Recent reports within the insurance industry have had a lot to say about the many changes taking place and their corresponding impacts. Competition is growing even fiercer as technology improves, and keeping up with these changes is critical. If you work with an MGA, it is imperative that there is a plan in place to counteract any revolutions within the industry.
Here is our list of the top 3 insurance industry trends for 2013, what they mean for you and how to handle them.
1. Newest technology and programs. Advisors across Canada as constantly working to keep up with the newest technology and programs being released every month (and if they are not, chances are they are quickly falling behind the rest of the pack). Keeping up-to-date and up-to-speed can be tough, but if your MGA employs the newest programs and offers training to help you become efficient using them, you are already ahead of the game. Those managing general agents interested in their own success will provide this. Social media is also a part of this – don’t discount its power. Make sure that your MGA takes advantage of social media – you will benefit from a strong online presence.
2. Mobile and online quotes. Canadians are turning to their mobile devices far more frequently than in the past to complete everyday tasks – and this includes buying insurance. This creates some stiff competition, as well as increasing the need for rapid response (call-backs, processing of applications) and the ability to offer far more selection. As an advisor you need to be able to compete. Investing through insurance is becoming even more popular (i.e. segregated funds) so you need to make sure that you are able to offer a wide array of products – not just insurance. Social media plays a role here to – clients using mobile devices need to be able to find you. If they can’t that could mean a potential client lost.
3. Confidentiality in a digital world. Confidentiality has become a big problem in the insurance industry, even more so for independent advisors. Nowadays you have to be sure that client information is incredibly secure. If you work with a managing general agency make sure that they have technological programs in place to protect client information. Anything you take from a client has to remain secure within your system. If it doesn’t that could mean big losses and potential liability for both you and your MGA.
No matter what industry you work in, tech advances and industry changes can wreak havoc on traditional modes of conducting business. It is no different in the insurance industry, so be sure that you are keeping well-informed of these changes and implementing strategies to utilize and make the most of them.
For more information about insurance industry trends and how they will impact you please contact Independent Financial Concepts Group at 905 202-8430.