Did you know that collaboration is one of my favorite activities?
As I mentioned in my earlier posts, I talked about how I was in Michigan speaking at an IAO (independent agency owners) convention. While I was there, I met some amazing young insurance agency owners that give me a great feeling that my industry is not on its deathbed, but that with these rock star owners we may even grow market share!
I got to hang out with these 3 amazing IAO’s – Jason Verlinde from Michigan, Nicholas Ayers from California, and Brandon Smith from Montana. These guys are REAL, they made me love the insurance business even more seeing them in outside their comfort zone, they are so genuinely happy and show it. I spent most of return day doing some one-on-ones with these agents. I came away with some ideas for our business and now that I am waiting for the plane to head back to Boston, I thought that I would put my thoughts to paper.
I started thinking about how many lies I read online about how the independent insurance agency system is broken and that companies like Amazon and Lemonade are coming for us… but I have been hearing these lies for years.
It all started with GEICO, then Google tried selling insurance, but they forget that many consumers still rely on independent insurance agents to shop around for them for the right coverage at the right price. GEICO is still around (although Google got out of the insurance game). GEICO loses almost as much business each year as they write due to their lack of service, or by trying to put aftermarket parts on brand new automobile.
It’s amazing how many times I shook a hand or hugged someone and the person did not ask questions about any insurance-related topics, like:
- How to make their system better
- How I have survived 39 years as an IAO and still LOVE every day
- How they can improve retention, how to connect with today’s consumers and increase sales
- How the generosity leads to reciprocity system works
- What is the best way to be part of their communities
You see, part of what I spoke about at the convention was not being a “secret cell.” Instead, I talked about the importance of getting out of the office, rolling up your sleeves and giving back to your local community. As business owners, it is so easy to give our money to worthy causes, but that is only half of it, we always skip the most important part, which is showing up and helping out. That is where the magic happens – when people meet you and start to know you. Then, when they have a need for insurance you are top of mind because of the interactions you have had in the past.
I’m not saying you need to be out there 24/7, but how can we give thousands of dollars to local worthwhile charities and not show up at any of the events? When you’re surrounded by the people that you are helping with your donation, it’s an automatic connection, right? Those connections are a critical part of running a successful independent insurance agency!
Next week, I will continue to talk about my experiences at the IOA convention, so stay tuned for more information that I hope will help you in your business.
Carlos
