There are many factors why agents today need to evolve and change with the times. Considerations such as the struggle for survival, pressure to reduce cost, increasing regulatory requirements and rising customers' expectations are but a few that are urging strongly for the need to evolve. Jeanette Lim, Regional Head, Agency Development & Incentives, Chubb Asia Pacific, shares what's needed to equip agents for the future.
In the insurance chain of functions, we have already seen many areas that have been influenced by the use of digital technology, be it purchase of insurance through mobile apps, predictive analysis through marketing and communications, virtual customer advisory interactions or automated claims submissions and processing.
With the tools available for the analysis of lifestyle and behavioural data, insurers today can provide protection, anticipate events, and tailor sales propositions for customers’ specific needs and wants. Examples include use of car telematics for differentiated premium pricing, fitness trackers for lifestyle risk indicators and, in some countries, crime rates and flood indicators also used in the determining of insurance premium as well.
Equipping agents with digital skills
With all these changes that are happening today, it is important that the agents are equipped with digital skills and capability to deliver value-added services that can complement the digital distribution channel.
One of the challenges agents are facing is making sure that they are aware of technology advances that are occurring in the industry, not just in Singapore but across the region and the world.
That is why education is a key priority, where training and development activities need to go beyond passing the compulsory regulatory examinations to areas of sales management, personal effectiveness and the embracement of digital in the day to day of an agent’s work.
Commonly used terms such as IoT, big data analytics, artificial intelligence, blockchain, digital marketing, telematics, omni-channel, virtual reality and predictive analysis should be concepts that agents are aware of in its general principles and applications.
We have always heard about “first mover advantage” and today, it is not just the first mover who has the advantage but also the early adopters and fast followers who are reaping the harvest.
The insurance industry has progressed tremendously in recent decades and real-time processing is at the door. Even though agents are provided with web access to real time key information which would benefit them, the full potential and power is not yet understood and realised by many.
Agent of the future
As we prepare ourselves for the future, I want to share 3 principles that we can apply in our lives:
- Do not be afraid to change
- Redesigning way of things
- Bold vision and practical steps
And as I envision, the insurance agent of the future will be one who always has a mindset prepared for change and innovation, be quick in adapting to the latest in the market, focuses on high value and high touch relationship, be well-versed in customised products/services to suit the customers’ evolving needs and to take advantage of the digital capabilities to access real time key information to facilitate their business interactions with their customers.
In closing, here is a quote worth sharing:
“We need to shape a future that works for all of us by putting people first and empowering them. In its most pessimistic, dehumanized form, the fourth industrial revolution may indeed have the potential to ‘robotize’ humanity and thus deprive us of our heart and soul. But as a complement to the best parts of human nature – creativity, empathy, stewardship can lift humanity into a new collective and moral consciousness based on a shared sense of destiny. It is incumbent on us all to make sure the latter prevails.” - Klaus Schwab, Founder and Executive Chairman of the World Economic Forum
Jeanette Lim, who is also President of Singapore Insurance Institute (SII), is on the judging panel of the 3rd Asia Trusted Life Agents & Advisers Awards. Nominations close on 28 Feb. Submit your entries now!