Top 4 Changes Independent Insurance Agents Can Expect in 2017

Insurance Agent Blog

Mega Insurance Investments

Funding for insurance tech startups topped $1 billion in Q1 and Q2 of 2016, and 63% of these investments took place in the United States according to CB Insights. With more than 80 deals in the first half of the year, total deal volume was up more than 42% this year, which bodes well for 2017.

The Impact of Tech on Insurance

With the rise of mobile marketing and big data, the way consumers buy insurance has changed dramatically. When houses and cars become “smart” it will impact insurance risks and coverage. While cars will become safer to drive, they will cost much more to repair due to the high price and sensitive nature of the technology inside.

Millennial Effect

Millennials are of marrying age, becoming home buyers and starting families. As a result, their financial needs and risks are becoming more complex. Millennials prefer easy insurance buying experiences, looking to purchase insurance online. The insurance agency who can master social media and online insurance lead generation will win in 2017.

A Change in Customer Behavior

Consumers prefer to subscribe to a service, rather than simply purchase a product. That bodes well for insurance agencies who can provide personalized experiences. Make the consumer feel as though they’re buying a service rather than just an insurance policy to sell more insurance in 2017.

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