BLOG: New trend in competition grows insurance sales

Reality is that insurance is an industry of abundance, not scarcity, writes Lynne Wallace of NDOI.

Insurance News

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Walking across the front of the room, I ask, "If you were passing me on the street, how easy would it be to knock me over?" Eyebrows lift, eyes roll and a general murmur of "Super easy!" floats around the room. Three people join me up front. We link arms. "Now let me ask you the same question. So how easy would it be to knock all four of us over?" The body language in the room shifts to "Oh, I get it. Yes, it would be very difficult."

Unity has tremendous power...a power that the insurance industry, and particularly agents who want exponentially better results, should tap into a lot more. And yet, we often compete as if we were fighting over the last morsel of food on earth, with enemies on every side.

Reality is that insurance is an industry of abundance, not scarcity. The U.S. insurance industry produces well over $1 trillion in net written premiums annually and supports over 2.3 million jobs. There is plenty to go around...and consumers are eager to buy from the best in the industry.

While we may compete "on the court" for prospects and clients, "off court" we are peers who, together, should be the world's thought leader in protection and insurance. Our infighting doesn't help us ward off competitors from outside the industry.

Unity requires two things to ignite success...a common goal and an agreement. Our goal is the quick, easy, accurate delivery of high-integrity, professional insurance and risk management value. Our agreement should include...

1. A High Quality Profile – If "normal" competition is about eliminating competition, NDOI (the insurance version of a food court) is about bringing competitors together. Ten insurance people will satisfy a higher percentage of consumers than a single insurance agent ever could. Those of us who are proud of what we do would like to see better insurance agent profiles...more WOW. Our NDOI profile is our showcase. Browse agent profiles and you'll see who's ready to engage with consumers (all sections populated with excellence) and who's still in "bathrobe and slippers" when it comes to showcasing their expertise.

2. Maturity in Competition – Yes, we do compete, but consider your biggest competitor and then imagine needing to link arms with that competitor, from time to time, in order to grow your own career. How would you handle that relationship? That's the beginning of maturity in competition.

3. Community Expansion – Even if we all sold the exact same insurance policy, consumers do have preferences about whom they would buy it from. They want to compare and shop, or know for sure they are with the right professional. The larger and more diverse the online insurance community, the more likely we are to meet insurance needs...and the more likely people are to visit the community, and find you, when any kind of insurance need comes up.

The professional appearance of every social media profile is important, but in the NDOI community, agent profiles become the face of our industry. Let's blow them away with our professionalism and readiness!

Lynne Wallace is the CEO and president of VANTREO Insurance Brokerage and co-founder of NDOI, the National Directory of Insurance.

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