There is nothing wrong with being average. Is there?
For the average insurance agency over the last 50 years, life has been pretty good in fact. When considering my next career move in my middle thirties, a friend told me, “If you go into any town, the three largest houses will be owned by the undertaker, the banker and the insurance agent.” He was right, and it was hard to miss success as an insurance agency owner.
The insurance agency is a traditional business, and the path to success is known and well worn. It is also changing.
Access to information is changing the insurance distribution marketplace and all the players in it will be forced to change. The industry itself has been commoditized for generations, but the local nature of the business has prevented the intense price competition that usually follows this commoditization.
The Internet is rapidly changing that.
So, how will agents prosper in the future? Many think that merely moving themselves onto the information super highway will be enough. People with this opinion will, I fear, get run over! The change we are experiencing is not an evolutionary change but a revolutionary one.
This means that to be success in the future agents cannot just adapt old ways of doing business to new tools. They must take the new tools and reinvent the business. How will they do that?
Unfortunately, I don’t have the answer! Frankly, I don’t think anyone does. But lots of people are trying to figure it out and some of them will. Are you one of those?