There's been a prediction circulating around the insurance industry for years: the idea that technology would displace agents. It has turned out that idea is wrong. Agents are not only doing business but thriving. Some of the proof is in distribution. Many insurance companies founded on direct-to-consumer models are switching gears and embracing agency distribution. The reason: consumers — from Baby Boomers to Gen Z — understand the value of agents and want to work with them to handle their insurance needs. According to our recent survey of consumers across generations, 65% of all consumers plan to use an insurance agent in the future. But perhaps more important, the vast majority of those who have worked with an insurance agent would use one again. Moreover, this optimistic view is consistent across different age groups. Overall, 81% of Baby Boomers, 79% of Gen Xers, 84% of millennials and 69% of Gen Z who have worked with an insurance agent plan to use one again. There is a significant opportunity for agents. Many consumers are open to working with an insurance agent, but before they do, they may not realize the value of that relationship. The key for insurance agents is in how to get more consumers to use their services. We are in the age of the new and improved intermediary. Consumers prefer digital, responsive, and fast agents. In addition, consumers of all ages are looking for more information and service. And while agents provide great customer service, there is still work to be done to build trust and understanding with younger consumers. Just half of Gen Z always or usually trust their insurance agent, and only 57% of this generation said agents always or usually understand their needs. The slideshow above illustrates five tips on how agents can attract consumers of all generations. Not only do consumers of all generations want to work with independent agents, but once they experience the service of agents, they are likely to return. The main challenge is how to get customers to take that first step. By meeting them in their communities, providing useful advice and offering a digital, seamless experience, agents can turn new prospects into long-time customers. Ido Deutsch ([email protected]) is vice president of growth at Agentero, a digital insurance network. See also: |

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