So I get a call from someone at a fairly large, established agency. Had a few questions, was trying to “help” someone out. Nice enough, but not necessary. I appreciate the effort, I really do.
About two hours later I was on the phone with a new friend(some say client/customer) and was binding their policies. Could be coincidence that this person was with the same agency that the other agent worked at…or maybe it isn’t. Lets dive a little deeper;
AKA My and the Insurance/Banking industry’s simultaneous biggest problem and opportunity
AKA What #insurtech should be trying to solve but outside of me and maybe some people I have not found yet, is not.
Really it is two paragraphs. One that comes from a standard document that you’ll find in your policy forms. Yes, I know you likely do not read them. Also, the version in your state may be different. The other is a direct quote via an email. I see or hear variations of the second one every week. So here goes;
YOU Ran An Update and it f’d my day up. See at 6pm on Wednesday we were all good but when I got back on at noon Thursday we weren’t. What happened? Your update happened. Now I am out 5 hours of time not to mention will pay $100+ toy support team. Yup, double wammy.
Now I had to fix this but what dawned on me was this. You screwing my computer up is a problem but not as big as this. I work with insurance companies whose websites ONLY FUNCTION on Internet Explorer. Not Edge not Chrome just an unsupported browser. Scary, scary stuff!!
I lose some sleep and wake up thinking about yesterday’s “loss.” Not really a loss more like a time where everything seems to match up but it just doesn’t. Everything is there;
So you go into the renewal time ready to follow the plan and this time it doesn’t work. Factually the overall plan always works. But, within that plan, sometimes the sub-plan doesn’t get the expected result. Take the other set of circumstances;
Here is what I thought about though. Both companies have the money ” in the bank” to pay this claim. So what do they lose? Well they plan on this anyhow and the reality is, if done correctly, it is really just a marketing activity. This is your chance to jump over price and cement a relationship but instead both the paying and the non-paying company will likely negatively impact both the person who is at fault and who isn’t.
So it is apparent to most everyone that Mergers and Acquisitions are on the rise in the insurance world. Soon enough they will have a MASSIVE impact on my piece of it; the independent broker channel. I’m sure in some pockets it has already started. Fact is the industry and the American public will be better off with less independent agencies. Many existing brokers have not ” kept up with the times..” so to speak which reduces the overall customer experience, gives the insurance companies to much power(which most are not using wisely) , reduces the ease to entry into the business and creates where we are today; Non insurance people entering to take over.
Reality is this; insurance companies are run by other members of our human species. They are also influenced by their surroundings both human and inanimate. They are influenced by many of the same ideals, both positive and negative as the rest of us. There is a lot of talk about “disruption,” #insurtech, #fintech, and #bigdata. The industry is “ripe” for change, blah, blah, blah.
Yes I have many of my own thoughts, heck it’s my blog so of course they are my thoughts. This dawned on me the other day;
Maybe the insurance industry is just a reflection of society. But how? In what way(s)?