These Are Confusing Times.

• Author: Deapo, Jamie
• Position: ON THE LEVEL

The insurance industry has gone crazy! What was once a conservative, well organized method for protecting people, their belongings and their business has exploded. A marketplace full of direct to consumer coverage, peer to peer insurance, marketing based on buying preference and 24/7 customer service using chatbots is reality. Technological support for the insurance process has exploded and artificial intelligence is rumored to replace real people in most of the process going forward. Consumers, especially younger ones, are attracted to buying protection where it's convenient and cheap without concern to the level of protection they buy and whether it will protect them should something happen.

If you're an independent insurance agent and this stuff isn't keeping you up at night, then you're either on the edge of selling your agency or you have your head stuck in the sand. These are tumultuous times!

As I travel around and speak with various agents, the level of concern and reaction to what is going on goes from oblivious to fully engaged in dealing with today's marketplace and what the future will bring. I have to say there are probably more leaning toward oblivious and shell-shocked about what is going on than there are those making the necessary changes to stay relevant and compete in today's world and beyond.

Read any insurance article or listen to any speaker and you're going to hear the times are changing and you need to get on the bus or be left behind. I spend a fair amount of time reading or watching videos, most made by young people a third to half my age, talking about how to effectively operate an agency and sell insurance protection to today's consumer. Social media, digital marketing, mobile apps, data analytics, video marketing and customer experience are the buzzwords of the day.

If you're an average agency, trying to help people buy adequate protection and assist them with a claim and grow your agency, this is the stuff that nightmares are made of. You're probably asking yourself how can I afford all of this, how will I train my staff to use it and if I don't do it how long before I go out of business.

Well the good news is relax, take a breath and remember how to eat an elephant sandwich, one bite at a time. That doesn't mean sit back and do nothing. You're going to have to assess where you're at and make a game plan to move forward and start the process of change. Like any good plan you should attack the weakest part of...