In today’s world, technology is constantly changing. An increase in the prevalence of tech spans across nearly every industry and insurance is far from immune to this adaptation. Artificial intelligence has become a staple for many industries as it allows us to dynamically analyze data and adapt to changes quicker than ever before. What does this mean for insurance?
People gain the ability to operate in a unique role when they become an insurance agent. The focus of an agent is to build relationships based on trust while offering product education to their customers. Agents possess the ability to analyze and convey the unique exposures that customers have. Technology is unable to have this conversation with our clients. The ability to inform customers about their individual situation is what drives the value of the insurance agent.
Two of the most technologically resistant skills are negotiation and social perceptiveness. These two skills are key talents of a successful agent. As reliance on technology increases, the scope of human jobs will continue to change. Fortunately for our field, these changes not only pose little threat to a sustainable career but instead augment the work that agents perform in critical ways. This includes an optimized quoting, binding, and claims process. Service work will be significantly reduced for our agents allowing them to pursue the aspect of their careers that they love – helping people.
Insurance has been a long-standing industry and with insurance requirement laws in place all around our country, the industry isn’t going anywhere. Insurance however is still operating in a very legacy state. While there has been a massive uptake in technology in other fields, much of our industry is still done by hand. Claim adjustment, underwriting, and many other back-end processes are still performed by people crunching numbers with relatively rudimentary tools backing them up. In the coming years, we can expect a shift where much of this becomes automated, and importantly for us, instantaneous. This not only saves time, but it allows us to better serve our customers.
Alongside these changes, we will also witness an increase in precisely written policies which will help optimize cost for the insured and profit for the insurer. There will no longer be a concern if customer rates have increased due to the actions of others. Rates will begin to more accurately reflect the risk profile of the individual.
As our lives are increasingly affected by technology, there is fear of job sustainability. We are seeing higher complexity jobs becoming progressively automated. With these changes coming into effect, the role of the agent remains an integral part of the insurance process. Becoming an insurance agent isn’t just about today’s opportunity. It represents a lifetime and potentially even generational financial success. Contact us today to learn more about how insurance agency ownership can provide you a lifetime of success.
Start building relationships based on trust while offering product education now! Give us a call at 424-213-8900
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