I hope that the title of this Daily Message caught your attention. FOUR MAJOR BUSINESS….THAT ARE GONE!
Our Industry is not exempt from the ever-changing dynamics of a Global Technology driven marketplace and the ease of information and resources made available by technological advances occurring every minute of every single day. Google only recently suspended (not cancelled) their endeavours into the world of Insurance and Amazon has made it publicly known that they are looking at ways to offer Homeowners Insurance to the market. Does this scare you, concern you or enlist fear in your mind? GOOD…IT SHOULD!
I assure you in hindsight (which they say is 20/20) that Blockbuster, Circuit City, Toys R Us, and Borders wish they would have faced the fear of the ever-changing technology driven world and pivoted their Companies to compete.
I have spent over 16 years in this Industry and will spend many more, yet I am not naive in knowing that the next 16+ years will not be the same, they cannot! I must adapt, innovate, pivot and most importantly in the words of the great Wayne Gretzky, “A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.” I MUST MOVE TO WHERE THE PUCK IS GOING TO BE GREAT….MORE IMPORTANTLY TO EXIST!
If you don’t believe that our Industry or more importantly your Agency can sustain the changes that are inevitably going to happen in the years ahead, you only have one option:
- Find another Industry to fulfill your Career aspirations because the changes are coming!
Yet, if you believe and know that the changes are coming and in all REALITY need to come and still believe there is a way to thrive and succeed in this Industry and your Agency, YOU HAVE THE POWER! Power does not come from being blind and in the dark about an inevitable future BUT rather Power comes from opening your eyes to the World of change around you and still choosing to move forward!
THOUGHTS TO PONDER TODAY: If your Agency only offers multiple quotes to prospects, websites can do that and already do. If your Agency only offers Product Lines that can be easily duplicated via websites, apps etc. such as Automobile Insurance and Homeowners Insurance you cannot compete. Your Agency must diversify to product lines that cannot be easily served via apps or direct writing platforms, Product Lines such as Commercial Insurance, Earthquake Insurance, Workers Compensation, Estate Planning via Life Insurance, Business Life Insurance. I recently read that 40% of the market is underinsured, not only in coverages but in products…to thrive and survive in the marketplace you need to address that 60% gap! Are you utilizing technology to benefit your business, apps, social media, text, email, and on-demand response? Lastly, think about some winners in the marketplace: Barnes and Noble, they pivoted and thus far have survived to stay in the market, Target and Wal-Mart are competing with Amazon by offering online access and delivery, Direct writing Insurance carriers are opening Brick and Mortar businesses because they have figured out the technology side of the business but STILL SEE EXTREME VALUE IN THE LOCAL, LIVE AGENCY MODEL. Most of you reading this message have that already and just need to enhance the technology side of your business.
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.
