There are so many new opportunities to explore in the insurance business, but future success requires going beyond the traditional sales & marketing endeavors.

The insurance business is undergoing rapid change in sync with all of the changes happening throughout our society and culture. Have you identified these changes? Is your agency or company organization embracing them? Can you envision where your business will be in the next three, five or 10 years? Let's examine some of the key elements.

People

The current workforce is aging and their vast knowledge and experience is not being replaced fast enough. Millennials entering the workforce don't seek careers in the insurance industry, nor are they aware of the potential opportunities for equity. This could be a solution for those owners who haven't finalized their exit strategy. Because the millennial work force has the digital technology and IT savvy so important to Sales & Marketing in using social media for the distribution of insurance products and services, they present a valuable resource.

Team-building should combine the knowledge and experience of mature workers with the tech skills of younger employees. Joint sales calls should be mandated. More effort can be made to make the insurance industry more attractive to millennials: Sell them on the importance of insurance in the world economy and how without insurance there is no commerce and no financial security for families to protect property and assets from financial loss. Insist that new employees deliver insurance claim checks to customers to get a feeling for what insurance proceeds bring to a customer at their time of loss.

Products

New insurance products are being created to reflect new exposures, so insurance education should be emphasized. Younger employees potentially have greater insight into the risks and benefits associated with technology. For example, insurance products for the rapidly emerging Alternative and Renewable Energy businesses present opportunities for new revenue growth. Energy sources from wind, water, solar, and natural gas are replacing oil and all of these new industries need insurance for their products and services.