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The Changing Landscape for Insurance & Financial Services

 

As a former insurance and financial adviser, I know much has changed in the past few years in the insurance and financial industry. Customers are more sophisticated and they want to be seen as people, not numbers.

Roi Agababa, the CEO of Novidea, a major brokerage software provider for all lines of insurance, recently wrote an article entitled “5 Key Challenges Facing the Insurance Industry.” One of the challenges he notes is that customer expectations have changed.

He points to the fact that “70 percent of customers expect [their insurance] business to tailor communications and services” based on transactions in the past. When they renew, they assume their experience will be “a frictionless experience – hassle-free, no waiting, and self-service where possible.”

This experience may sound less personalized, but it’s not. The new insurance buyers still want personal attention but on their own terms.

“Digital-savvy millennials are gradually replacing baby boomers as the main buyers of personal insurance and, with a phone always in hand, expect to transact anytime from anywhere.”

Business as Usual is Changing

Salesforce Research organization recently surveyed more than 6,700 consumers and business buyers of goods and services around the world. The results were far different than we might have imagined. Some of the highlights of what they found include:

  • When they call your office, more than 75 percent expect the insurance companies to understand their needs and expectations. This obviously requires a thorough knowledge of your products.
  • Millennials do their research. They have undoubtedly studied many aspects of your products before they call. Getting the sale means doing more, knowing more and approaching their needs without condescension.
  • Along with the point above, “59 percent of customers say tailored engagement based on past interactions is very important to winning their business.” When they ask for options or a presentation, they want it tailor-made not boiler-plate.
  • 84 percent of customers say being treated like a person, not a number, is very important to winning their business. Just because they may find you online or even prefer to correspond with you through texts and emails does not mean they want an impersonal interaction.
  • 63 percent of your insurance or financial services customers want new and innovative products; at the same time, nearly 70 percent are not impressed with ho-hum products that every other representative is offering.
  • Finally, there has been an increase of about 62 percent of concerns about cybersecurity than only two years ago. Expect your current and future clients to ask about cybersecurity within in your firm. How will you answer?

“Business as usual” will never be quite the same. The new generation of insurance and financial services buyers want seamlessness of transactions, expertise, and personalization.

In 2020, you must have the vision to meet your clients’ demands where they are, the determination and daily grit to rise above your competitors, and the dedication to being the best agent you can be.

 

To contact Scott Burrows, Inspirational Insurance and Financial Services Speaker, contact his office today through this website or by calling: (520) 548-1169

 

Are Meeting Planners Determined to Overcome a “Rosy” Outlook?

 

As a motivational speaker on overcoming challenges, it may be counter-intuitive for me to ask clients in the meeting planning industry if they are determined to ‘overcome’ the rosy market outlook for 2020.

Yes, but…

Most industry surveys for 2020 seem to be optimistic enough. The consensus is that attendance at industry meetings will modestly increase on a global level anywhere from 1- percent to 3-percent; that meetings should be longer and that hoteliers are projecting a resurgence in building. However, we all understand that wearing rose-colored glasses is not always a good business strategy.

Despite its general optimism, the “2020 Amex Global Meetings and Events Forecasts” does project a decrease in internal meetings; that the political outlook can’t be ignored; that meeting budget increases will match escalating costs. Of the many concerns in the forecast is that “meeting planners will continue to be required to do more with less.”

Business Travel News in their September 2019 piece “Meeting Professionals Anticipate Growth for 2020” looked beyond the good news.

The good news is that “planners expect to see room availability increase by 0.8 to 1.4 percent and available meeting space to increase by 0.8 to 1.9 percent.”

However, we all know that while planners highly favor “top-tier” meeting locations, space has not kept up with demand. The article re-quoted a highly placed meeting planner who said, “they’ve been moving to second-tier cities, which are more affordable but also may add to travel time for meeting attendees.” Traveling as much as I do, I am also aware that while meeting space in second-tier cities may be more affordable, transportation and frequency of flights may not follow suit.

Echoing the point above, business writer Chris Ryall in an article for Skift Asia Weekly entitled “Meeting Planners Anticipate Rough Year in 2020,” stated:

“Planners will be pressed to find good deals for their clients at a time when venue availability is limited. Looking ahead, all of these issues will become even more pronounced in an election year amid an uncertain global economy.”

