In 2015, CEO of Lemonade Insurance, Daniel Schreiber, set the insurance industry in his sights, calling it ‘massive,’ ‘unspoiled by innovation,’ and ‘begging for a makeover.’ Then in 2020, we see how the industry has metamorphized.
Today, insurance is still huge and mostly unloved, but after $15B of venture investment over the past five years, it’s safe to assume that Schrieber’s vision of a makeover is coming to fruition.
Recently, I have spoken with agency owners and apparently, they are fully aware that their marketplace is currently undergoing massive changes. They see millennials shunning roles within the industry, just as the buying behavior of their customer base has significantly changed. They see smaller agencies producing more revenue than they should, and there is a considerable inflow of billions of dollars in venture funding. Many owners now see the agency down the street ranking for the search terms they did last year. Heck, some of them even sit on the sidelines and watch while their own carriers expand their digital footprint into their marketplaces.
For some agencies, fear has driven them to take retention-first strategies – an approach that keeps them playing defensively. Even some agencies that have built robust books have rested on their laurels or become dependent on referrals. They’ve either ignored to invest in their marketing or consider it an extra expense.
In any case, agencies from both camps recognize that there’s a big change looming on the horizon. Agents are beginning to understand that the rules are no longer the same. The internet has opened all borders, freeing your agency to do business anywhere and to hire the best talents from around the world.
On the other hand, automation has significantly reduced the amount of redundant and time-consuming tasks staff must undertake. The current digital trend has an impact on the long-term growth of your agency, whether as an owner looking to sell or perpetuate or a managing owner with over five years in the industry. Ultimately, the effects will be felt on your final selling price.
Despite all of these encroaching threats to your clients, some agencies aren’t concerned. According to expert Michael Jans, these insurance agencies have virtual monopolies, are resistant to external threats, and deliver a meaningful, delightful conversation with their marketplace and their customer base that they essentially don’t have competitors.
I get it; most insurance agents and agency owners just want to focus on selling more insurance instead of being techies. But here’s an interesting stat; an estimated 56% of insurance agencies are reportedly looking to hire digital marketers. These agencies are the winners in the fields of marketing and innovation. They build marketing funnels in-house or with the help of external digital marketing experts. They are constantly using technology to find their ideal customers and deepen relationships. These decisions help to build virtual monopolies because they create a customer experience that simply isn’t worth leaving.
Meet the Founder
Hi, my name is Camille, and I’m the founder of Insurance Funnels, an online funnel agency for insurance agents. You might have read my first book, “The Digital Insurance Agent,” or maybe you’ve seen some of my marketing articles posted on Independent Agent Magazine. Before launching Insurance Funnels, I built digital marketing strategies for large companies as a Googler and ran a Google Partner AdWords agency specializing in insurance.
For the past five years, I’ve been dead set on helping insurance agencies use Google and the power of digital marketing to convert internet traffic into new customers. Today, my mission with Insurance Funnels is simple and twofold. First, to directly help 100 innovative agencies get to the next level with insurance funnels; and secondly, to teach 10,000 insurance agents how to create their own funnels so they can quickly and profitably build their agencies.
Who’s This Blog For?
Agents that will get the most value from this blog are tech-forward agents who are digital-first in their marketing strategy. These agents want to learn how to:
- Find, attract, and convert their ideal customers through online channels
- Build personal and commercial insurance funnels, and
- Utilize data to improve and optimize their online marketing
Why Should You Read?
The purpose of this blog will be to share all the strategies that I’ve learned from working with Google, as well as some of the frameworks currently working in the marketplace with my clients right now. I will share my research and industry insights, in-depth tutorials, and walkthroughs. Occasionally, I will highlight the winning digital strategies of my clients and other leading insurance agencies.
My ultimate goal for this blog is to discover how insurance agencies can aggressively market their insurance services online. They will learn how to profitably compete against the industry titans, even if they don’t have millions of dollars in their advertising budgets. This blog will uncover the secrets to effectively do this over the next few years.
My strategy for helping agents is to consistently offer value through these blogs and provide DIY resources for agents. It involves working directly with a coalition of tech-forward agents who will come together to discuss their strategies and tactics. My method entails directly stepping in to implement complex funnel systems for my partner agencies. I will also share content such as case studies, industry interviews, research reports, and how-to-guides.
Want to stay up to date with the latest content? Make sure to subscribe to our list, and you’ll never miss a post!
What To Do Next?
Are you interested in selling more insurance online? Do you want to learn the step-by-step framework to build a profitable insurance funnel? Click the link below to get instant access to the Insurance Funnels Blueprint.
Remember, even if the channel you’re considering is all the rage right now, it might not fit your brand. Always make informed decisions that directly relate to your company. Otherwise, your message won’t be delivered to your intended audience, and you’ll have wasted time, effort, and money.