You Might Be Wondering, “What’s Next for Insurance Agents?”
These days, there are a million questions and very few answers. It’s important to remember, first, the importance of social distancing, wearing a facemask, and being extra careful with regard to hygiene if we’re going to move past the world according to COVID-19 (at least in its current form).
But then, once we do all meet in person again, you might be wondering, “What will buying and selling insurance look like? What will my clients want and need?”
We’d like to offer a few ideas.
1. Customers may understand the need for insurance more than ever.
Cancellations are up across nearly all classes of insurance, but it’s likely that the overall demand for insurance will increase once businesses reopen and people return to their daily lives. In the wake of the tragedy and chaos we are facing today, we can imagine wanting an extra layer of security on their assets, whether personal or commercial.
2. Companies are adapting.
Insurers are rapidly shifting their strategies and offerings to meet changing needs. In insurance marketing overall, we’re seeing many brands and carriers lead with practical messaging about the ability to pause or cancel your policy; this is certainly not the climate for gimmicks or fear tactics. In one example of effective, meaningful gestures, Lemonade is encouraging their customers to switch the charitable giving of their unused premium to the coronavirus relief effort.
3. Flexibility will win.
If necessity is the mother of invention, the spread of COVID-19 has necessitated rethinking the entire way we are insured. As people look to cut costs, it’s likely that more people may want narrower coverage or the ability to start and stop coverage in accordance with their income. With that need for more granular, dynamic insurance, it’s likely that the customer-broker-agency relationship may change: customers will want more faster. It’s easy to imagine how much consumers will value being able to modify their policies immediately, without a multi-business day wait, in response to unforeseen circumstances. It’s the kind of climate we couldn’t have possibly anticipated at Thimble, but we’re ready to respond, with on-demand liability policies and the ability to modify your policy in real time with our uniquely app-driven experience.
These are just some observations as a result of the events witnessed in the past two months, but as with many other industries, traditional insurers will have to imagine the unimaginable and expect the unexpected. Whatever the outcome, we at Thimble are committed to rolling with the punches and finding opportunities to lead the way, by providing the best products and services possible to modern American businesses.
Terri is currently the Chief Insurance Executive at Thimble Insurance, and was previously a Principal and Director of the Product Design practice area with Perr&Knight, a major insurance consulting services firm. Her areas of expertise are reinsurance and insurance operations, contracts, compliance, product development, and underwriting, having provided such services to clients in the industry over the past 30 years. Terri graduated with a B.A. in English and French from the College of the Holy Cross. She received her JD from the University of Maryland School of Law.
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