Independent Insurance Agents Gone By 2020

Do you believe this? Why not, it’s the title of my article so it must be true. The point is, just because someone writes an article or references survey information it doesn’t mean their prediction will come true. What does happen is that many independent agents reading the headline or the article take it at face value, believe it is true and then unwittingly help to make it happen. I guess you could call it Chicken Little Syndrome.

What so many agents fail to realize is that they are in control. Your actions, your beliefs and how you run your business have a lot to do with whether you remain a significant factor in the insurance purchasing equation.

Do you believe that the best way to purchase insurance protection for consumers, their families and their businesses is through an independent agent? If your answer is yes then you need to do everything in your power to convince consumers of that fact. If your answer is no then why are you still running an agency? Sell it to someone who says yes to the question so they can provide your clients with the awesome and positive experience they deserve. Do it now while there is lots of capital floating around just looking for an agency to buy.

Sound harsh? I guess it is, but in my day-to-day conversations with agents I run across those who have “woe is me” syndrome. They complain about the competition, the insurance carriers and the consumer’s attitudes. They say the deck is stacked against them and it’s a no-win situation. They’re very negative and I’m pretty sure it rubs off on their staff. Candidly the negativism may have started with the staff and worked its way up to the principal(s).

So what’s my point? My point is this – owning and operating an independent insurance agency is still one of the best damned opportunities there is in the business world! It’s an opportunity to earn an excellent living, grow a great business and provide an exceptional and important service to the people who select you to handle their insurance protection.

I’m sure you’re thinking, easy for me to say I’m not an agent any longer. You’re right, but I can tell you that even at my advanced age if I were to leave IIABNY I would seriously consider going back to being an agent. I can think of no more honorable, important or satisfying job that I have ever had.

Sure there are problems and issues to overcome but no business is without them. Agents, like any other business, need to change with the times and develop ways to be more efficient and productive. We need to create systems that meet and exceed consumer’s expectations while acknowledging their buying preferences. We need to work aggressively with our carrier partners in significantly improving the way we provide our product and service.

One major challenge we face is convincing consumers that insurance is not a commodity and buying insurance protection is best done through an independent agent. Consumer attention and buying habits are changing due to heavy advertising by direct response carriers like Geico and the desire of younger consumers to use the internet for buying insurance. One solution is a focused and concerted effort by all independent agents to educate and convince consumers of the advantages of buying insurance protection through them. That’s exactly why the Trusted Choice® brand was conceived and has evolved to include the TrustedChoice.com website. The message it conveys is growing and we need to spread it faster and more effectively.

The challenge is getting as many independent agents as possible promoting the brand and the message it communicates. As a group the power independent agents have to influence the buying public is substantial. If every agent in every community promoted the brand and its message in every way possible, it couldn’t possibly not resonate and change the opinions of consumers. It also helps to confirm the benefit for those consumers who are already clients of your agency.

The brand is not meant to overshadow or circumvent your agency’s brand which many of you have worked so hard to cultivate. Instead it is meant to support your brand and acknowledge your agency’s commitment to providing professional advice, advocacy and service for your clients.

Many of the carriers with whom you work and whose policies you provide are currently supporting the brand and actively participating with it. You can see who they are by visiting TrustedChoice.com. More carriers are signing up all the time. These carriers have made a commitment to the independent agency system and are helping to promote your brand. It’s important that they see as many agents as possible using and promoting the brand everywhere in their agency. Remember that ultimately this is your brand and was developed to convince consumers of the benefits of doing business through your agency.

If your agency isn’t an IIABNY member and doesn’t have access to the brand, it’s unfortunate. I wish every independent agency in New York could take advantage of the brand. Use of it is tied to membership because it was the financial investment of IIABNY members and IIABA members in other states that initially created the brand and helped to develop it to where it is today. Any agency wanting to participate and use the brand merely needs to join IIABNY as our membership dues include access to Trusted Choice and TrustedChoice.com.

If you believe like I do that there is no better way to buy insurance protection than through an independent agent, then support the brand and do everything possible to get its message out to consumers. If you aren’t a member and currently can’t access the brand call us and we’ll make you a part of the only national brand promoting independent agents.

Don’t believe all that you read. The future of the independent agency system is in your hands. Committed and successful independent agents aren’t leaving insurance – they’re evolving and growing and spreading the message about the value they bring to buying insurance protection.