How Can We Make Insurance Sexy?
Forbes recently published an article on tips to make an “ugly” business sexy. I doubt our industry will ever be described as “sexy,” but a little makeover can’t hurt.
I doubt anyone would put “insurance agent” on a list of sexy jobs. Remember Ned Ryerson from “Groundhog Day.” Or more recently, Ed Helms, who stars in “Cedar Rapids” as Tim Lippe, the lowly insurance guy who secretly hates his life. Or just the general overall lack of understanding on what the insurance, employee benefits consulting and risk management industry actually does and the complexity and importance of the product.
INSURANCE DISTRIBUTION IS A VICTIM OF THE WORDS “INSURANCE” AND “AGENT.”
What’s ironic is that the perception of our industry couldn’t be more wrong. In our opinion, this is a great industry and should be more marketable to top professionals, younger talent entering the workforce and ultimately be seen as an attractive career.
Many of our clients offer uncapped income for sales performance, residual commissions, competitive pay for service and support people, career pathing, and work in an industry where their role for a client, when it matters most, matters the most. What’s not sexy about that?
With complex products, worldwide demand, a great opportunity to build wealth and a work life balance, insurance distribution may be the sexist industry that no one knows about.
Why is this industry so misunderstood?
Well for starters, many firms have not focused any effort on trying to fix the problem at the local level. Many firms have been ok with the status quo and, for the most part, have not dedicated the intentionality needed to change the plaid suit brand that surrounds this industry. But, with an expected talent supply issue and younger people using Google as the benchmark for “what’s an attractive company to work for” we feel it’s time to spend the time and money on “insurance sexiness.”
Here are a few tips on how we believe you can try and make our industry better looking:
It’s hard to be impressive when you are a generalist.
Take a step back and look at your company. What if you ran a list of all of your customers and only focused on selling and servicing three industries. How much more effective could your sales team be in targeted prospecting? How much more effective would your staff be in understanding the risk associated with those industries? How much more focused would your hiring efforts be? How much more expertise could you bring to your customers?
2. Establish a Competitive Advantage
This industry is full of copy cats and poorly executed client retention plans.
How do you establish a product, process or service that NO OTHER FIRM in the industry can provide? How much time do you actually spend on this? Think about your most important customers and spend a day every quarter brainstorming about what they need that no one is providing them, insurance related or not.
3. Don't be Afraid to Disrupt
In this industry, something as simple as having well-used, well established technology can be enough to disrupt the status quo.
I can’t compare our clients to retailers or manufacturing or construction businesses, but my gut tells me that few firms are really willing to take disruptive risk. What are you doing that is completely different than the broker down the street?
4. Tim Gunn Time?
When is the last time you completely made over your office space and connected it to a corporate rebranding initiative?
We believe the look, feel, layout, color scheme, and design of your office and brand should be on your list of priorities as you look to acquire talent.
Specifically designed for the insurance industry, RevGen is a comprehensive training program designed to help new producers build a sustainable sales process. After kicking off the program with a two-day learning seminar, we continue the relationship with the producer, along with the mentor, to ensure results.