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)?
It might be. It might also be the most under used and least asked about.
If you are between the ages of 16 and 25 your lack of time on this planet is a reason why you spend more on insurance. BUT what if you pay attention? Maybe you start on your parents policy and make sure they have solid coverage so when it is time to switch you are in a better position. Then, typically after three years of being licensed, it is time to shop. Now just stay on top of things because you get a little older you can likely improve your rate, assuming a clean to fairly clean record.
Want to change the discussion from Price to value? STOP ADVERTISING PRICE. Advertising on price is the easy way. It is basically telling the consumer we are a commodity and can not come up with anything original that might bring some value to your life.
Want some evidence? Follow your mail for a month and count the generic garbage being put in front of you that thinks your only concern is price. Even worse , I received the same exact awful letter from four different State Farm agents. Not only is it an awful, demeaning marketing piece but why does State Farm allow there agents to cannibalize each other?