I "double-dog" dare you

Created by Chet Gladkowski 14 Jul 2014 @ 14:39
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The ongoing tsunami of self-service insurance permeates every nook and cranny of the insurance media marketplace. Every time I read an article predicting the imminent demise of independent agents, my blood boils at how the self-professed pundits have absolutely no clue about insurance (until they find out that they have no coverage on their house, then all hell breaks loose.)

 

Case in point - here is a ruling about an umbrella policy and the underlying coverage. Please tell me how in the world a non-insurance individual or business owner would have caught this. People are the "secret sauce" when it comes to insurance!

 

http://www.claimsjournal.com/news/southcentral/2014/07/02/251273.htm

Non-Covered Claims May Exhaust Primary Limits, Trigger Umbrella

 

Bottom line – When buying a book, music or a plane ticket, there is very little difference. A book is a book, a CD (as long as it plays) is a CD and seats on a plane are pretty much like all the others. But insurance products are wildly different from each other, and to assume that they are all the same is to either stick your head in the sand or to be so naive as to believe whatever a lizard, store clerk or animated general and his sidekick penguin tell you.

 

Insurance has never been, and will never be a commodity. I double-dog dare you to try.

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I would be careful about assuming that agents will always be needed in the same way they are needed now. Information is so much more readily available, and technology has improved so much, that many of the things agents used to do can now be at least partially automated. At some point we may see the role of the agent become more like the "financial planner" where it is more consultative and proactive, and less process-oriented and reactive.
Agents will always be needed for personal and commercial insurance
Great observations Chet. But I guess in the end, these direct writers are banking on the fact that the current generation wants ease of online use and has no clue about what they might need someday when they have a claim. So they keep gaining market share.