I'm not the first, and will certainly not be the last, to point out an obvious truth—the future of the insurance industry looks a little bleak—and that's putting it nicely.

Our industry as a whole is aging, and insurance does not attract the same level of highly qualified new professionals it once did. What's more, technology and consumer demands are fundamentally changing the way people buy and experience insurance.

These trends are real, and if the retail insurance industry wishes to survive, it must accept and adapt to these changes.

How do we ensure our perpetuation?We can learn by example.

While the challenges we face may be disconcerting, we're not the first to be forced to evolve a dying business model. Consider the similarities between insurance and other industries—music, publishing, travel—that have redefined themselves in recent years. The good news is, those industries are still around—they're just different.

Take the travel industry, for instance. The rise of online booking sites completely disrupted the industry, and essentially replaced the need for most travel agents' day-to-day jobs. To stay afloat, forward-thinking agencies adapted to changes and filled gaps left by automated systems that kept their services relevant.

So what does this mean for insurance?

The evolution of the travel industry is very similar to the turbulence currently faced by those in insurance. The harsh truth is, we can't stop it—we have no choice but to adapt or become extinct. We must find new avenues to secure and grow our book of business, and prove our value.

Here are the top three trends I see as our industry's biggest drivers of change, and where our opportunities as an industry are exposed.

Trend 1: A workforce on the brink of retirement. The average age of an insurance principal is pushing 60-years-old. In a 2010 report published by the National Alliance Research Academy, the average age of insurance professionals was 54. While updated figures estimate somewhere in the mid- to late-50s, but the bottom line is, the workforce is aging and nearing retirement.

With industry professionals retiring more rapidly than new professionals are entering the workforce, we need to proactively educate and attract up-and-coming talent

Students hear “insurance” and they often think “sales.” They are generally unaware of the variety of available opportunities beyond the role of the agent/broker. That's where we, the seasoned professionals, need to do our due diligence and find ways to alert and attract new talent. 

Get involved on local campuses, young professional groups and networking events to help break down current stigmas surrounding our industry. Create internship programs that offer valuable experience to students and will make them want to join your team and industry.

Trend 2: Education and adaptation is key. With age comes wisdom and experience, but in reality, times have changed. The insurance industry doesn't operate the same way it once did. For better or for worse, your current staff needs to be brought up to speed and understand the reasons behind change.

Whether it's new investment in education, tools or personnel, or the reduction of traditional spending and archaic processes, you need to invest in change now.

We make an effort to recognize areas for improvement and actively adopt new processes, education and tools that work best for our team. It is your responsibility to address change, and seek out the right education and resources needed to train your staff.

Trend 3: Technology has taken over. The digital era has transformed our society, and insurance is no exception. Similar to the travel industry, consumer access to 24/7, online quoting and purchasing tools have replaced a portion of the insurance industry's roles and responsibilities.

For straightforward products, such as basic auto insurance, internet-based services provide clients with an appreciated level of convenience. Where they fall short, however, is beyond those basic insurance coverages. Clients with more complex lives—owning an at-home business, rental properties, collectibles, exposure to professional liability, etc.—need professional consultation that an online quoting system isn't capable of delivering. 

This is where we prove our worth. We have the knowledge, experience and resources needed to provide our clients with custom solutions that best fit their needs. The dot-com option might seem like a time saver, but it may actually cost consumers more than they realize.

Although I may not have all the answers, or possess the ability to predict the future, I do know this: Behind everything in life is some form of insurance or risk management protection.

Acknowledge and adapt to the inevitable changes in our industry, but prepare your existing staff and plan for the future. Prove your worth through expertise in complex risk and associated services. The next few years will be a period of trial and error, but remain diligent, open to change and patient if you want to avoid extinction.