He notes, however, “The real challenge is that developing the depth of human expertise needed to provide clear value takes both time and hard work, and that makes it difficult to catch up if you haven’t already started.” Higgins believes agents who are good at what they do have no reason to worry because they will hone their risk management skills and adapt to the new environment. It’s important to keep abreast of the latest technological changes both within the insurance sector and outside. How true.īut to be here-and be relevant-going forward, agents need to adapt to change now. Kelly also notes that where there is complexity, agents will be able to add more value than ever. For instance, Jon Kelly, chief executive officer of online insurance broker Kelly Klee, says that, with so many set to retire within the next five years, there could be a shortage of agents. Applied Client Network Past Chair Ed Higgins, Jr., CPCU, vice president of Thousand Islands Agency in Clayton, New York, sums it up perfectly: “Disruption will become the new disintermediation of the 1990s, and those who remain adaptable and flexible will realize opportunity for growth instead of the gloom of demise. The juggernaut of technology innovation will not slow down.”Įven as technology-first insurance startups are working to disrupt every link in the insurance value chain, other experts also believe agents and brokers will still be around in the future. The rapid pace of change in the industry means agents must assess technology quickly and continually adjust business models to solidify their risk management and consultative roles with customers. With the adoption of insurtech, agents would be wise to master innovations before they become “mainstream.” Become pioneers in the digital transformation of the insurance sector. As so-called disruptors permeate the insurance field, it’s important to learn to leverage technology to enhance your business and not get caught up in trying to compete with digital-only distribution channels. This is the message agents need to hear and take to heart.
TechKnowFile Achieve growth by assessing technology quickly and remaining adaptable and flexibleĭo not compete adapt.
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