Last year (2021) taught insurance professionals that the COVID-19 pandemic is not a short-term phenomenon. This new way of life includes significant and permanent economic, political and social changes. (Photo: Adobe Stock)
The COVID-19 pandemic created permanent changes in the way we will live, work and operate our businesses for years to come. Understanding the nature of the potential changes, as well as how they will impact us, and adapting ahead of the herd will allow many to seize new opportunities. Times of fundamental or even radical change are disconcerting — often frightening — for insurance agents. But they are also times of enormous opportunity.
Change is here
Some of these trends were already emerging but developed more quickly due to the pandemic environment in 2020 and 2021. Four areas of significant, permanent change have already begun to impact the insurance-agency business. They are:
- A developing talent crisis;
- Increasing consumer service demands requiring digital tool adoption;
- More permanent low(er) interest rates; and
- The rise of video communication.
As if those pressures weren't enough, inflation, rising interest rates, tax policy changes and increases are also challenging the insurance marketplace and will create new winners and losers as we move through 2022.
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