Category: Financial Services Speaker

Change is All-Around Us, It’s Time to Rise Up

 

As a motivational speaker for the insurance and financial services industry, I have never seen as much sweeping change as we are experiencing now. I say this as someone who worked in the industry and made it to the Million Dollar Round Table and who carefully follows every industry development.

2020 changed everything, but 2021 will raise those changes to a whole new level.

Regulation 187 and Beyond

The amendment known as New York State’s regulation 187 is just a number to some, but it signaled the start of sweeping change in the insurance and financial service industry. Though its origins go back, to pre-pandemic 2019 it picked up steam across the nation.

Bill Unrue, industry insurance expert said at the start of 2021:

“The rule requiring insurers to act in the best interest of the consumer will likely become the standard for the U.S. life and annuity insurance industry over the next few years. The rule demands more simplicity and transparency within the annuity and life insurance sales experience to prevent what some call “consumer financial exploitation.”

In addition to the changes moving us all to greater transparency, more clarity and policy language that’s easier to understand, is another trend that can no longer be ignored: the 2021 Digital Climate.

Retail and commercial consumers are comparison shopping online as never before. And, what is surprising, are the consumers of that insurance. In a CNBC article on “panic buying” of insurance during the pandemic (October 21, 2020), it was found that:

“There was a 13% increase in life insurance applications among the under-44 age group in the third quarter versus Q3 2019, compared with a 9% jump for 45- to 59-year-olds and 0.4% in the 60-plus category.”

While the industry saw a jump in insurance sales in 2020, and that finally, more Americans are getting insured after years of decline. The so-called panic buying during the pandemic also meant that transparency was at an all-time high and climbing. The Millennial buyer, being an early adopter of all things digital, is seeking easy-to-find comparative coverage rates, superior, online customer service and a commitment of insurers to offering ethical and crystal-clear language as never before. What’s more, with states adopting similar rules to New York State’s regulation 187, anything put out online will be subject to intense scrutiny.

What is Your Vision?

You can turn your insurance and financial services future into a tremendous opportunity, and it’s apparent that customers are receptive as never before, but it’s going to take every ounce of your vision to make it happen. Do you have that vision?

Your mindset must be to offer exceptional and transparent customer service, to be as digitally savvy as you can be and to offer product that is unquestioned on the basis of its comparable value. Pre-pandemic, Americans had fallen off insurance purchases, now it is up to you to take advantage of the renewed interest. Can you embrace that mindset?

However, understand this is not the same industry that it was less than five years ago. It can be better, but it is up-to-you.

To be successful, will take the daily grit to outwork the competition and to convey the importance of what you are doing and why your mission is so important. You can be successful, but it is a commitment as never before.

 

Contact Scott Burrows, Insurance & Financial Services speaker for your next event, through this website or his office at: (520) 548-1169

 

Have You Neglected Your Most Important Client?

 

As an insurance speaker and former advisor for Northwestern Mutual, I know the insurance industry fared pretty well in 2020. However, many media outlets viewed life insurance through the lens of “panic buying.”

In a piece by Greg Iacurci for CNBC (October 14, 2020) entitled “Americans are ‘panic buying’ life insurance due to coronavirus pandemic” Iacurci states:

“Insurance sales have been dwindling for years. In 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier…But Google Search traffic for “life insurance” jumped 50% between March and May this year compared with the same period in 2019.”

He cited growth of policy sales for major companies such as Northwestern Mutual by 15 percent, however he also noted 30 percent increases in the online insurance marketplace. The jumps in policy sales were especially strong among younger Americans. Iacurci found that,

“There was a 13% increase in life insurance applications among the under-44 age group in the third quarter versus Q3 2019, compared with a 9% jump for 45- to 59-year-olds and 0.4% in the 60-plus category.”

Where’s My Boomerang?

Close to 60 million Americans have now been vaccinated against COVID-19. While there are still several pockets of non-compliance and irresponsibility, Americans are in general more optimistic. Dominic Mastroangelo writing for The Hill (March 14, 2021) said:

“A CBS News/YouGov poll released this weekend found 64 percent of Americans say they think efforts to contain the spread of the coronavirus are going well. Another 74 percent say they are excited about the prospect of businesses opening as more Americans get vaccinated against the virus.”

