The complexity of insurance policies and the often-deferred, if ever realized, benefit for the end user have traditionally meant that insurance is a product that is sold and not bought. But, as consumer preferences and buying behaviors change, insurance providers must be prepared to move toward a middle ground, aligning distribution strategies to meet the modern customer at the desired point of purchase.

Today, your business is only as good as your customers’ last great experience with you. Business competition has grown from direct competitors to any brand your customer interacts with - regardless of industry or vertical. As soon as your customer has had a wonderful experience at a department store, a restaurant, a bank, or even a grocery store, they will begin to have heightened expectations for all places they choose to spend their time and money. So if you’re an insurer who is not focused on delighting, connecting with, and having more meaningful interactions with consumers, you risk not only lost revenue, but also lost customers.

Last week’s InsureTech Connect was an event almost two years in the making and one that certainly did not disappoint. With more than 5,000 people attending the show, it could easily be referred to as InsureTech REconnect with the number of familiar friendly faces I saw for the first time in way too long. I, of course, also enjoyed getting to see and meet some new ones while there too!

Prior to the COVID-19 pandemic, independent insurance agents were uniquely placed within the market. Amid a surge of companies looking to disrupt the industry with a focus on technological innovation and end-to-end digital accessibility, independent agents catered to a demographic that valued a more personalized approach.

I continue to hear people talk about what the return to normal will look like once the pandemic is behind us. The reality is that as we work to regain our sense of normalcy, our new “normal” will still look very different, and business will be anything but usual. We have all been forced to adapt and change the way we live in order to survive. In the insurance world, independent agents (IAs) took a big hit due to the pandemic and many were compelled to quickly change their entire business structure in order to survive.

As a part of my interview series on the 5 Things you need to know to successfully manage a team, I had the pleasure of interviewing Jean-Marie Lovett.