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Turning Volatile Conditions into a New Golden Age

July 7, 2016  |  Posted by Nick Peterson  |  3490 Views


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Our lives have all been changed by the recent force of the internet. Over the course of the last few years, we have noticed that we can determine whether or not an agency will sink or swim based on one thing- how they relate to the internet.  In other words, does the agency view the internet as a friend or foe?

 This of course isn’t exclusive to agencies. At MacNeill, we are constantly faced with how we are going to make nice with the internet and recreate our online footprint year after year. We are becoming increasingly aware that what we need is to stay afloat of changing market conditions and how they affect us now, because if we don’t, five years from now we won’t be here (along with many other industry staples).  In an article by the New York Times, Ellen Carney, an analyst covering insurance for Forrester Research exclaims,

“There are 40,000 agencies in the U.S., and you could absolutely imagine them shrinking by a quarter, and the ones that are left will deal with more complicated needs and more affluent customers.”

Even with the recent announcement of the end of Google Compare’s auto insurance comparison tool, insurance agents will continue to play an endless game of whack-a-mole with new ones that pop up disguised as something different.  Only Superman can handle this much effort, and the last time we checked, he worked for a newspaper and not an insurance agency.

So what can we do to fix this growing problem? Here are a few ideas:

One of our underwriters recently came across an article written by Fortegra CMO Scott McLaren entitled “How Insurance Agents Can Stay Relevant in an Online World” which walks us through ways to transform the tribulations into successes when dealing with internet business.  For example, making information easily accessible to potential online customers has been proven to positively affect sales.

The majority of millennials value the ability to explore online options when buying insurance and the easier it is for them to process the better. Working with web designers to create a more streamlined appearance can help make a cleaner impression, which can lead to a simpler process for buyers and lightens the work load for an agency.

This can also be reflected in the development of a mobile app.  Investing more focus on website and app appearance with a design team can potentially create an entirely new flow of revenue.

Sometimes, solving the puzzle of what is the best method of communication with customers is the most trying piece.  Fortegra cleanly offers this advice:

“Does your customer prefer email updates or text messages? Cater your communication methods to each of your customers, and don’t be afraid to offer to meet them in the middle for important conversations.”

The positive change is in the little things, the small shifts and details that can build up if gone unnoticed. It is imperative that we remember to stay educated every day by researching the changing platforms available to us. Using social media and online advertising may be a staple of today’s market, but being the first on board of the next train will be the ticket to tomorrow’s business success. We hope to see you there.




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