How then, will Americans respond to optimism in terms of insurance purchases? More importantly, how will you respond?

If the economy is projected to have more of a “V” shaped recovery and, as appears, a more optimistic outlook than at the start of the pandemic, does that mean insurance sales will see a 2021 downturn? Even if we don’t see a dramatic downturn in terms of overall sales, will online sales organizations try to crush the insurance sales rep?

Have You Neglected Your Most Important Client?

As an in-person and virtual insurance speaker and former member of the Million Dollar Round Table, I have seen the industry go through major swings.

No one in our industry can predict the future but I do know this: in 2021 your most important client is you. Unless you are completely committed to your own success, unless you have the Mindset, Vision and Grit to succeed, no economic recovery pattern will make much of a difference.

As your most important client, you must be on-board with elevating your personal brand. That means a positive mindset. Your positive mindset isn’t about being Pollyanna, for none of us can turn our backs on life’s challenges, but as a successful insurance sales rep, be aware of the trap of negative thinking. How will you, as your most important client, focus on the optimistic and not pessimistic? A negative personal brand is a virus all its own. Have the mindset that no matter what the challenge, you can be determined to overcome it.

What is your most important client’s vision for 2021? Does your client have a personal vision statement and are you ready to act on it? Why is a vision so important in insurance sales? Among many other benefits, a personal vision helps to reduce tentativeness and dread of selling and creates confidence; it reinforces your ethical principles and best of all helps you advance your sales goals.

Finally, your most important client must have grit. Grit is more than determination. It is the daily, hourly, minute-by-minute conviction that you will succeed, out-hustle, out maneuver and win against the competition.

Your most important client deserves the best. Don’t neglect them. He or she will have the best if they convince themselves to be the best no matter what this year will bring.

 

 

To hire Scott Burrows, Insurance Sales Keynote Speaker for your next in-person or virtual event, contact him today through this website or his office at: (520) 548-1169

The Post-Covid-19 Recovery Looks Promising, But Nothing is Automatic

 

As a motivational sales speaker, I keep hearing from my colleagues in sales all of the “happy news” about how great 2021 will be for sales professionals. On the surface, everything does look positive, but that’s when I start getting worried.

Joyce Chang, Chair of Global Research for J.P. Morgan, wrote on January 14, 2021, “2021 should bring stabilization and a reset for a number of disruptions experienced this year, with front-loaded market momentum and an economic recovery to follow.”

Who better to benefit from that recovery than the sales community? Ms. Chang also predicted that “the strongest global recovery in a decade will play out by the end of 2021 if the vaccine prospects play out as expected.”

Right this minute, at least four vaccines are showing excellent efficacy and the vaccinations nationwide are ahead of schedule. Does that mean sales people are free from challenges? Far from it. Let me take two of the highest-ticket consumer items, homes and cars, plus for balance in business, the computer software industry to illustrate an important point.

Nothing is Automatic 

On March 1, 2021, the Home Buying Institute reported, “Low mortgage rates and a pandemic-fueled desire for homeownership and space have increased demand within housing markets all across the country. At the same time, real estate listings and overall inventory levels have declined sharply.”

If you are in sales for any aspect of the residential industry, unless you are willing to have the mindset to deliver world-class customer service, expect stiff competition and a rough road ahead.

Bill Ross, Founder of Linchpin, an SEO and marketing organization, wrote this about car sales for 2021, “Automotive competition is intense. The concern is the peak demand for their product may have reached its potential. The decline in automotive sales is universal, with most European and American markets down nearly 5%.”

Everyone involved in automotive sales from new car sales to after-market understands 2021 will see many new regulations, a push for alternative fuel vehicles and the meteoric rise of online car sales. Do you know the rules, understand alternative technologies and can you compete against the threat of online car sales?

Finally, the Computing Technology Industry Association issued a comprehensive report at the end of 2020, as vaccines were starting to be administered, “As the industry emerges from a chaotic year, it will begin a rebuilding phase, but this rebuilding goes beyond restoration. There is little opportunity to return to the old way of doing things…this isn’t rebuilding to reclaim the past; this is rebuilding for the future.”