It is a Matter of Vision

It is one thing to paint a glowing picture of what the meeting industry should look like, and another to turn the picture into reality. Every meeting planner understands this.

After the terrible accident that suddenly changed me from an athlete and martial artist to a quadriplegic, there were wonderful family members and many close friends who stopped by my room to wish me well.

Without exception, they offered rosy guesses when I’d be on my feet, or how everything would return to normal, or how good I looked. That was their vision for me, but it was a much more difficult road for me to visualize myself moving my arms, writing a note or moving my legs. I realized I would need to develop the determination and the daily grit to push myself as hard as I could to be successful.

In 2020, expect big challenges for the meeting industry, but with vision, determination and grit you will achieve success. While the outlook may seem terrific, get rid of the rosy glasses. It is up to you to make it happen.

 

To speak with Scott Burrows, Inspirational Speaker about Overcoming Challenges for your next meeting, connect with his office today by calling: (520) 548-1169 or through this website.

Adversity Builds Character: What You Can Learn From It

It’s not too much of a stretch to say that you’ll find very few people who actually appreciate adversity. Why would anyone want that? No sane person would want problems. And often, people wish for the day they have everything they desire, no wishes left ungranted.

To many, that’s the very definition of heaven: a place of bliss and peacefulness without disease, war and want. So, who in his right mind would want adversity?

Adversity is the opposition to progress — or so it seems.

The idea that adversity actually builds character and a more meaningful life has been around for more than two thousand years. The first inkling of such an idea seemed to have come from the ancient Greeks, specifically the Stoics. We now think of someone as “stoic” if they face adversity with a positive attitude (or at least without complaining).

So yes, adversity can build character. But how does that work? Why do problems present an opportunity to build one’s person, one’s character?

Stoics would say the obstacle is the way. The idea is that in facing an obstacle, one learns important lessons about themselves — about how they approach and solve problems. It’s not such a far-fetched idea if you think of it this way: An obstacle isn’t just a meaningless challenge or an annoyance, but also represents your limits. The obstacle literally refuses for you to pass unless you find a way around it, over it or through it.

The very experience of meeting your obstacle head-on and thinking about where you want to go opens up new avenues of thought, new ideas, new perspectives. The mind is a problem solver. It desires to uncover any question, any challenge and any problem. And from that new set of thoughts come new beliefs about your abilities, about how you treat others and what your responsibility is to them and yourself, and about your purpose.

This belief gives birth to a new resolve about your purpose, your desires and your actions. It all comes together into a conviction that turns into a strength that is visible for everyone around you to see. When you embrace the challenge that adversity places in front of you and do your best to overcome it, you have literally taken on a new character.

If you let it, adversity opens you up to a new life where your thoughts, words and actions bear new fruits you never would have thought possible. That’s how adversity builds character, which, in turn, leads to a new life with bigger and better possibilities.

Take a look at real-life adversities people are facing every day. Real people are facing real problems. How can this adversity lead to character development and a better life?

For one thing, there are no guarantees in life. But as long as you don’t give up on yourself and on others, there’s always a possibility — and opportunities are still there to be had. The realization that you’re not powerless even in a tough situation is incredibly empowering and transformative.

The reality is there are people in the world today who have faced similar adversity to your own, and somehow they overcame them. They might say that there seems to be some luck or fate playing its part. But I would like to think more often than not, we create our own luck or at least set ourselves up to have a “luckier” outcome.

If you open yourself up and let the adversity you’re facing shape your perspective in a positive way, you too can find a path that not only helps you deal with the problem at hand, but actually changes your character for the better.

To contact Scott Burrows, Inspirational Overcoming Adversity Speaker, contact his office today through this website or by calling: (520) 548-1169

The 2020 Changes are Here, Are You Ready?

As I frequently speak to groups in the pharmaceutical industry about the sales and marketing outlook for 2020 and beyond, a question I frequently ask attendees is if they have the determination to meet the challenges and the vision to see themselves as being successful. On top of those two factors, I ask are they willing to have the daily grit to reach their goals?

2020 Will Not Be Easy

The pharmaceutical industry is changing. Despite the fact that the economy is strong, some of the projected 2020 changes that pharmaceutical sales and marketing people will face must be fully understood but more than that, included in every organizational plan.

PricewaterhouseCoopers International Limited (PwC Global) recently released their outlook for the future of the industry. I would like to paraphrase or quote a number of important points, then view them in light of determination, vision and grit.

