I sit here this morning and reflect on the Insurance Industry and the massive change it is undergoing! Rising costs, labor shortages, profitability concerns, catastrophic claims, regulatory actions and inactions and compensation changes are just a few of the items occurring in the marketplace today. Hearing news of massive layoffs and downsizing or carriers just leaving the markets all together! What does all of this mean for the Industry and/or more importantly what does it mean for the Insurance Agent or Agency Owner?
It has been stated that the only constant is change! In this Industry that has never been more true than right now. The success of the Agent/Agency Model will rest in the hands of those individuals willing to CHANGE, adapt, pivot and diversify. Carriers are changing, adapting, pivoting, downsizing, diversifying, reducing costs and innovating new products and offerings. As an Insurance Agent/Agency Owner we need to reflect on this dynamic and ask the questions: How am I adapting, How am I changing, How am I making a pivot, how am I innovating? Is it time to explore other opportunities, expansions, relationships and/or products?
As a veteran of this industry and a proponent of the work that Insurance Agents/Agency Owners do for the marketplace I advocate CHANGE! Adapt or DIE! Our Industry is not immune to the marketplace, inflation, labor shortages, regulatory actions etc. If this is the path of your career you must look deep to see how must I change, where must I turn, how must I adapt? There is no better time than NOW to evaluate your situation and be HONEST with where you are, what needs to change and what you can do to HAVE CONTROL! Explore opportunities you may have never considered, open your perspective to additional products or services, find a mentor, seek council and be willling to take a risk!
Don’t be left behind or eliminated in this turbulent market. Find your value, diversify your opportunity and serve the market. CHANGE WILL CONTINUE TO BE INEVITABLE, the deepest question to answer is, “ARE YOU WILLING TO CHANGE?”
John Lucero, is a successful business owner with over 20 years of experience in multi-line insurance agency operations for several major National Brands. With an expertise in Recruiting, Educating, Coaching, Developing and Product Knowledge, his passion and drive to ELEVATE Insurance Agencies to higher levels of success is what keeps him inspired about the future and motivated about making a difference.
