|What differentiates us as an insurance broker from artificial intelligence, bots and online sales platforms, is being more human with our God gifted tools of human intelligence, empathy and experience.
Big data and AI can help us to get more leads and arguably more sales, but they will not help us to retain those clients. Efficient and speedy service and fast product delivery is just one part of the spectrum, which we can master with the support of technology. What we cannot build, is a strong bond and connection with our clients, that can weather the storms of market fluctuations, competition from direct writers and online sellers.
Customers are not loyal to Amazon, or Walmart, they are loyal to their low prices. That’s the mistake we broker usually make, when we try to imitate ourselves on those bulk sale, low priced distribution models. The reason we brokers sustained for so many years and took a major share of the market, was not the low price or volume sales, it was our strong bond and connection with our clients and our communities. That was our secret weapon.
Unfortunately, when we started to imitate the direct writers and call centres and started to rely heavily on data and technology, instead of building meaningful connections with our clients,
That’s when we started to lose ground against the direct writers because they were good at their game. But when we started to play on their turf, and tried to imitate their business model, they beat us hands down and we failed, miserably.
The only way we can win again and start getting our fair share of the market as a broker, is to rely on our secret weapon of building strong, genuine and long-lasting connections with our clients on a human level and stop hiding behind AI, data and technology.
There is no end to this rat race. All these technologies and platforms are easily available for a price, right? Suppose If every broker gets the latest technology platforms, big data and AI then what’s next? Where will we go from there? Who will win this race? Something, to think about, Isn’t it?