Everyone is talking about the millennial generation. Some research gives millennials a bad rap. Other research suggests they have a strong need to be involved in meaningful work and are very civic-minded. We can all agree that millennials definitely have a great handle on technology! They are notably responsible for many of the apps we have that provide convenience and lower cost compared with the old ways of doing things. Millennials are innovative and challenge the traditional ways of doing business. They go to the web first to research when they have a need. We have seen an uptick in the purchase of home and auto insurance online from web based insurance companies. These companies are reputable companies and are saving clients money. There is still value to doing business with an agent that we fear those transitioning to the online purchase of insurance are missing out on.
What online insurance products can’t provide:
Insurance policies are written to provide coverage for certain product lines and do not typically overlap. Commercial policies don’t cover personal exposures and vice versa. A homeowner’s policy is not written to provide coverage for your vehicle and vice versa. Online insurance products provide great coverage explanations on the product they are selling but lack the ability to advise on adequate coverage and look at your account as a whole. They typically quote the lowest limits available for your state in order to find the cheapest price. Their online forms ask questions but only as pertains to that specific line of business that they sell so they don’t see any other needs you might have.
Many of your local independent agents are more advanced than younger consumers may realize. Most insurance companies now have the ability to do paperless policies, automatic bank draft or online payments. Many agencies also have client portals on their website where clients can submit policy changes, claims and more. Auto insurance companies are starting to adopt usage-based telematics programs that give you a truer rate for your driving habits.
Working with an agent will also allow you to get options that go beyond just price. Sure, we understand that price matters. We also know there is a limit to how and when coverage should be reduced in order to save a dime.
Technology is amazing. At Bradshaw & Weil we know we couldn’t conduct our business without it. We also believe there is something to the human touch and the analytical capabilities of the human brain that allow us to do more than just receive input and generate a number. Working with an agent gives you someone to discuss your need with, ask for advice, and use the recommendations of someone you know and trust to make decisions on your insurance policy.
Give an agent a shot and see how they can put insurance technology to work for you!