Brokers need stronger Web presence: incoming IBAO president

Insurance brokers need to adopt a much stronger Web presence, IBAO incoming president Bryan Yetman said in a speech to the IBAO’s 89th annual convention held in Toronto.
As the Internet increasingly becomes the dominant mode of communication for consumers, brokers need to adapt their business strategies to take advantage of this trend, said Yetman. And they don’t have very long to do it.
“Research suggests that whatever it is we do, we have less than a two-year window to develop and deliver a strategy,” he said. “If we stand still, time will pass us by [and], as we know from other industries, those that adhere to the status quo get left behind.”
Yetman said he believes the use of the Web, which is said to encourage a direct link between a consumer and a producer, is in fact compatible with the business model of the broker channel.
“Many profess that the Internet is eliminating the need for the intermediary,” said Yetman. “I, on the other hand, would argue exactly the opposite…
“You see, the problem with information on the Internet is that there is simply too much of it. More often than not, consumers searching for answers are often left more confused and/or misinformed than when they began.
“If anything, the Internet has created a much larger demand for the intermediary.”
This dovetails nicely with the advice-based aspect of the broker business model, Yetman observed. “With so much out there to decipher, trends show that consumers continue to crave advice-based answers to their inquiries.”
The broker’s opportunity to engage the Web lies in his or her ability to “wade through the myriad of information, validate it and present it to [consumers] in a manner they can understand.”