InsuranceNewsNet December 11, 2018
By John Pojeta
I recently attended
a conference for Nationwide agents, and the focal point of nearly all
conversations, official and unofficial, was the transition to becoming
independent. In a few months, Nationwide will officially rescind exclusivity
for all advisors and agents, treating every individual in their network as if
they were an independent business.
This is a
significant change for Nationwide and for the industry as a whole. As there is
with any change, there is turmoil.
Although about a
third of advisors (based on my impressions from the conference) are embracing
the new reality and laying the groundwork to capitalize on the opportunity of
going independent, the rest seemed anxious and scared. The market shift toward
the commoditization of consumer auto and home coverage has meant a decline in
revenue for everyone involved. For some stakeholders, Nationwide’s move is a
threat instead of an opportunity.
The stress of the
situation is understandable, but regardless of your perspective on the
situation, the only way forward is to find a way to succeed under the new
conditions. For my part, I see this as a good thing for advisors and agents as
it uncaps growth potential and opens new doors, but you have to push through
the growing pains to get those rewards.
To find new success
in this changing industry, reimagine yourself as the leader of your clients’
success. When home and auto policies are commodities — bought with a few clicks
and processed entirely by computer — the value you bring clients must go
deeper. In practice, you are likely already going beyond the basics of
generating policies, acting as a true advisor for your clients. They come to
you for advice, and you guide them through the difficult decisions in their
lives.
Lean into that
role.
The next generation
of advising will be about more than products and services. What you sell will
always be a factor, but how you sell, and how you approach your engagements
with clients will be the differentiator. Today, leading clients where they need
to go to find success is a necessity.
Too often, however,
advisors and agents do not see themselves as leaders in this way. We liked the
old model of the phone ringing, of customers coming to us ready to buy. In this
new environment, whoever steps out and leads, providing return on investment to
clients and building a larger platform of thought leadership, will close more
business and continue to grow. This is the shift from being a vendor to being a
partner, and partners behave very differently from the classic business model
that many advisors still follow.
If you are facing
this challenge in your own business — directly as a member of the Nationwide
ecosystem or indirectly due to overall industry trends — evaluate your
business. Look for the aspects of your service that are unique to you. Who are
your best clients? How do you help them? How do you make a difference for your
clients beyond the policies you write?
When you look at
your business with that kind of lens, you can uncover opportunities within your
organization that can become the seeds of your future. For those seeds to grow,
you need to lead. You need to lead your clients to their success, and you need
to be a leader in your industry.
John Pojeta is the
vice president of business development at The PT Services Group. He previously
owned and operated an Ameriprise Financial Services franchise for 16 years.
John may be contacted atjohn.pojeta@innfeedback.com.
© Entire contents
copyright 2018 by InsuranceNewsNet.com Inc. All rights reserved. No part of
this article may be reprinted without the expressed written consent from
InsuranceNewsNet.com.
No comments:
Post a Comment