’s modern consumer.
The True Disruptors
Disruption in other industries provided consumers with instant gratification through the use of technology. This disruption has affected the insurance industry through the consumer. Insurance shoppers now demand the same service and satisfaction when buying insurance.
This is what the “insurance disruptors” are really doing. They're not disrupting the industry. They are simply meeting the needs and wants of your prospects and clients.
Outside of more players, the industry operates the same way it has been for the past 15 years.
What They Know
Another misconception about these comparison websites is the wealth of data that they have.
Go through one, and you'll see they ask the same questions you do.
They don't know what cars you drive, how much you drive, how you drive, how many accidents, or what violations are on your MVR. They have to ask just like you do.
What they do know is user behavior. They know that users have changed. Users are online and mobile first.
Don't Follow. Lead.
You have access to powerful website platforms and comparative rating systems. You have the ability for consumers to purchase directly from your insurance agency website. You can automatically market to prospects and clients with agency marketing systems.
Stop following what others have done for the past century. The technology is here for you to lead the way for the independent insurance agency channel.
The Real Threat
Today’s consumer has changed. They expect more. The real threat to the industry is not the companies reaching these online consumers. The real threat is those who choose not to meet the insurance buyer where and when they are.
If you want to hear more about how consumers have changed and what you can do to reach them, join us at ITC Agent Conference 2016. Our keynote panel of online aggregators, including Compare.com, CoverHound, The Zebra and Insurify, will discuss exactly this. ITC Agent Conference takes place April 21-22 at Hilton DFW Lakes in Grapevine, Texas.
Five More Reasons to Attend ITC Agent Conference 2016
Learn something at our 18 breakout sessions covering various topics, including marketing, rating, management and sales.
Learn from many speakers with different expertise, including successful agency owners, agency marketing experts and technology experts.
Share your struggles and learn what other agency owners have done in a similar situation at our roundtables. We’ve scheduled three different roundtables during our two-day conference so you can find one that works with your schedule.
More than agents attend Agent Conference. Network with insurance companies, lead providers, agency management systems, and other vendors in the insurance industry will be there.
It’s fun! While we pack a lot of information in the two days, we always make sure to have some fun too.
Agent Conference is an event that can help you make the changes you need to so you can accomplish your goals. See our full agenda and register at www.AgentConference.org. We hope to see you in April!