In my opinion, an opinion that can change, I believe that insurance agents will be out-moded, eventually.
I believe that P&C agents are nearer to extinction on the list, but Life and Annuity agents are far from done. By the time they are gone, the world will be three currencies beyond bitcoin.
For fun, let's examine how a world without agents would look.
---There would be no agents making cold calls, handing out business cards, or convincing their friends to do the right thing by protecting their family.
---There would be no licensing centers and no exam studying or continued education.
---There would also be no E&O or "human capital" leads, like mailers, door hangers, and seminars. Nope
, the world without agents will essentially be made up of two things, advertising and Google.
Advertising seems to only work on football games, where people want to know the results in real-time but can't fast-forward through the commercials. As much as Sirius/XM wished it, I don't think the days of radio are coming back.
Now that being said, advertising is like a cockroach that can adapt and survive, and there will always be a way to get your brand in front of a consumer, think of the Jetsons.The real winner is Google.
Think about it, what do you do when your 12-year-old son asks you "what is the population of Egypt?"? You ask Google (or Siri) and get the answer.
If we apply the same thought to insurance, then you are seeing how a world of insurance will be driven by searches.
Is this all bad? I have plenty of arguments why it's not, but I also have some interesting thoughts on why it IS bad.
First, if Google was the gatekeeper and PPC was the key master (yup, a Ghostbusters reference), then they would essentially have a monopoly on insurance. At least an oligopoly. This would allow Google to drive up the price for PPC and then all our insurance premiums would rise.
Perhaps a little dramatic, but it makes you think.We better check how much we have in savings and put it all on Google.
When the NAIC becomes the GAIC we will be able to retire and hang up our license :)
I welcome your thoughts.