The Future of Insurance Agents?

[escobar04]

I just have one question!

From what you guys know, what is the future of insurance agents?

As the new generation uses on-line services much more than the current generation.

I have a few friends in their 20s that never used an insurance agent, they just signed up on-line



What do you guys see will happen in 15-20 years when more and more people use on-line services.

Will insurance agents slowly phase out?

Thoughts?

 

[COInsguy]

I just have one question!

From what you guys know, what is the future of insurance agents?

As the new generation uses on-line services much more than the current generation.

I have a few friends in their 20s that never used an insurance agent, they just signed up on-line



What do you guys see will happen in 15-20 years when more and more people use on-line services.

Will insurance agents slowly phase out?

Thoughts?

Travel agents died by way of internet. Health Insurance agents generally speaking will die by way of Obama .

The internet will never have a large effect on Insurance agents as far as actually taking the applications. Very few people complete an application online. If the whole 20 something crowd bought everything on line most agents would not miss them.

Since I am in that demographic I get plenty of business from people I know. You have to be able to understand the language that it's written in to buy it online. Car/home is one thing. The rest of insurance is foreign to most folks.

 

[somarco]

GEICO started selling direct over 30 years ago. That model works to an extent but has not completely replaced the independent agent.

Online agency's such as eHealth do well too, but that has not replaced the agent.

If someone wants to deal with a home office direct, or an online agent and the rep of the day that answers the phone, that is their prerogative. Doesn't mean the independent agent is gone.

Amazon has not eliminated book stores but it has had an impact. Music downloads and Kindle's have not replaced CD's or books.

40 years from now we may all live like the Jetson's (Google that if it doesn't mean anything to you) but I doubt it.

 

[escobar04]

Travel agents died by way of internet. Health Insurance agents generally speaking will die by way of Obama .

The internet will never have a large effect on Insurance agents as far as actually taking the applications. Very few people complete an application online. If the whole 20 something crowd bought everything on line most agents would miss them.

Since I am in that demographic I get plenty of business from people I know. You have to be able to understand the language that it's written in to buy it online. Car/home is one thing. The rest of insurance is foreign to most folks.

well, thats what I was trying to say, as the new generation grows older and most of them use on-line services, wouldn't new insurance agents take a hit and lose business?

seeing as to how all the kids now use facebook, and more and more people shop on-line (including me) and the entire world is going digital, dont you think that the services that insurance agents provide will slowly phase out?

 

[CaptiveGuy]

Some P&C companies only sell through agents and I could never imagine being able to buy life insurance online. There will always be clients who actually care about their coverage and having a relationship with a professional.

 

[escobar04]

GEICO started selling direct over 30 years ago. That model works to an extent but has not completely replaced the independent agent.

Online agency's such as eHealth do well too, but that has not replaced the agent.

If someone wants to deal with a home office direct, or an online agent and the rep of the day that answers the phone, that is their prerogative. Doesn't mean the independent agent is gone.

Amazon has not eliminated book stores but it has had an impact. Music downloads and Kindle's have not replaced CD's or books.

40 years from now we may all live like the Jetson's (Google that if it doesn't mean anything to you) but I doubt it.

Some P&C companies only sell through agents and I could never imagine being able to buy life insurance online. There will always be clients who actually care about their coverage and having a relationship with a professional.

Ok, you guys make some valid points

I was just thinking, every kid nowaday has a facebook profile, more and more people shop on-line

it's understandable that my 50+ yo parents have an agent and they dont really use internet services but non of my younger friends do

as younger people mature, will they need an agent? Or will they just sign up on-line.

thanks for the replies! Im considering getting into the industry but I would like to know more of the future of a brand new agent



p.s. Jetsons are on Boomerang Network every night!

 

[escobar04]

any more input?

 

[CHUMPS FROM OXFORD]

The strong will survive as in any profession (except travel agents and Cincinnati Bengals coaches).

 

[VolAgent]

Even if auto, home and term life all go to the internet, commercial and large premium life never will. They are too complicated, and when you pay 5, 6 or even 7 figure premiums, you tend to want one person to deal with.

 

[Norwayguy]

Lets think about this for a minute...You have a job, a family a life and you think people will want to learn everything there is to Insurance/Investing/Real Estate/Law etc or do you think they will want to deal with a professional in those areas....Yes many people buy car insurance online...how many do you think really understand exactly what they have...

Now lets think of Life Insurance for just a second...Most people do not wake up and say I want to buy life insurance, this is a product that needs to be sold. Term prices are cheaper than they have ever been and its easier than ever to get through underwriting however compare that to the fact that life insurance ownership is at a 50 year low.