There are so many new opportunities to explore in the insurancebusiness, but future success requires going beyond the traditionalsales & marketing endeavors.
The insurance business is undergoing rapid change in sync withall of the changes happening throughout our society and culture.Have you identified these changes? Is your agency or companyorganization embracing them? Can you envision where your businesswill be in the next three, five or 10 years? Let's examine some ofthe key elements.
People
The current workforce is aging and their vastknowledge and experience is not being replaced fast enough.Millennials entering the workforce don't seek careers in theinsurance industry, nor are they aware of the potentialopportunities for equity. This could be a solution for those ownerswho haven't finalized their exit strategy. Because the millennialwork force has the digital technology and IT savvy so important toSales & Marketing in using social media for the distribution ofinsurance products and services, they present a valuableresource.
Team-building should combine the knowledge and experience ofmature workers with the tech skills of younger employees. Jointsales calls should be mandated. More effort can be made tomake the insurance industry more attractive tomillennials: Sell them on the importance of insurance in theworld economy and how without insurance there is no commerce and nofinancial security for families to protect property and assets fromfinancial loss. Insist that new employees deliver insurance claimchecks to customers to get a feeling for what insurance proceedsbring to a customer at their time of loss.
Products
New insurance products are being created to reflect newexposures, so insurance education should be emphasized. Youngeremployees potentially have greater insight into the risks andbenefits associated with technology. For example, insuranceproducts for the rapidly emerging Alternative and Renewable Energy businessespresent opportunities for new revenue growth. Energy sources fromwind, water, solar, and natural gas are replacing oil and all ofthese new industries need insurance for their products andservices.
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