COVID-19 has impacted the insurance industry, just as it has to most industries worldwide. Unlike many other business sectors, however, the need for insurance never goes away. On both retail and wholesale levels, insurance agencies and brokerages have seen a sharp uptick in interest, both from individuals as well as business owners. Insurance is not an optional coverage. The pandemic has emphasized the need for businesses to protect their livelihood and individuals to safeguard their assets.
How the insurance industry adapted
Fortunately, many insurance agencies quickly adapted to the pandemic, taking it in their stride.
- There were increased potential revenues for property and casualty and health markets during and after the pandemic.
- Many insurers found it easy to switch to remote working locations with the help of video conferencing, email, and telephone operations.
- Historically, the insurance industry has increase share value during an economic crisis, while many other industries saw declines. We can expect a similar outcome from the pandemic.
Opportunities for insurance agencies
With more people remote working and looking to support local businesses, an insurance agency’s online presence has never been more important. This pandemic forced insurance agencies to look at their websites, digital marketing, and content creation to evaluate if they were doing all they could to attract the right business. Content with rich information that consumers need in today’s market helps them to make purchasing decisions.
The pandemic has also inspired businesses and individuals to evaluate their insurance needs to better protect them in the future. Businesses are concerned about interruptions, loss of staff, and challenges of adapting to new services to be able to turn a profit. Individuals may be concerned with existing gaps in their insurance coverages and how best to minimize their risks. Your agency can address these concerns through digital marketing, leading the consumer back to your website.
If you want to get a better insight into where your website and online presence could be maximized for customers throughout these times, we can help. Don’t ever feel alone during these testing times – Get in touch with our team who are happy to help! Contact the professionals at Stratosphere on (818) 338-6700 or by emailing info@joinstratosphere.com to get started.
