Everyone knows how much the world has changed over the past few decades, but few realize the impact these changes have had on the insurance industry. Tech savvy insurance agents are taking over the business in full force and bringing with them a whole new way of working that is revolutionizing a field that has for so many years been dormant. Here’s how the insurance business is evolving thanks to the modern technology.
Virtual Agencies – Technology has made it possible to work completely virtually, meaning you can do anything from being an independent insurance broker to running an entire agency without ever stepping foot in a physical office. Tech savvy agents enjoy the freedom of working from anywhere and don’t have to worry about the expenses and other headaches associated with office space.
Social Media – As an insurance salesman, advertising is something that used to be par for the course. But the way today’s insurance agents are reaching people has evolved from traditional methods, like print and broadcast, to online arenas, like social media platforms and email. Not only is this a much more effective tool for reaching the masses, but it’s also much less expensive.
Electronic Interactions – Another way the internet has changed the way insurance broking is done is via websites and other online functionality. Instead of face-to-face or even telephone interactions with agents, clients can now apply for coverage, access their accounts and make payments electronically, without the need for human intervention. It’s convenient and it’s the way of the future.
Mobile – These days just about everyone owns a smartphone and usage of these devices is through the roof. Not only are insurance customers more apt to use their mobile devices to conduct business with their agents and providers, but the insurance brokers themselves are also going mobile. In fact, according to the 2012 Insurance Journal Young Agents Survey, 84.7% of those queried use an iPhone or other Smartphone and 44% use an iPad or other tablet device to conduct business.
In conclusion, the insurance industry is at a crossroads with agents today paving the way to a whole new work environment. Where, when and how an insurance broker works is now almost entirely in his or her own control, making the field ripe with opportunity. If you’re interested in learning more about the insurance business and how you can get involved, contact us today and let’s discuss!