1 minute read
Agents Are Here to Stay
written by Liri Halperin Segal, Founder of LeO
This is a more personal piece than usual, and it’s inspired by some recent conversations that I’ve had with some investors. This is always an interesting exercise for me because I get to see insurance from the outside, gaining valuable perspectives about how others view our industry. Sometimes I get feedback like “agents are not here for long” or “the direct channel will replace the industry of agents and brokers.” I always take the time to explain that that is not the case; in fact, not only are agents and brokers here to stay, but they can also be more successful than ever using the right technology.
The number of businesses in the insurance brokers and agencies industry in the U.S. has grown 0.5% per year on average over the five years between 2016 – 2021. This growth is a clear indicator that agents continue to hold value in our industry. With the number of professionals in the field expanding rather than shrinking, it seems the rumors of their demise have been greatly over-exaggerated!
Agents have a unique advantage in that they sit at the center of the most important data sources: the carriers’ data, the clients’ data and policy data. However, many of them don’t have the AI capabilities to turn that data into insight and action. Once I show investors how to unlock data points and turn them into sales, they start to see that agents’ potential is greater than ever.
Agents are one of the industry’s most valuable assets and they can become better than ever with the right technology and tools. At the same time, here are some thoughts about where agencies and their agents can place attention to help ensure this success.
1. Build Strong Relationships with Your Clients
Agents always want to present themselves as trustworthy, fact-based risk advisors. They can show their worth by providing meaningful client and industry insights and easy-to-use reports that add value to the clients and reinforce the importance of the relationship. Similarly, they should demonstrate a desire to engage by interacting with clients through whatever continued on page 48...
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