Agents young and old can benefit from bridging the age gap

When many young insurance agents first start working in the insurance industry, they believe success is about making money. While they may focus on developing strategies to reach out to clients, they often do so with the goal to close deals. But more experienced agents will attest that insurance is a people business.

In fact, success in the insurance industry is not about the transaction, but about people. Once an agent has completed a transaction, he or she needs a relationship with clients to make sure the transactions occur over and over.

Once the agent establishes those relationships, then those clients will refer the agent to other clients and help him or her to build a career on serving clients. If agents can do all that, the money will follow. And more importantly, a sense of professional accomplishment also will follow.

Despite the terms independent insurance agency, the insurance industry is much larger than one person. It is an industry filled with professionals who are conversant in a variety of subjects, not just insurance. And by interacting with these professionals — through associations, events, educational seminars, networking events, etc. — agents can learn about the business in a completely different way, one that is broader and more contextual than the transaction alone.

For example, the Insurance Brokers and Agents of the West’s Young Brokers and Agents Committee recently hosted its first annual Political Summit in Sacramento to introduce and educate young agents to the legislative process. In addition to creating an opportunity for young agents to network with others agents from around the state, the event gave agents a better understanding of how legislative issues affect insurance coverages and interactions with customers.

When agents expose themselves to other individuals and new topics, they can develop a more sophisticated approach to working with clients.

Clients will notice. People will be impressed with that agent’s level of understanding of the issues facing their businesses and appreciate that the agent is not just trying to sell them a product.

Some people may think it takes years to gather enough experience to understand each client’s business challenges and to develop such relationships. Yet that is not necessarily the case. Agents continually evolve professionally by being exposed to fellow professionals.

Younger individuals, for example, typically know how to employ generational marketing to reach clients. Young people want to get information from the Internet and judge a person by their technological savvy. They want to make their own decisions. Often older, less technologically inclined agents can learn these skills from younger agents.

On the other hand, slightly older clients in their 30s to 50s want to make a personal connection. They want to know their insurance agent and know that their agent knows them and understands their business needs. They trust their professional to help them make decisions. Inexperienced agents can learn to do this as well — with the right guidance.

Developing younger talent is essential to the future of the industry for so many reasons beyond the basic notion of perpetuation. Young agents add energy and new ideas to mix. But more importantly, the information exchange between generations is as beneficial as the solutions that might be generated. Input from young insurance agents is important in identifying, planning and preparing for new technology and evolving processes of conducting business.

YBA’s annual conference provides a forum for networking among young agents and is designed to help inexperienced agents grow professionally. The event includes a Professional Development Track that will run concurrently with the Continuing Education Track, which cover the principles of a successful professional insurance career.

A few of the principles of a successful career are:

• Communication — ask, listen and learn;
• Character — do what you say and deliver on time;
• Competence – know your products and how they benefit a client; and
• Relationships — honor each individual in the process.

The YBA conference training also consists of a three-year curriculum at the end of which participants will be awarded a Certificate of Producer Training.

Young or old, encouraging independent agents to get involved in identifying, planning and preparing for the ever evolving processes of conducting business is a great service to the insurance industry. But especially for inexperienced agents, getting involved in the insurance industry is a wonderful way to gain experience and form professional relationships that lead to becoming better insurance professionals.

It is the industry’s duty — both young and old members — to show up and do their part.

Melissa Phillipp is with Insurance West Corp. and committee chair of the Young Brokers and Agents Committee. IBA West’s Young Brokers and Agents Conference will be held June 7-9, at the Marriott Resort and Spa in Napa, Calif. For more information, visit www.ybac.net.