Run Time: 32:58
Agents Can Become “Concierge of Services”
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Agents can't afford to be complacent with their small commercial books, advises Sam Freidman, who leads insurance research at Deloitte's Center for Financial Services. "The small business market appears poised to finally gain traction for those looking to sell coverage direct to consumers, although some of the emerging platforms also are functioning as online MGAs, keeping retail agents in the mix." Deloitte's exploration of the middle-market customer is fascinating, yielding consumer preferences for wanting more from an independent agent than insurance. For the middle market (and even larger small businesses), Sam's research suggests buyers would appreciate insurers and their agents offering a wider array of products than just risk transfer and basic risk management/loss control. To fortify accounts, agents could reposition as a "concierge of services," offering connections to industry-specific business management advice, regulatory compliance, payroll support, business loans, social media marketing, cloud service computing, seminars, webinars, tax prep services, peer-exchange networking, and more. This episode is chock full of research findings on how agents might position commercial lines for growth.
