Are You Ready for the Change?

The digital age has advanced to have great effects on all industries. The insurance industry is no exception. Technology has changed people as people have changed technology. That, in turn, has changed how you, the agent, should approach insurance leads.

With the vast number of options for buyers in the digital age, competition isn't the sole challenge for you. Rising to what the consumer expects remains a constant hurdle.

When getting insurance leads, remember that the insurance market is more consumer-centric than ever. Today’s insurance buyer is different than those from even a few years ago. They expect more for their money, and they know how to find who meets their needs the best. This creates a market in which the focus is on the person buying the policy rather than the agent selling it.

The New Insurance Customer

The consumer comes from a place of expectation, so the agent must tailor their approach to the consumer. Those who would be the king of the hill know that this insight will help agents find changes that yield better results. It helps to know how consumers approach and consume their products too. Big changes make room for innovation, and your success depends on how you embrace it.

One of the big changes in the industry is how people buy insurance on the personal level. A recent survey shows that 32 percent of consumers prefer to work directly with insurance carriers. 50 percent of the survey respondents are between the ages of 18 and 25. This reflects the personalized touch that today's consumers expect. Learning the insurance buying habits of Millennials goes a long way towards creating strong means to become a trustworthy source for their insurance needs.

Social Media and You

The need to assess the consumer isn't limited to Millennials. With the growing importance of social media, the buying behaviors across all demographics have changed a lot. Social media alters how people approach information and the priority they place on its sources. When looking at a product, consumers are a lot more likely to trust the opinions of their peers than an ad. They understand the power of their voice through social media.

A report from Deloitte showed that social media influences one in three people when making a purchase. That is a lot of people, and it becomes more important when you consider there are now over 1.94 billion active Facebook users each month. If Facebook were a nation, it would the third biggest population in the world. That is a lot of chances for people to find data and form opinions on products from people they can put a name and a face to. Even a perfectly targeted ad would have trouble matching that influence.

This is a bonus for you if you approach it wisely. Social media gives you the tools to have the same pull as the buyer’s peers by becoming one of them. When people put their trust in brands, the strength of that trust increases a lot because they can attach it to a person who is ready and able to help them. With social media, you have an effective platform to do the following:

  •  Answer questions on insurance topics people are unclear on
  •  Provide relevant and useful information either in a post or a blog
  •  Form the beginnings of an enduring business relationship

Being There When the Customer Wants It

Another change in consumer behaviors in the digital age is that loyalty isn’t what it used to be. When shopping for anything, people search online to get the most bang for their buck. Due to this, the number of years you’ve helped them isn’t the selling point that it used to be.

To bypass this effect, you need to switch gears in how you approach your role as an agent. Given the power that people have in their decision-making as they buy a policy, success as an agent requires a change from looking at your role less as a product creator and more of a service provider.

The consumer’s cost versus value decision can turn to your favor as they look at greener pastures. Here's how:

  • Provide a great policy for their needs
  • Give deep insight into how they can gain the best value from their policy
  • Keep them up-to-date on other features relevant to their needs

Social media provides great value because of the two-way street it provides. As you’re sharing yourself with them, they’re sharing themselves with you. Did they buy a new car? Share any promotions that could attract them to come to you for a policy. Wedding in the family? Put forth the idea of a life insurance policy as a gift. Take the time to create a relationship beyond money. The value of the personal touch is worth more than gold.

What this comes back to is the fundamental value of immediacy. Today people want it as soon as possible because they know someone's available who can get it to them fast. Wherever you meet the buyer in their process, helping them with their needs helps keep you at the front of their mind.

QuoteWizard’s Live Transfer Leads uses that immediacy, getting people right to you as they decide they need a policy. Live Transfer Leads give you the prime tool to convert a new buyer at the right time. This creates the vital framing for the high-end relationship you can provide.

Getting the Technology on your Side

Being aware of how technology changes your profession is crucial. Be aware that the rapid changes now can alter the means of how you approach your leads.

A recent survey on technology among policy hunters yields some important facts:

  • 68% of buyers would use an app from their insurance provider
  • 67% of buyers would allow a sensor in their car or home if it results in a discount
  • 50% of consumers would give their provider personal info if it helps them find the best deal

These stats show buyer's acceptance to using technology in their insurance search habits. The real-time information gives insurance providers a great bonus. Agents can alter their risk assessment of policyholders from a reactive to preventative.

Commercial insurers have focused on loss control and risk management from the beginning of the industry. Adding access to big data into the mix can bring this trend to other types of insurance. Carriers across the board stand to benefit from the change from passive identification and pricing risks to the proactive use of vast amounts of info and insight in order to achieve greater risk management and reducing loss.

The changes provided by the adding of big data into the insurance industry brings new challenges. Getting used to the huge stream of data available as you keep track of information quality and staying aware of privacy issues is a lot like juggling. It's tempting to return to reactive 'from-the-gut' decision making. Keep in mind that your competition is as human as you are and have the same concerns. If you can overcome that, you’re ahead of the game.

Over time, information analytics have progressed to advanced levels. Automated processes allow you to focus on key results instead of focusing on the processes themselves. QuoteWizard understands the digital age as it affects you and your business. We can provide you with high-intent leads filtered for your needs, leading to greater conversions.

The digital age has impacted the insurance industry both socially and technologically, but the profit potential from making them work for you is immense. If you can push the changes in buyer behavior and data to benefit your clients, your return on investment can be great. Embrace the future and the rewards.