Does the Retail Economy Affect Your Insurance Job?

[Mike Siegal]

Plenty of Retail Operations are failing (left and right).

LINK

• How do you see this affecting your INSURANCE sales career?
• Will it affect your future actions related to your present Customer Base?
• I'm thinking all lines associated with Retail will be affected by the down-turn in Retail ops.
• ANYONE have a contrary opinion on this?

Thanks for your input...


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[Bevo]

Plenty of Retail Operations are failing (left and right).

LINK

• How do you see this affecting your INSURANCE sales career?
• Will it affect your future actions related to your present Customer Base?
• I'm thinking all lines associated with Retail will be affected by the down-turn in Retail ops.
• ANYONE have a contrary opinion on this?

Thanks for your input...


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Anyone with a brick and mortar business should have seen the writing on the wall of this at least 8 years ago. In regards to it affecting your insurance career, as you can see marketing and commerce is changing at light speed in today's world. Many people shopping online are and will be used to shopping online. The question is how many insurance people will be ONLINE there waiting for them?

Not recognizing this or adapting to it, and think your old insurance methods will always work and be tried and true is a big mistake. You have to move your cheese, even if it's a little bit of it. Otherwise you'll end up like so many old time insurance guys complaining how "times have changed. Welcome to the world.

Marketing always was and will be your savior. Cling on all you want to telling yourself your the best sales person in the world, it's all about getting those people in front of you if you want acquisition.

And if it's not clear by now, INTERNET marketing is where the puck is and will continue to be.

 

[TampaHound]

I can't access the link. Although the economy is changing and we have to change with it.

I'm still surprised that some insurance companies are using fax machines and paper applications

 

[Mike Siegal]

I can't access the link. Although the economy is changing and we have to change with it.

I'm still surprised that some insurance companies are using fax machines and paper applications

I fixed it. Basically, retail operations of several chains have closed and will be closed this 2017 season. How this will affect Insurance business, i don't know fully the affect of this but i'm sure it will. Just looking for feedback on what and how it will happen.

Thanks!

 

[NSRH]

I cant speak for other sectors, however in my experience, the worse the economy gets the better I do as a Final Expense Agent.

 

[Mike Siegal]

I cant speak for other sectors, however in my experience, the worse the economy gets the better I do as a Final Expense Agent.

No kidding...now why would a downturn INCREASE "FE" insurance?

Thanks!

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[NSRH]

No kidding...now why would a downturn INCREASE "FE" insurance?

Thanks!

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Its a product typically designed for a lower income senior citizen dependent on government benefits. I say typically, because there are some exceptions, but for the most part, the tighter the budget and lower the savings, the higher the need for the product.

 

[achaffee]

For retail stores, only the strong brands ie Walmart or the ones differentiate themselves will survive the next ten years. I believe people working in that industry will find jobs at the surviving stores or get into new industries, so people will need insurance. However, personal lines insurance is becoming a commodity and clients are having a more distant relationship with their insurer. The direct carriers such as Progressive and Geico are growing quickly, and the brick and mortar insurance agencies have not even started to compete with the tech disrupters yet.

 

[donamese]

I can't access the link. Although the economy is changing and we have to change with it.

I'm still surprised that some insurance companies are using fax machines and paper applications

This is to satisfy all the agents that still prefer that method. There are a lot of them out there still. I would say in certain product lines, those producers are the vast majority.

 

[GoPokes]

For retail stores, only the strong brands ie Walmart or the ones differentiate themselves will survive the next ten years. I believe people working in that industry will find jobs at the surviving stores or get into new industries, so people will need insurance. However, personal lines insurance is becoming a commodity and clients are having a more distant relationship with their insurer. The direct carriers such as Progressive and Geico are growing quickly, and the brick and mortar insurance agencies have not even started to compete with the tech disrupters yet.

I agree. The next 10 years will be interesting (and 20), especially when we look back. Amazon is really coming up in the world. They are giving walmart a strong competition, from a different angle than they are used to. The development of new technology will change things as well. It seems a bit weird to mention it, but as we get closer to the possibility of tech singularity, it will change the job horizon more and more. In general, younger generations are less interested in the client/agent relationship aspect (in person) since they/we are growing up without it. However, we all have a need to connect and feel a sense of belonging. People will continue to do business with companies or agents they feel connected to.

The brick and mortar insurance businesses, on every street corner, may disappear completely. For a while. But then people may have a yearning for that type of connection again, and they could make a comeback. History doesnt necessarily repeat itself, but us humans tend to have a cyclical pattern of behavior.