Do you have the vision to help the industry rebuild sales?

What Sets You Apart?

Whether you are in healthcare, landscaping, pharmaceutical, insurance or apparel sales, 2021 will have lots of potential but nothing will be the same as pre-pandemic. In order to compete, you must have the vision to see where your industry is going.  You must develop the mindset to be focused on success – whatever it takes, and the grit to see it through.

As a motivational sales speaker, I know that 2021 will be uncertain. None of us have gone this way before, but with vision, mindset and grit, this uncertain year could turn into the most successful year in your career. Let’s make it happen!

 

To book Scott Burrows motivational sales speaker, contact him today through this website or his office at: (520) 548-1169

2021 Insurance Sales: It’s About the Attitude of the Team

 

As a motivational sales speaker for insurance conferences, I know that as uncertain as 2020 may have been for the entire industry amid unprecedented changes, 2021 will test those in the insurance industry more than ever before.

Insurance industry expert Jean-François Gasc wrote an article on January 6, 2021 detailing the Top 10 most important trends in insurance sales for the coming year. If 2020 was the year of the pandemic, then we must consider 2021 the year of “trust.”

Every Team Must Buy-In

Gasc makes it clear that more than ever, trust is a non-negotiable element in the insurance industry.

“Consumers will not only expect their providers to give them good service and value for money, they’ll also require them to protect their personal information. What’s more, they’ll expect their providers to behave ethically in all facets of their businesses. Insurers that are perceived to have breached the trust of their customers risk substantial reputational damage.”

Building confidence and trust is a team effort and there must be a common mindset to protect the customer. As we have heard time and time again, selling insurance is a team effort. It is not just about someone closing a deal, but having everyone in the organization delivering world class customer service.

The foundation of the client-broker relationship must be a strong sense of ethics coupled with an understanding of the vulnerability of every valued customer. Personal information must be protected as the highest priority.

Does everyone at your agency have a vision of protecting the client?

Why is this mindset so important? Of all of the negative business news that confronted us in 2020, cyber fraud was at an all-time high. Cyber theft occurred in numerous agencies because employees let down their guards. It ranged from team members opening suspicious emails to using unauthorized websites while at work to openly sharing email addresses and sensitive data.

International cyber security expert Evez Hasson wrote (January 26, 2021):

“The pandemic has accelerated the shift towards a more digital world and triggered changes in online shopping behaviors that are likely to have lasting effects… This trend is predicted to grow in 2021. And with many businesses forced to change the way they conduct their sales; the risk of fraud is growing exponentially.”

If we combine the observations of the two experts, we can see two disturbing patterns: cyber crooks are constantly looking for ways to access sensitive files and customers need reassurance that your team is doing everything in its power to protect them.

Are You Determined to Advocate?

Insurance sales comes down to having the daily grit to place the security of the customer above all other considerations. It is a team mindset where everyone shares in that common vision. In 2021, the most successful agencies will have a positive team attitude on behalf of their clients.

Be a part of that mindset. Live that vision, and have the grit to aim for a level of ethics that will make you the industry leader.

Your client needs an advocate. Be that advocate.

 

 

To book Scott Burrows, insurance sales motivational speaker, contact him today through this website or his office at: (520) 548-1169

 

Are You Determined to Know the Truth About Insurance Sales?

 

My career as an insurance and financial services keynote speaker wasn’t something, I fell into one fine day. I learned the insurance and financial services industry from the bottom up. Despite personal and physical hardship and sacrifice, I made it into the Million Dollar Round Table in five years.

Keeping Current

It’s important to me that I keep current with the insurance and financial services industry from a motivational speaker point of view and also for my knowledge base. As I am a virtual as well as in-person speaker, I was interested in a link sent to me by an old associated that was entitled The Truth About Being an Insurance Agent. As it was published recently, I wanted to understand the current thinking.

As my passion is motivating insurance and financial services industry sales people to achieve their best, I was interested in the section in the article “Why do insurance agents fail?”