  • The experts warn that sales forces will be smaller, “agile,” and smarter. With that, “Companies will need to demonstrate that their brand adds value to patients and they will have to offer a package of products and health services that the market not only wants and needs but is willing to pay a premium for.”
  • “Healthcare policy makers and payers are increasingly mandating what doctors can prescribe.”
  • We can expect that government agencies around the world will expand their focus on disease prevention, with less focus on treatment.
  • We must acknowledge the “interdependence of the payer, provider and pharmaceutical value chains,” and to that end adopt more flexible pricing models, invest in medicines the market truly needs, and offer greater support services.
  • “Create cultures that are suitable for marketing specialist healthcare packages.”

These trends will “encourage” marketing and sales reps to become more knowledge-based, more professional and much more proactive in pushing for true innovation and value.

Business as Usual? Hardly.

European-based BlueNovius B.V., a healthcare education service, recently reviewed the many reasons why PCPs are now refusing to see pharmaceutical sales and marketing people. We have to understand that on an annual average, the average PCP is inundated with about 2,800 inquiries for presentations. It has been estimated that about 80 percent of the time PCPs can find what they need by going on-line. They feel no need to return to the traditional way of doing things.

Relating to the points that PwC addressed above, it is obvious that even with brands that truly add value, if the sales or marketing representative is not determined to make a difference, the most innovative products can fail.

States BlueNovius B.V., “The most effective way of ensuring your sales reps go through physicians’ doors is by offering physicians exactly what they need, instead of bombarding them with canned presentations offering the same data that they’re already aware about.”

Unless marketers and sales representatives offer real knowledge, greater support services and bring a culture of partnership rather than hype, the outcomes for the most promising of products could be lackluster.

Within that framework, who are you? Is your vision one of failure or success, and do you have the grit to ensure that you will make a difference?

 

To contact Scott Burrows, Pharmaceutical Sales Motivational & Marketing Speaker, contact his office today through this website or by calling: (520) 548-1169

 

Sweeping Changes Come to Healthcare in 2020: Is Your Practice Ready?

In my role as a healthcare change management speaker, I often speak about how the year 2020 foreshadows an acceleration of change to many group practices. I am particularly interested in the ACOs, or accountable care organizations.

In the strictest definition, “ACOs are groups of doctors, hospitals, and other health care providers, who come together voluntarily to give coordinated high-quality care to their Medicare patients.”

We all know it is much more than that. It reflects a commitment to greater synchronized care and avoidance of duplication of efforts. Ultimately the ACO reflects a determination to prevent medical errors.

In his look-ahead for the healthcare industry (“Top 10 Health Care Industry Predictions For The Year 2020”), Sachin Jain, Forbes magazine, May 2019, states: “The balance of power will begin to shift from hospital systems back to physician groups. All around the country, physician groups who face acquisition by hospital systems are looking for an alternative…within specific specialties, such as oncology and cardiology, private equity companies are beginning to roll up provider groups to drive performance, negotiate more favorable contracts, and leverage purchasing power.”

Naturally, the formation of ACOs, while ultimately enabling patients to receive high-quality care, are not without their challenges. Change brings new processes to the office along with new technologies. The use of contractors to create ACOs within practices is hardly done for free. The venture-backed companies demand a return on their investment in your practice as well.

The Broader Picture

The year ahead is obviously not about ACOs alone. We can all expect to see several other trends intensify this year. One important change is a continuing shift back to home-based care as an alternative to expensive hospital stays.

For example, Lauren Hardin, MSN, RN, writing for JAMA (August 13, 2019), talks of an expanded use of RNs, paramedics and EMTs to evaluate patients on an in-home demand-basis. Hardin illustrated this by offering an example in Louisiana:

“In Louisiana, for example, a new service…allows patients and their families to quickly request health care in their homes through the use of an app—much like an Uber app—that connects them to an on-demand network of nurses, EMTs, and paramedics. They also follow patients with complex health and social needs in their homes to prevent emergencies and hospitalizations.”

This shift, in turn, will force changes in the way responders are being reimbursed but overall the advantage is greater patient comfort and decreased anxiety. Overall, it lowers the burden on the medical system.

