Grammarly – Your Automatic Editor

Being able to express yourself by writing continues to be an essential business skill.

grammarly

One of the best ways to demonstrate your insurance expertise is by writing articles describing a particular insurance question or issue and providing helpful information. There are more opportunities today to publish online than ever. A new article should be added to your agency website at least once a week.

The LinkedIn publishing platform is another great place for you to add articles that demonstrate your expertise. People want to do business with those they know, like, trust, and who understand what they are doing.

However, if you are like me, high school English might not have been your favorite subject.

Independent Agents Thrive with Technology

There is an interesting trend I have been watching in some of the InsurTech startup companies that when they started – announced with great fanfare – they said how they were going to disintermediate the independent agent. Over the years, many have said independent agents are irrelevant.

insurance hype

Here are a few indicators that these companies are starting to change their tune. Reality will do that sometimes.

From Metromile Q2 2021 Shareholder letter

“We launched the initial phase of our new independent agent program in the second quarter of 2021, with more than 600 agents appointed to date. We are incredibly excited about how this channel diversification complements our existing model.”

From Root Q2 2021 Shareholder letter

“We are scaling our internal sales agent program and piloting a program to provide our product through independent licensed agents. Offering the human touch widens the funnel to more good drivers that can benefit from Root’s technology and enables another connection point with potential customers.”

From Lemonade Q2 2021 Shareholder letter

“While we have continued to see strong performance in our direct channels, we have been positively surprised by other means of acquisition. In Q2 21, these other distribution channels (primarily agent partners and Lemonade graduates) more than doubled their share of homeowner sales relative to Q2 20.”

Next Insurance

Next Insurance has opened their technology platform for small commercial insurance to agents. You can apply and be licensed to sell the Next line of products. They have a “Low minimum production of 1 policy per month.”

My Thoughts

Independent insurance agents and brokers have remained remarkably resilient through all the hype of the last few years that they are irrelevant and will be disintermediated. It seems consumers have voted with their wallets that many (most?) prefer the Agent to Consumer (A2C) connection. I am proud of the work we are doing at Catalyit to help insurance agents continue to thrive using technology. We are getting close to launching the platform to agents in multiple states. Be sure to get on the list to know when we are ready.

As an agent, what should be your response? Some options I can think of include:

  • Why would I want to support a competitor who is trying to take my clients?
  • Would they (pick any above or others) give me better access to a larger number of prospects I am not currently targeting?
  • Do I have the systems in place to take advantage of their marketing and technology platforms?

I’m sure there are many other considerations.

If consumers behaviors have changed, then our response could be:

  1. Keep doing what we have always done (it has worked so far).
  2. Or experiment with new distribution models and tools to reach consumers where they are.

I hope we can have a robust conversation about taking advantage of any technology tool that will help your agency better serve customers regardless of where it comes from.

What do you think? Leave a comment.

PS: I posted a version of this article on LinkedIn yesterday afternoon.

Watch Video in Half the Time With Enounce MySpeed

I listen to several podcasts when I’m traveling, exercising, or driving. One of the tricks I discovered (which I’m sure most of you know) to help me maximize my time is to listen to these audio programs at 1.5 to 2X normal speed. This trick allows me to cut in half the time it takes to listen to an entire program. So, I can listen to a 30-minute program in about 15 minutes.

Enounce MySpeed

You can now use the same trick with video by using a software program called Enounce MySpeed.

AppRiver Global Email Threat Report

We all know the importance of maintaining vigilance when it comes to data security. Keeping up to date on the various threats that face your organization should be a continuing activity. This is especially true when the number and types of threats continue to change.

email threats

I recently received an email from AppRiver, my spam and email hosting provider, providing access to their updated 2021 Midyear Global Threat report.

Twice a year, the Zix I AppRiver security research team issues its global email threat and security landscape assessment. This comprehensive report provides an overview of top attack trends, along with helpful tips to help keep your organization safe from hackers.

Steve Anderson and The Bezos Letters

Click here to find out more about Steve Anderson and his best-selling book, The Bezos Letters: 14 Principles to Grow Your Business Like Amazon, which has become a Wall Street Journal, USA Today, and international bestseller!