The February 17 edition of the News of Thompson Insurance world reported the results of a survey of 6,135 consumers in the life and general insurance in 11 countries . They concluded that Canadian consumers were the most loyal group to their current insurance provider and they had the lowest probability to switch suppliers over the next 12 months. After the election, a leading broker was quoted as saying he was "encouraged by the fact that Canadians recognize the importance of having qualified people deal with their insurance."
Although his comments are true to some extent, it is dangerous to read too much into these results.
JP Getty once said, "in times of rapid change, experience could be your worst enemy." as precious as the history and the experience can be even more valuable is. ability to embrace and evolve with the changing trends
In a McKinsey report called "Agents of the future: the evolution of the distribution of general insurance," they say, "the Internet has fundamentally changed consumer behavior and moved their interaction with insurance providers, as well as expectations of quality"
Consider this :. Canadian consumers has not known the huge amount of publicity that will lead them to buy a quick and simple online insurance ON- (eg carriers designed to work directly with customers spend over a billion dollars in advertising to give the perceived direction of the relationship with the consumer.) Keep in mind that Geico is one of the most recognized brands in Canada insurance, Geico but are not sold here. Even in an article published today by the CIP Society, they found that the easy website navigation is a top draw for young insurance buyers; This is a phenomenon that was produced in the UK and elsewhere for some time.
Keep in mind that 71% of consumers use the Internet to research insurance before making a purchase and they are not just research online, they ask for quotes. In addition, JD Power has identified five main ways people interact with the insurance sector:
(1) No interaction
(2) Interaction with the agent only
(3) interaction with agent that uses emerging technology
(4) interaction with an agent that uses the traditional technology
(5) interaction with a non-single agent
When they analyzed the customer satisfaction level five, agents who used emerging technology is the group with the highest satisfaction. Surprised?
Now, because of the extreme popularity of this method of buying insurance in other parts of the world, I think we will see Canadian consumers follow the trend before too long. When trends are ignored, you run the risk of losing ground and brokerages that fail to identify these changes in consumer behavior, do so at their own risk.
previous capacity Soley trust and customer experience serving in recent years will not be enough. Which reminds me of a quote from Lee Iacocca (known for engineering of Ford Mustang and Ford Pinto cars) that 'the consumer does not know yet what they want. "
In terms of qualified people- the broker channel should not be too quick to feel a false sense of security.
the biggest gap for most brokerages is currently a shortage of talent. the talent war is which means successful brokerages must become capable of human resource skills, recruitment, selection, training, coaching and so on. Rogers is not immune either. Throughout brokerages countries struggling with the shortage of qualified staff. and not all brokers will be able to make this transition. Indeed, the number of brokerages that sell to insurers and conglomerates each year is largely a testament to their inability to perpetuate the company internally.
In an exchange of first hand, a broker from a small center said they were forced to use unauthorized personnel because they just could not find the necessary staff licensed. What will brokerages as successful as the survey suggests is adopting new trends and technology early and ensure that the most qualified and the best talent is acquired to service clients.
But as trends in the UK and elsewhere have shown us, loyalty is much less a factor in the future. Customers will move much more easily to the brokerage that does the best job to communicate their value proposition and one that will provide the best value proposition. The future will be very different from the present. current behavior surveys are not much use to predict what the future will be.
Thus, instead of asking: "Are Canadians loyal to the broker channel" We should really ask, "Canadians remain faithful to the broker channel?"
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