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When Do InsurTech Companies Start to Make a Profit?

Why are InsurTech companies any different than other businesses?

It’s hard for any business to make a profit in the first two or three years.

That is just one topic that Caribou Honig, the Chairman and Cofounder of HR Transform & InsureTech Connect and Cofounder of boutique VC firm QED Investors and I discuss.

It’s time to quit discussing disruption and start discussing transformation.

Caribou also tells us the two things he would do today if he was an insurance agency business owner.

Let’s go!

Is Insurance Advertising and Marketing enough in 2018?

You can only fool the prospect and client so long before they realize you are just another old-school agency.

As we work hard to create the customer experience that the customer of today demands we are cutting the process short and the customer are realizing it.

We are the bodybuilder who only works his or her upper body and neglects the rest. In 2018 and beyond that is not going to enough.

So what is enough? What is the rest of the insurance business body? Let’s find out.

Old School Selling: The Problem Forcing Every Sale

Maybe us new agents just don’t have the same killer instinct as generations past.

However, the idea of trying to sell every prospect every last policy is a tactic that is unwelcomed by today’s consumer.

It’s like if you walked into a mattress store and they tried to sell you a new recliner after they we’re unable to find the bed you liked or needed.

Instead, it’s your job to try and earn every sales opportunity you get. With that comes the responsibly to introduce other lines of business that make sense and you enjoy selling.

That’s what Joey talks with Michelle Mosher of Southshore Insurance about her discomfort making the transition to different sales, specifically life and health insurance.

Listen to Insurance in Your Words with Joey Giangola Bellow…