Are You Prepared to Reinvent Yourself?
As an insurance and financial speaker with strong ties to the industry, I have not seen such interesting—and positive—developments in years.
For example, according to Statista the sales of electric vehicles are on the verge of explosion. By 2026, industry experts expect EV sales to quadruple from 2020, making the EV market a trillion-dollar industry.
The industry surrounding the EV trend is not limited to passenger vehicles of course, but to fleets, trucks, busses, first-responder vehicles, and who-knows-what? The trend will also encompass charging stations, service, equipment and opportunities for new types of facilities. All that is needed is the vision to see it.
Inflation is here
Inflation has arrived on the doorstep of the insurance industry. Currently bouncing between 6.8 percent to more than 7 percent, it is affecting coverage. The supply chain, while showing recent, modest improvement, is being battered by fuel prices, war and raw ingredient shortages. It implies both risk and reward for the industry. Technology and AI are sweeping the industry and unless the smaller agencies, especially, quickly change to meet the challenge of cloud computing, they will get left in the dark.
Finally, in this litany of challenges, the so-called Great Resignation has hammered the insurance and financial industry. Across the board, a whopping 91 percent of HR professionals expect significant turnover in their industries. Insurance is no exception. Nationwide, it is important to understand that 50 percent of those employees starting new jobs had at least two additional job offers.
The Gartner Human Resources organization strongly suggests all industries must become more flexible and agile; to think broadly about the career opportunities being offered, and to hire more people based on potential rather than “experience.” To that end, agencies are advised to expand job searches to non-traditional job pools and to fully commit to diversity, equity and inclusion.
Are you Prepared to Reinvent Yourself?
With the sweeping change to the insurance and financial industry, at first glance it may seem as though the industry has entered the age of pessimism and doom. Nothing could be further from the truth. Prospects abound for insurers.
Whether the future brings the emergence of new industries or new technologies or long overdue social changes, every challenge can become a major opportunity. However, insurers must be open to meeting those changes and embracing them.
As a keynote speaker on the insurance and financial industry, I often talk about developing a winning mindset. What is your current sales mindset and how does it affect your team, your ability to be flexible and your ability to have the broadest possible vision of success for your business?
COVID-19 changed many things, but it did not change the determination of those willing to succeed. Change has always been with the insurance industry. The most successful have never been afraid of reinvention for themselves, their teams or their agencies. Strive to be one of them.
Scott Burrows, Insurance and Financial Speaker. To reach Scott, please contact him today by phone at 520 – 548 – 1169 or through this website.