The authors listed several reasons including: unrealistic expectations due to a lack of renewals; a lack of sales mainly due to a lack of industry knowledge and sales savvy; inadequate lead generation; running a business can be overwhelming and focusing on commissions instead of the needs of the customer. While it is impossible to find fault with the points, they seem to fall short of the actual reasons for the failures.

Mindset, Determination and Grit

My philosophy of insurance and financial services sales is based on three underlying principles: mindset, determination and grit.

As to the issue of unrealistic expectations leading to a lack of sales, if this were the case, no one would go into the profession at first, nor would anyone focus on generating leads. Or, for that matter, who would create an insurance and financial services business or want to make a difference in the lives of their clients?

If a new agent has a realistic mindset about what it takes to create a business, if they are determined to go after business and to generate leads, if they have the daily grit to deliver exceptional customer service and to run an outstanding business, they will succeed.

My philosophy is not based on hollow words. When I entered the insurance and financial services business, I was still undergoing physical therapy following a horrific automobile that left me a quadriplegic.  In my recovery, I developed the mindset to see myself heal, the determination to do whatever I could to improve inch by inch, step by step and most important, to have the grit to get better and be better every day.

It’s Not Beyond Your Ability

Never think that success is reserved for other people, it is right there for you. If you are determined to be successful in the insurance and financial services business you can do it. When I was recovering from my accident, I was surrounded by many terrific people who encouraged and pushed my healing. No one pushed me harder than I pushed myself.

However, there was one type of “visitor” I never allowed in my life: negative people. On your road to success, there will be negativity.

The truth is this: you can be successful. Be determined to be successful and have the grit to build something great for yourself. Let no one tell you otherwise.

 

Book Scott Burrows, Insurance and Financial Services Keynote Speaker today, for your next convention or sales meeting, through this website or by calling (520) 548-1169

 

Staying at Home Doesn’t Mean Stuck at Home

 

In my work as a motivational pharmaceutical sales speaker, one of the most often asked questions I hear these days is, “With all of this social distancing stuff, I’m stuck at home. How can I do my job?”

The answer is that the challenge isn’t one of distance, but of mindset.

Limiting Contact, Not Determination

We are in an unusual time, between vaccine availability and rising cases. Chances are your company is asking you to stay home. As well, many healthcare providers are not only overworked, they want to limit outside contacts.

The temporary new normal turns pharma sales into a major challenge especially if you are selling a new drug and need to provide samples, demonstrate, educate or provide safety information. If things were not tough enough, we all know that patients are fearful of office visits and have cut back on them. This affects prescriptions.

Pharmaceutical industry writer Jessica Merrill commenting on the impact of social distancing on sales stated (November 13, 2020) that:

“The impact of curbing sales reps and medical liaison interactions could be felt more heavily for drugs that rely on hospital-based physicians…many hospitals are limiting access, restricting the ability of company reps to enter the facilities. Primary care physicians too are fielding increased calls from concerned patients.” The sense of urgency to see patients has lessened as, obviously, are educational dinners, trade shows and the like.

If you are allowing tough times to discourage you, it is time to reset your thinking.

Drugs are still being launched. Education is still critical. Your competition is still out there. Are you determined to sell in tough times? Do you have the daily grit to see it through?

When One Road is Blocked, Find Another

Jessica Merrill talked about “Short-Term Triage, Long-Term Impact,” and she is correct. What you do now will impact on your success in the months and years to come. It is a matter of developing a vision of success.

Now, and certainly for the foreseeable future, most sales reps will have to rely on the virtual and digital space to communicate. According to industry statistics, during “normal times,” about 50 percent of the time healthcare providers are receptive to sales calls. However, in these times only 10 percent will open a sales email. That’s quite a drop. How do you get around it?

The key is creativity. Find more engaging approaches to communicate. Out-hustle the competition through committed customer support. Work at show-casing your products in a fresher way or with a more research-based approach or a more interactive method. The point is to be determined to set your company apart and above.

Keep in mind that virtual communication is largely in its infancy. We are on the verge of change. What is necessary now may become an accepted and permanent change in the years ahead.

The pharmaceutical industry has been looking for ways to lower costs and reach more customers for years. A mixture of innovative digital approaches combined with in-person calls could move the industry needle toward greater efficiency and impact.

