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Insurance Agents: What’s Your Survival Plan?

August 18th, 2009Posted by akassover in Trends

Your customers are moving their insurance shopping online, and nationwide online brokers are ramping up to meet them. This happened in the travel industry between 1996 and 2006. Let’s look at what happened to that industry:
before after

(source: www.travelagentsrule.com)

As you can see, it wasn’t pretty. Airline tickets commission rates got cut in half and then all but disappeared. Travel agents that focused on the commodity transaction of selling airline tickets aren’t in business anymore. If you’re an insurance agent focused on transactions, prepare to see the same fate. If you want to survive, you’d better be developing relationships and adding value beyond giving out “free quotes”.

So what’s your survival plan?