Experts also predict that in 2020, there will be an ever-greater interest on the part of the public to examine the behaviors of the healthcare industry. Certainly, the exposing of the practices in some of the more nefarious pricing behaviors of the pharmaceutical industry, plus the debates over the Affordable Care Act, clearly signaled a new era in healthcare consumerism.  There is a shift, though perhaps decades late, that is similar to the consumer shift from buyer beware to seller beware. Anyone who has ever used Amazon.com or Yelp.com will understand the new power of the consumer.

In 2020, it will take the determination of the healthcare industry to address the shifts in front of them and the vision to respond to the challenges. No organization, hospital or practice will be able to avoid the new trends. Those who have the daily grit to address the needed changes will be the major winners.

 

 

To hire Scott Burrows, Healthcare Industry Motivational and Change Management Speaker for your next meeting, connect with his office today through this website or by calling: (520) 548-1169

 

 

What Will It Take for You to Reach Your 2020 Goals?

 

The Mindset of Success

As a motivational speaker on setting sales goals and sales achievements, I am a believer in developing a goal-setting mindset before anything else, and having the determination to see it through. I am not alone in this way of thinking.

Business writer Jason Alten recently discussed what he considered to be the seven most important goals for any sales person to reach their full potential. The first goal was simply this: “Start with the end in mind.” To quote in part from his comments:

“Ask yourself what the end result you’re looking to realize is so that you can make decisions and set goals that will help you get there. Too often businesses set goals that aren’t connected to the overall vision of where they want their business to be in a year, or even the next quarter.”

If you lack the mindset, the overall vision to define where you want the business to go in the months ahead, as well as the determination to reach your long-term goals, the results could be poor at best.

Kristen Baker in her sales article entitled, “The Ultimate Guide to Setting and Hitting Sales Goals” asks:

“What’s one thing virtually every business does — no matter their industry, target customer, or product or service? They set goalsGoals ensure employees are driven, on-task, and producing work that impacts the business’s bottom line. They also ensure your business is constantly striving to grow, improve, and most importantly:  boost revenue.”

Who Will Take Charge?

While both Jason Alten and Kristen Baker are correct in that without having the mindset and the determination (or drive) to set goals there will be lackluster results, I would add an additional dimension.

When I began in sales. I had only recently been discharged from rehab after an automobile accident that left me a quadriplegic. In the hospital, going through months of rehabilitation, I realized it wasn’t just a matter of mindset and vision, or even determination that would see me through, but the daily grit to make that happen.

My physicians and physical therapists could only do so much for me. It was up to me to develop the grit through good days and bad to reach my goals.

I was successful in the financial services and insurance sales industry; in fact, in just five years I made it into the industry’s Million Dollar Round Table (MDRT). I applied the same lessons I learned in my rehabilitation to setting my sales goals in as a financial adviser.

I had to develop the vision to see myself getting better each day, the mindset to do what needed to be done to realize the vision, and the determination to endure the many sessions and the pain associated with the rehab. But what moved and sustained me was the grit to grind it out and tell myself that some days would be good and some days would be rough. There was no choice but to keep going.

Grit must come from within. Grit will help every sales person reach their goals. The best of the best will have rough days, and grit will encourage you to stand up to it. Grit makes each sales person better than they ever thought possible. No one can give you grit, you must make it happen.

 

Meeting Planners: to book Scott Burrows, Inspirational Speaker on Setting Sales Goals and Achievements for your next meeting, contact him today through this website or by calling: (520) 548-1169

What Does it Take to Lead Organizations Through Change?

Do you have what it takes to lead your organization through change? As a leadership and change management speaker, I ask executive leaders if they have the determination and the vision to lead their organizations through change.

Why Vision?

“Demanding” that organizations respond to the challenges in front of them has never served upper management in bringing about effective outcomes to difficulties created by mergers, acquisitions, technology or other major changes. It requires the vision and the daily grit to get everyone on the same page and to see things through.

Several years ago (August 2014), Entrepreneur magazine identified at least eight factors needed to bring about a positive outcome to major changes including:  the creation of a plan; understanding the goals and objectives the plan will address; clear communication; identifying key players in the organization to lead the charge; the specific tasks to be delegated; the objectives of the plan; the management of desired expectations and most important, accountability.

I would add “mindset” to the above change management outcomes. Is the organization of a specific and singular mindset to ensure that the outcome is successful?