Through vision, determination and the daily grit to rise above the obstacles that confront us, you and your sales team may well change the sales model forever. Staying at home doesn’t mean stuck at home, it means seeing possibilities from no matter where you sit.

 

Scott Burrows, Pharmaceutical Sales Motivational Keynote Speaker is booking appointments for in-person and virtual meetings and events. Contact Scott today through this website today or call: (520) 548-1169

Be Determined to Be the Difference in Real Estate Sales

 

As a virtual motivational speaker for those in real estate sales, I know that “the numbers” don’t tell the story. In 2019, about 6 million new and existing homes were sold and there were about 1.4 million realtors. Sounds easy, right? Hardly.

Along came February 2020 and COVID-19. A tough profession got tougher.

In the best of times, turnover is huge. Almost 75 percent of new agents fail in the first year, and nearly 9-out-of-10 fail after five years. In this time of pandemic, everything has become harder, from the first showing to the final handshake (complete with masks and hand sanitizer). Without determination, you can become a statistic.

Now for the Good News

Due to the pandemic, in many markets the demand for housing is exceeding the supply. Interest rates on home loans are at historic lows, and home prices, which dipped at the front-end of the pandemic, have recovered and are approaching pre-pandemic levels.

It may be tougher to sell a home right now, but those professional realtors who have a positive mindset, the determination to succeed, and the daily grit to be successful can be successful.

In terms of positive mindset, every realtor must re-dedicate themselves to education by being more knowledgeable than the competition. You must be an expert on your market through research and understanding the market forces. In these times, you must become an expert in every aspect of virtual sales. “Not knowing” the new tools of communication such as video-conferencing platforms will immediately work against you.

The determination to succeed means offering your clients the best customer service they have experienced in any sales setting. Whether you are asked for a recommendation on a low-cost trash hauler to someone who can restore antique Victorian wainscoting, the more you can convey your command of the business the better (even if the question is outside the normal).

It comes down to being a professional. Are you determined to being in the professional elite?

Having the daily grit to overcome the challenges and to make a human impact in the life of every one of your valued clients will set you apart. We all know there will be good days and bad; things will fall through, and the unexpected may happen. Those without grit may fall apart. Those professional realtors with grit will fight their way through any adversity.

Something to Keep in Mind

Professional realtors have been around since 1900. Realtors have sold through wartimes, peacetime, recessions, inflation, The Great Depression, pandemics, and in the aftermath of floods and fire.

Professional realtors have enjoyed success despite hardship. They have done so by having the mindset, determination, grit and absolute dedication to ethics and personal integrity. They are dedicated team members and unselfish in their roles. You can succeed if you are determined to be the difference and rise up to make the difference.

 

Scott Burrows, Real Estate Sales Virtual Motivational Speaker is booking appointments for virtual sales meetings and events. Contact Scott today through this website today or call: (520) 548-1169

When Everything is Changing, What Should Stay the Same?

 

If you perform any corporate sales function, I don’t have to tell you that in the pandemic everything has changed. As a former corporate sales person myself, I valued meeting face-to-face with my clients. That is currently not possible. Sales people have had to re-focus their strategies.

The Change Begins with You

If corporate sales teams are trying to understand how to manage change, their customers are in the same boat as well.

David Ash, senior vice president of FLMH, an agricultural sales and marketing firm, gave this advice to sales teams attempting to adjust to the changes brought about by COVID:

“Many people are frozen in place right now and don’t know what to do with themselves. But it’s important to get up every morning, create a plan, set goals and focus on how you can best serve your customers.”

This thought was echoed by FLMH executive vice president Mitch Van Kampen:

“We have to get creative about problem solving…it’s the salesperson’s business to be asking the right questions and finding proactive solutions.”

These solutions don’t come by magic, they require an intentional vision to develop strategy to implement that change. Sales consultant Tamara Schenk concluded the following regarding sales team management during periods of change.

  • You first need a shared vision of success across the organization.
  • You need a comprehensive change story, i.e., What we doing? Why are we doing it?
  • You need to have clarity in how those changes are to be accomplished.
  • Most importantly: The change you want to see in the organization begins with you.

