Is There An ‘Insurance Go’ In Our Future?

By Lloyd Lofton

In the bottom floor of Amazon’s headquarters in Seattle you will find a store called Amazon Go. It’s a store of the future where customers shop for groceries, pick items up and just walk out of the store without standing in a checkout line or interacting with a store clerk.

This Amazon brick-and-mortar store is just a market test of a store designed to allow consumers the opportunity to buy the way they live. Customers scan their smartphones to enter the store. Then they shop for a variety of items such as salads, sandwiches, beverages and ready-to-eat meals.

The consumer benefits from a cocktail of Amazon technology that allows shoppers to simply grab their items off the shelf, then upon leaving the store they automatically get charged the right amount for the items they chose, without stopping to wait in a line, or interact with a checkout clerk. No lines, no waiting; they simply leave and are charged for their purchases.

I recently wrote an article titled “Adapting to a Connected, Cashless World” where I shared my recent experience of visiting my daughter and her family for the Christmas holidays in Iowa. Technology played a large role in making this trip and during our visit technology played a larger role than in any of our previous trips.

In observing that the world is changing (and I stated I thought it was for the better) I questioned whether we as an industry are addressing and evolving to make our products and services available for consumers to purchase.

When I read the article about Amazon Go, this story seemed to be a perfect illustration of the survey I referenced in the article, “Innovation for a Cashless World;” however, it may not be so unique.

I’m in sales, and dressing for success is an important ingredient in building a successful business. Not all off-the-shelf shirts say “I’m a success; you can feel confident in my hands.” So what’s a sales professional to do in 2018?

As I ponder this question, I see a TV commercial, go to my smartphone and - what do you know! - I can go to MTailor (I’m not endorsing t them, just using them as an illustration), download their app to my smartphone, and in three simple steps order a dress shirt tailored to me.

I can:

1. Design my shirt or jeans.
2. Use my phone’s camera to get measured in less than 30 seconds.
3. Order and receive my item in the mail, never having to go to the mall.

I know we are in the insurance or financial services business; it’s not like shopping for a shirt - or should it be?

I remember working with a large insurance carrier a few years ago to get agents in production and help them with their marketing. The carrier’s marketing department created a number of marketing letters for the agents. On the surface, this was a good thing. But the problem was in the “To” block; they had it write protected.

Why is that important? This meant agents would have to hand-type the prospect’s contact information, making it most likely they would never take the time to use these letters. When I asked why this block was write protected, the response I received centered on making sure the agent didn’t modify the letter.

I pointed out that if this block were editable, the agent could use a merge service to populate contact information in a short amount of time, making it more likely they would spend the money to send these marketing letters out while keeping the body of the letter write protected. I also pointed out that the carrier trusted the agents to write business, putting the company on the hook for millions of dollars in potential claims; it was kind of insulting that they didn’t trust the agent to put an address on a letter. After some pushback and a couple of years, they made this change. Needless to say, those original marketing letters were never used.

Fast forward to today. Some carriers have embraced technology and created a path for agents to market their products and services to the cashless society we are now living in.

Some carriers are responding to the marketplace and creating the tools their appointed agents can use to cast a wider marketing net. One carrier gives the agent the ability to share their agent page directly with consumers without doing any legwork. The agent’s National Producer Number is attached to every applicant who chooses to sign up via the agent’s distinctive carrier agent link. All agents have to do is make sure they keep their personal information up to date on the agent dashboard. Agents can put this exclusive carrier agent link on a website, send it in an email, add it to their email signature or place it in a flyer. Whenever a client uses it to sign up, their account will automatically be connected to the agent.

Carriers must consider providing their agent field force with other resources to enable them to work in a society where consumers expect a smooth, seamless experience while removing barriers to agents gaining customers.

Here are resources that some carriers are providing.

1. Agent websites. Provide HTML framework to the agent page, ensure the agent’s page is mobile friendly and works on every device. These websites need to be responsive; with the reformat on the screen size of the device being used.

2. Mobile apps to manage their business. Agents are out in the marketplace, they are talking to consumers every day, they know what the market thinks, want and is using. Apps are where 90 percent of smartphone users spend their time shopping. By having an app on their smartphone, agents are always in a positon to receive and push the things they need to run their business. Apps enable agents to quote, look up information from anywhere and be prepared to answer any question their clients have.

3. Interactive customer relationship management. Agents manage a large amount of client information. Carriers need to enable agents to find client information quickly, and see carrier and client interaction from mail to customer service contact so they have a clear understanding of the clients’ needs. The CRM has to have push notices available for event contact such as anniversary, birthdays, renewals, etc. The CRM needs to have a mapping location service that provides a visual of where clients and prospects live, with demographic information on the community by ZIP code.

4. Marketing assistance. Agents are not necessarily advertising professionals. So having an online marketing tool that helps agents target prospects and interact with their community is not a nice something extra, it is now a business requirement.

These online tools include images and logos, marketing and advertising guidelines, advertising and direct mail calendars, and resources for everything from using social media to advertising in the newspaper.

5. Social media. A recent study by Lithium found that consumers will punish brands that fail to respond quickly on Twitter. Carriers need to recognize that social media is where a large portion of consumers spend their time. When carriers help their agents have an online presence, they make it available for agents to share a wide variety of information with their followers and track engagement.

Amazon is a behemoth in marketing and online selling for a reason. Agents are looking to carriers for online marketing and sales solutions that will enable them to give their clients the Amazon experience.

Lloyd Lofton is managing partner of 7 Figure Sales Tools, Marietta, Ga. Lloyd may be contacted at [email protected].

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