To that point, business writer Camille Nicita for Forbes magazine (July 2, 2019), stated:

“When you’re creating change, your employees need to authentically embrace what they are being asked to do. Left uninspired, employees may take on the mindset that ‘they told me I have to do this, so I have to do it.’ Rather, employees should understand how the change affects — and more importantly, benefits — them. They need to believe in the higher purpose the change ultimately serves. Uninspired employees can almost always be compelled to comply, but I believe only an inspired workforce can turn change into a sustainable transformation.”

Who Needs Inspiration?

Ultimately who needs to have the collective mindset and vision to bring about change in their organizations? Everyone. No employee or department should be overlooked in buying into the tasks at hand. It is called “ownership,” where there is a shared vision and mindset throughout the organization.

In October 2017, McKinsey & Company wrote an article entitled “Secrets of Successful Change Implementation.” Among the important points they shared:

“For both successful and unsuccessful [organizational] transformations…the single most significant factor influencing a transformation’s outcome is the degree of ownership and commitment of the organization’s leaders. To be clear, ‘ownership’ and ‘commitment’ involve much more than just ‘alignment.’ Commitment is a level of psychological investment that drives personal, proactive action—and becomes even stronger when failure may have adverse consequences. At a very basic level, successful transformations typically reinforce ownership through clear accountability for specific targets and individual incentives for key players that are strongly aligned to success.”

To lead an organization through change, the executive leaders must convey a sense of ownership. It is a commitment that says, “We’re going to be successful, and I need your determination to help me reach that goal.”

Change is inevitable, and in today’s world, it seems constant. It takes a buy-in and without a plan to bring everyone on board, change is more wishful thinking than reality. Get real. Commit to your vision.

Book Scott Burrows, inspirational Leadership & Change Management Speaker for your next through this website or by calling: (520) 548-1169

 

Are You Determined to Make a Difference in Someone’s Life?

When I deliver keynote addresses as an inspirational insurance and financial services sales speaker, I often encounter attendees new to the industry who ask me why I was attracted to the industry in the first place?

It is an easy question to answer: “I believed then, as I do now, that having the right coverage can make a real difference in someone’s life.” I carried that belief when I first sold insurance and financial services. I made it into the Million-Dollar Round Table within five years.

Now that I speak to groups across the country, I believe it more than ever!

Selling insurance is a valuable profession filled with purpose providing the sales person has the vision to help people and is determined to sell what insurance can do. In 2017, insurance broker Ryan Stewman wrote an article on his blog “Hardcore Closer” that I wholeheartedly endorse. Stewman said:

“Here’s the cold hard truth: no one wants insurance. What they want is what the insurance provides. Insurance is forced on the consumer and I’ve never heard a person say they would love to have more insurance. What they would love is for their car not to get in an accident, or their belongings not to get stolen.” I would add that no one wants to get hurt, experience a business fire or see their roof collapse either.

While some might argue that insurance is a “necessary evil,” I don’t see it as an evil at all. As an insurance and financial services speaker, I reassure everyone in the profession that what they do matters. To be successful they must possess the grit to influence every prospect that not having enough coverage or the right coverage can be catastrophic. It can be a life changer – and not for the better. Why then, are so few insurance salespeople willing to develop that grit?

Low Motivation

In 2019, the “Agent Survival Guide” website listed four reasons why so many agents walk away from the profession. These include a lack of resources, having too high expectations and poor management. However, the number one reason was low motivation. The article stated:

“As an insurance agent, you have daily opportunities to change your clients’ lives for the better. You can expect to get out of this job as much as you put in. That means if you truly care about your clients and put your best foot forward in finding a plan that will fit their needs, you can find joy in the fact that you’ve made a positive impact on them and their future.”

If you view a prospect not as an income stream, but as someone whose life you can positively impact, then you will make a huge difference. Do you have the vision to make that difference?

Finally, the Kaplan Financial Education website (March 29, 2019) gave five reasons why selling insurance is a great career. My favorite reason is that you can make a difference. KFE stated:

“Insurance policies protect people from financial loss because of unexpected events and circumstances…the research you do and recommendations you provide have a real impact on a client’s financial well-being down the road…insurance agents have the potential to help people achieve their financial and personal goals. They also prepare clients for unfortunate events and provide a measure of comfort to clients during such events.”
There are few professions that will make such a difference in someone’s life. Insurance sales is one of them. Do you have the determination to make that difference?

To book Scott Burrows, Inspirational Insurance and Financial Services Sales Speaker for your next meeting or convention, contact him through this website or by calling: (520) 548-1169,

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