Yes, I know the lifespan of the typical new year's resolution barely exceeds that of the Mediterranean fruit fly, but hope springs eternal. So in the spirit of turning over that new leaf and daring to dream that a more perfect insurance world is out there, may I suggest but a few potentially life-altering 2010 insurance resolutions?
Ride that wave
Back in my surfing days (the type involving the ocean, not the Internet), we had a saying: "There are two places to be with a wave: on it or under it." Note the lack of a "sit on the beach and watch" option. If you were going to get in the water, you needed to get with the program or let the program run over you.
In today's insurance world, the waves come from everywhere: carrier changes in underwriting or production practices, shifting consumer demands, market dislocations, social networking, and the rapid evolution of the digital tools we use every day. Some agents respond by making for shore in the hopes of letting it all pass by while risking the least amount of damage. But in reality, the true game is in the water, and you need to plunge in and learn to get on top of that wave.
Do you regularly joint plan with your key carriers to minimize the chance of a nasty surprise when they pull out of your best market area or decide to quit selling a key product or program? While seminars and conferences on social networking are great, getting in the water means you already are on Facebook, or tweeting or blogging, learning not just what is truly going on with these new kids on the communication block, but sometimes being surprised at the real implications of their usage beyond simply enhancing your Web marketing presence. And as consumers constantly try out--and often just as quickly discard--various permutations of the digital universe, the only way to truly see the potential applications of them for relationship with your current clients and future prospects is to be swimming alongside, not reading the summary delivered later by some study group or think tank.
Never forget while anyone talking "cutting edge" is likely talking digital, it also means keeping up with the latest and greatest forms. The just-released revisions to the ACORD 25 Certificate of Insurance has immense positive potential for agents, yet when I point this out, many in my recent classes look at me like, "What changes? When did this happen?" Although all of us are busy and have a hard enough time just keeping up with everyday activities, if you don't carve out some time to tap into the latest and greatest, you are basically treading water while that next big wave is heading straight for you.
Find one or two digital newsletters you can rely upon to keep you in the loop. While there are myriad possibilities, may I suggest checking out those from both the IIABA Virtual University and IRMI.com as good starting places? Both are excellent free resources of both coverage information and industry developments.
Move faster
While the digital world of social networking and smart pocket devices is critical, even your standard carrier and agency management connections are offering impressive leaps in potential productivity for those willing to jump in with both feet. One key example supported by many industry groups is the real time initiative. Many agents using real time tools and processes see incredible jumps in time saved and workflows improved. Wouldn't it be an excellent new year's resolution to at least check out what your carriers and current agency management vendor can offer? Talk to them about real time or other recent enhancements, then commit to test them out for your operations.
Start talking value, not price
Sure, pricing is critical, particularly in this economy. But we all know that slippery slope if price becomes the be-all and end-all of what we offer. There are those who believe that the horse is already out of the barn, but hey--these are New Year's resolutions, after all, so dare to dream of a more perfect possible future. Besides, as that young lad in "Angels in the Outfield" said so well, "It could happen!"
By my definitions, "price" means "what it costs," while "value" means "what it's worth."
For example, workers' compensation insurance can be a high cost, but are you talking about how to lower the premium a lot more than what it covers? Have just one employee suffer a crippling injury, then decide what it's worth. And don't just talk about 100 percent medical coverage, significant disability income, and survivor benefits, although those are impressive enough, particularly when compared to what typically passes for health insurance these days. But dare we mention (oh, dare, dare!) the broad, if not exclusive, immunity provided employers by nearly every state law once those benefits kick in for the employee? How much would the typical employer pay for a stand-alone "Keep the Lawyers off Your Back" policy, assuming such a thing existed? Ask doctors who want tort reform how much even severely limited immunity from lawsuit would be worth to them. Then consider the breadth of the immunity provided by the typical work comp law and the value may exceed the actual price not by mere multiple but exponentially.
Think small town, not walled city
How would you run your business if everybody knew your business? We often use the term "transparency," but I like the "small town" mindset. For example, if you thought an idea was great for one account, you better recommend it to all, because folks are going to talk. Approaching prospects and clients with the idea of total account development suddenly becomes a standard way of doing business, instead of only operating "when I think about it." Business income, umbrellas, flood or other products and services are now offered to one and all, first because any of them just might need that solution.
If I may share one final thought of "Things Learned from Surfing"?
Even if you pick the wrong wave, and end up with your head driven into the beach, and you come up spitting sand, your first thought after the pain clears will be "Whoa--that was a hell of a ride!"
It's 2010! Get off that beach and into the waves! Let the cry go out across the land: Surf's up!
