Perspective of Young Agents on the state of the Insurance Industry and the need for improved technology

1. ACT FOCUS GROUP
Young Agents
Technology Forum
Sep 2008
angelyn@treutel.com

2. Aging Insurance Industry
• Average Age of Agency Owner – 51
• Average Age of Client Base – 53
• 2.3M workers in Insurance Industry
• Over 1.0M will retire in the next 10 years

3. Differences Between Generations
• BOOMER
• GEN X
• MILLENIAL

4. Major Pain Points in Agency
• Inefficiencies and Speed of Processing
• Increased Client Expectations due to
Competitors
• Lack of Youth in Management and the Need to
Embrace Change
• Need for Relationships with Consumers and
Carriers

5. Appealing to Youth
• Flex-time; Work from Home
• Involve in decision making
• Be receptive to their suggestions
• Communicate ‘their’ way
• Reach out – IIABA’s Project InVEST

6. Internet Customers
• Loyalty Factor
• Life Changes
• Agents Can Add Value
• People Want to Talk to People

7. Energizing Ideas from Young Agents
• Provide Chat Capability on Agency Website
• Use Text Messaging
• Create Special Website for Niche Marketing
• Provide Customer Access Portals on Agency
Website
• Use gotomeeting with Small Business Clients
• Research and Communicate With Clients
Using Social Networks

8. Suggestions for Carriers from
Young Agents
• Cooperate with Real Time improvements so
the Agent can sell more
• Provide a live person with authority for
underwriting --- and a backup for when they
are unavailable
• Use standard apps – eliminate or reduce
supplemental data requests
• Speedy turnaround on quotes

9. Competition in 3 Years
• Esurance
• Niche marketers
• Larger agencies (clusters)