Brandon Smith’s Journey in the Insurance Industry and Predictions for the Future
In the 5th episode of the Agency Success Podcast, Brandon tells us about how he started working in insurance when he was only 21 years old without knowing anything about the industry. He worked hard on marketing and strategy for an agency and eventually became successful in sales. Brandon also highlights the importance of retention in the industry, and predicts that there will be numerous acquisitions in the coming years.
The conversation then turns to the value of empathy and personal relationships in the insurance industry. Both the hosts and the guest emphasize the need for a claims liaison role that prioritizes emotional support rather than just handling claims. They also discuss the challenge of balancing technology with personal connections, acknowledging that doing right by clients will lead to long-term success through word-of-mouth referrals.
When it comes to technology, the consensus is that it should enhance, not replace, personal connections. Brandon predicts a wave of acquisitions in the next few years due to the loss of independent agencies and aging agency owners without perpetuation plans. He’s not concerned about threats from AI or insuretechs, but emphasizes individual discipline and financial principles as key factors for success.
Towards the end of the episode, Brandon and I discuss the insurance industry and its use of technology, while I expressed skepticism towards the buzzwords surrounding “insure tech” and emphasizing the importance of empathy and relationships in solving problems. Overall, there’s a desire for more unity within the industry.