Surround Insurance: Reinventing Insurance For The Next Generation of Consumers
Do you have a strategy to sell to the next generation of consumers – Millennials and Generation Z behind them? I’ll bet you’ve heard this question enough times by now to answer “Yes.” Maybe you’ve hired a digital marketer to run your social media presence and drive leads to your producers. Maybe you’re prospecting in new places to meet them. Great work!
The next question is: Do you have the right products to win in today’s world? Tougher question, right?
When we meet with Independent Agents, these are the first two questions we ask because they help to uncover what agency owners are doing to perpetuate their books with the next generation of consumers.
Life Has Changed
Selling insurance used to be so simple (sort of). After all, insurance products are perfectly paired for life event moments like buying a car or a home, opening a small business, or starting a family. And indeed, the insurance machine has worked well for over a hundred years. But life has changed over the past decade for consumers in their 20s and 30s.
The subtle shift started in late-2007 through two events that impacted the way younger consumers engage with the world. First, financial stress created by the Great Recession had an immediate impact on asset purchases. As an example, home ownership rates have dropped 10-15 percentage points over the past decade by Americans under 40. The same trends can be seen in auto ownership and salaried employment. The second more subtle event was the introduction of the iPhone. Since then, the smart phone has revolutionized how we connect to the world – cars, homes, and gigs are now available at our beck and call, making traditional insurance products less relevant.
The Insurance Gap
We, as insurance professionals, know the length of time between leaving the parental nest and making a major asset purchase is widening. During this time, the loss exposures are getting ever more complex when you rent a carshare through Turo, or host Airbnb guests in your apartment, or have a side hustle for extra income. We know that everyone is aware of the risks. The hard part is doing something about it. Our great industry has failed to develop the simple, accessible insurance products that appeal to these consumers. Instead, carriers and startups have focused on digitizing single product solutions like renters insurance – a great product, but only part of the solution.
Let’s face it, it’s not worth your time as an independent agent to sell a $10 a month renters insurance policy. It’s also not worth your time to quote multiple products in different systems. We know what your agency goes through with the current set of product options. It is, however, worth your time to keep a long-term client happy by covering their 20-something child or starting a new relationship with someone who will develop into a preferred account.
I would like to introduce Surround, a starter pack of insurance for modern life sold through independent agents.
Surround has developed insurance product bundles that meet the needs of younger consumers while using a modern approach to technology for you and your staff. Their first product bundle includes renters, non-owned auto, and professional liability coverages which are designed perfectly for the lifestyle of today’s asset-lite consumer. In less than three minutes, your prospect can have a bindable quote with coverage that feels like an umbrella policy with dropped down limits. The experience saves time, money, and hassle vs. anything else in the market.
Their new products were designed with feedback from independent agents and consumers. They are also drawing from decades of insurance experience across their team.
If you’re interested in learning more about the, pilot program they are launching in Massachusetts, (working exclusively with independent agents who want to solve this problem with them). Please visit surroundins.com/agents to learn more. The goal at Surround is to help independent agents find, win, and retain the next generation of consumers with innovative products and digital technologies and we are happy to support their efforts, here at Agency Nation.
Chip is CEO of TrustedChoice.com, the nation’s fastest growing online marketing platform for independent insurance agencies and IA insurance companies.
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