The digital age insurance agent ?

Let’s face it, technology isn’t going to disappear, ever. In fact, it is going to be more and more a part of what we do and how we live. The Internet has transformed consumer-buying patterns all over the world. So those who are still doing business the same way they did 10 years ago NEED to adapt. Or risk closing shop. The following are the factors responsible for the change. These factor are impacting you today as an insurance agent, with or without you realizing.

Consumer buying pattern has greatly been transformed by technology. Are insurance agents ready to face this change?

1. Reviews

Today, customers are doing their own researches independently online with the availability of online customer reviews. The modern consumers do not depend on salespeople to introduce and sell a product or service. Various studies have concluded that the millennials (those born between 1982 and 2002) have very little trust in others. They don’t need sales people giving them information which they can get online. In fact, 88% of consumers trust online reviews as much as a personal recommendation, according to a survey by BrightLocal,

2. Social media

Social media such as Facebook and Instagram have become a powerful and essential marketing tool today. Compelling messages and posts that have taken over the more traditional advertisement, encourage their followers and fans to share their content. Potentially acquiring more followers and customers. It’s like the modern day ‘word-of-mouth’, only done digitally and with much wider reach (think WORLD WIDE web) and at a faster pace. A report done by The McCarthy Group found that 84% of millennials do not like or trust advertisements. While Deloitte found that 47% of millennials are influenced in their purchases by social media.

3. Search engines

The reason why the internet has become such an effective way to shop and gather information is the fact that it is convenient and fast. Everything we need is just a search and a click away. Having search engines like Google.com providing the recommended results at the top of the screen, we really don’t need to look much further than that. However, with over a billion websites on the internet, the real struggle is how to compete for the top spots on the first page.

4. One-Stop portals

With the “all under one roof” online retailers, what used to be a whole day of shopping for the right birthday gift now takes a few minutes. Everything can be found online, from books to cosmetics, hotel and airline bookings to banking services. The insurance industry is no different. Insurance companies have started to sell insurance online directly to consumers. Agents are being replaced by web robots and AI (Artificial Intelligence). The FinTech revolution is disrupting the way the insurance industry operate. In fact, according to World Economic Forum (page 14), the greatest impact of disruption is likely to be felt in the insurance sector. Malaysia is no different. In 2017 the car insurance industry will undergo a huge transformation and will be greatly impacted by the implementation of Motor Detariffication.

Critical questions to ask

So how does this affect the insurance industry and specifically the Malaysian Insurance Agent? Let’s see what we have learned and what are the questions insurance agents should be asking:

1. Reviews

• The new consumers can independently research for product information
• Customers relies on online reviews to help with purchase decision

Questions:

How will insurance agents fit into this new “internet-of-things”?

How can an insurance agent be independently researched?

2. Social media

• Businesses recognize the significance of social media and are constantly building a strong online, specifically social media presence
• Millennials don’t trust advertisements but instead are influenced by social media in their purchasing decisionsQuestions: How can social media help the individual insurance agent market their service? Are insurance agents using social media EFFECTIVELY to market themselves?

3. Search engines

• The internet is the fast way to obtain information about product or service desired
• With the availability of search engines’ recommended sites, customers usually get what they search within seconds.

Questions:

With big companies capitalizing on SEO through expensive internet marketing, what are the chances of the individual agents having a strong online presence?

What can an insurance agent do to appear at the top of the page?

4. One-Stop portals and Direct Insurance Companies

• The all-under-one-roof type of shopping has become an important part of consumers’ buying habit where speed and convenience are a priority.
• With the Fintech revolution, independent companies have emerged and are transforming the finance & insurance industry in Malaysia. These platforms offer consumer a quicker and convenient way to compare insurance and financial products.

Questions:

What will be the roles of the insurance agents?

How can insurance agents strive and thrive in this new digital age?

The New Insurance Agent 2.0

So have you thought about how you can thrive in this digital age? We can help. Here’s how:

iBanding has created a directory specifically for certified Malaysian insurance and takaful agents. It is all the above mentioned criterion rolled into one. It offers customers a platform to rate and review the agents, akin to that of Agoda.com and Amazon.com, where actual customers are able rate the service of a provider. Thus catering to the modern consumer’s need of a reliable review system.

Promoting Excellence

iBanding is continuously building its social media presence with regular news updates and articles. Periodically, we highlight outstanding agents who have achieved excellent customer review in our Agent Spotlight segment. Here, we conduct interviews with the agents and share on all our social media pages. This provides an excellent opportunity for the agent to increase their own internet presence via Facebook, Twitter and Instagram through our followers.

Search Engines

iBanding ranks highly on Google for many major keywords. We are currently ranked number one for “Malaysian insurance agent directory” (30/12/2016). This allows the Malaysian consumer a quick access to a list of agents in Malaysia. With over 120,000 insurance agents in Malaysia (Source: PIAM & LIAM) it is hard to be at the top on Google. However, with the agent directory is solution for you to be at the first page for customers that matter to you. This is possible with search function that allows prospects to locate an agent closest to them.

The insurance agent directory is also helpful for agents who want to improve their own webpage for Search Engines. When you sign-up, you can provide a link to your own webpage and Facebook page and get a valuable “Back-Link” from our site that will improve the ranking of your webpages.

A Comprehensive Listing

This directory contains a list of agents in Malaysia. It includes conventional insurance and takaful agents. Life as well general insurance agents. This “all under one roof” solution offers consumer the convenience, when choosing the right insurance company, product and agent for them. 

The Digital Age Insurance Agent

We at iBanding help and support the traditional Malaysian Insurance Agent from 1.0 to enter the Digital Age to become the Insurance Agent 2.0. If you want to know more contact us at agent@ibanding.com.

Don’t forget to sign-up on the directory and start your journey into the Digital Age by becoming the new Insurance Agent 2.0. Registration is free.

Click here to sign up.