Do you have the determination to see that change begins with you? Your sales team may have a good idea of what they want to accomplish, they may be clear on those goals, but unless they have the daily grit to get things done, managing change will be an impossible, uphill battle.

See Yourself as Successful

Tamara Schenk makes an important sales change observation:

The key for success is you being the example for the change you want to see in your organization. That means that you should be the first to use and apply the new methods, processes, tools, content assets, etc. You should be amongst the first to use new content, including the sharing functions, with your clients. If it’s about training or coaching, you should be the first one attending the class, even if it’s an online training.”

If you are employed in any corporate sales capacity during these times of rapid and unexpected changes, you must be determined to set an example, to leave your comfort zone and to be determined to lead. Remember that your customers need you.

Become better informed than anyone in your organization, learn as much as you can, coach as many people on your team as possible, and make yourself invaluable.

There will always be change, but what must remain is your vision and core values. For those with the mindset of winning, with the determination to make a difference and the desire to win, there will be rewards.

The pandemic is a major challenge, to be sure, but there will always be challenges. Those who rise to them will be winners. Be the winner that you are.

 

Scott Burrows, Corporate Sales Change Management Speaker, is available for virtual or in-person sales meetings for associations and organizations. Contact Scott today through this website or by calling: (520) 548-1169

 

Insurance Industry Change: Virtually as Hard as You Make It

 

As a motivational insurance sales speaker and former member of the Million Dollar Round Table, I know that selling insurance is easily one of the world’s most intensive, public facing sales jobs. Though products vary from company to company, the most important product you can offer is you.

Then we come to the pandemic. Suddenly, your firm handshake, your trusty, effervescent smile and the friendly banter gave way to videoconferencing, email and a phone call or two. Who had time to prepare for COVID-19? No one. The screeching halt from face-to-face to virtual sales was calamitous. Some insurance industry sales reps determined to keep fighting; unfortunately, many left.

In an industry where new hire turnover rates are 30 percent after three months, once April 2020 hit, thousands of insurance sales reps joined the millions of sales reps in other fields who quit or walked away because selling was “too tough.”

What’s the Difference?

The online resource Business Process Incubator recently completed (as of July 9, 2020) an insurance industry sales survey entitled: How Difficult It Is For Insurance Companies To Go To Remote Working? The results are eye-opening but not unexpected. Let me summarize several of the challenges.

The survey found that it is hard for insurance sales reps to initially explain what was happening, but those who succeeded in overcoming the confusion during the earliest stages had more robust referral networks.

The survey found it is more difficult to sell an “intangible product” remotely. Customers and sales reps can’t share emotions. It is difficult to break through barriers. This is where a sales rep must focus on selling themselves, outworking the competition, and making a difference.

Managing data security is also seen as a big challenge. Insurance providers and their agencies must bolster security and hire more people to ensure confidentiality and protect extremely important customer information. To that end, sales reps must convey trust and instill confidence.

Working remotely is not easy for the sales rep or customer, however, sales reps can convey the convenience and the lessened stress in buying insurance online. In other words, a negative can be turned into a positive.

While some are challenged, others aren’t. According to the survey, the keys are flexibility and technical expertise. Sales reps must either embrace the challenges or get lost in the confusion.

So, what is the Difference?

It can be argued, of course, that the insurance industry and its sales reps live in challenging times, and that the changes faced everyday are enormous. But hasn’t it always been this way?

In what era has selling insurance been stress-free? In what year have so many customers flocked to us that we didn’t have to work? Truth is, there are insurance sales reps who have a winning mindset, and some who don’t.

The insurance industry has always relied on people with vision who have the determination to succeed. If we look at the points raised in the survey, it’s clear that each challenge in the present-day world of virtual insurance sales can be overcome.

The science community has shown tremendous determination and grit to arrive at several promising vaccine candidates. The challenges against them were many. Yet, they persisted and they are close to winning.

Your mission as insurance sales reps is to be inspired to rise up in a similar manner. The difference is you. Stand up to the challenges – and win!

 

Scott Burrows, Motivational Insurance Industry Sales Speaker, is available for virtual or in-person sales meetings. Contact Scott today through this website or by calling: (520) 548-1169.

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