The insurance industry is changing…rapidly. Technology, consumer expectations and increased competition from “disrupters” is driving all of us to step back and ensure our strategy will position us for success.
The Massachusetts Association of Insurance Agents (MAIA) is doing the same by engaging our Board of Directors and more than 1,200 members to examine what the future will look like for the independent agent, the insurance industry and our association. Insurtech will play a role considering the billions of dollars being invested in the development of promising technology.
One-click purchase models, on-demand service and everything “easy” about the internet and mobile technology has changed consumer expectations. Quite simply, companies like Amazon have raised the bar in terms of what consumers expect in a purchase transaction.
The Independent Insurance Agent’s value proposition continues to be highly valued by Massachusetts consumers
Technology will continue to be integral to the way that consumers purchase insurance. However, we also know that today’s consumers (including millennials) still prefer to purchase insurance from real people – and that relationships still matter a great deal.
The Independent Insurance Agent’s value proposition continues to be highly valued by Massachusetts consumers. Having said that, our members and our association must continue to evolve to meet the digital realities of today. We need to strengthen our ability to interact with consumers on their terms through digital mediums – while still providing personalized solutions, a local presence and the community involvement that our customers value as well. MAIA is working hard, along with our carrier partners to support our members in this evolution.
This fall, we will be launching a new consumer advertising campaign; Live BOLDLY. Prepare Accordingly., which delivers a strong message about why doing business with a local independent insurance agent is a smart choice. Advertisements will be featured on key digital properties and will drive consumers to MAIA members that can meet their specific needs in their local communities.
We believe that this effort helps connect our members to consumers in a new way. In addition, we are completely redesigning our website in an effort to better serve our members; making it easier for them to manage and access our products and services. Our new app will launch later this month providing an additional tool for our members and “Big Event” participants to take advantage of.
It’s clear that insurtech is at the forefront of changes in the industry. We believe that MAIA is in a strong position to help shape this evolution as we continue to work towards our mission of strengthening and elevating the independent agency channel.
More about the author
Nick Fyntrilakis is the President and CEO of the Massachusetts Association of Insurance Agents.