I am often asked about my take on the future of the insurance industry. The industry is not going anywhere, that is for certain. However, I do expect to see a drop in the number of agencies, especially in the independent insurance agency sector, because many will not mold their business practices and processes in time to handle the changes that are taking place. The competition will slowly eat away chunks of their business by simply implementing low-cost or even no cost initiatives, only because they had the foresight to do so.
To be profitable in the insurance business, it is important for property and casualty insurance agencies of all sizes to acknowledge that their success relies heavily on using a suitable insurance agency management system. Insurance agency management software applications have evolved over the last several years and now go well beyond simple policy tracking.