“Insurance and Banking Industries”; whither the loan officer and the “Insurance Agent”
We continue our industries review theme with a look at the Insurance (risk management) and Banking (financial service) sectors relative to opportunities for small consulting firms.
As we know we are now engaged in a first for humanity, global struggle, to suppress, then extinguish, the spread of a new viral entity, the Hunan Virus (or coronavirus-19). For both the insurance and banking industries this campaign truly represents a “black swan” event with probable negative impacts of unknown magnitude on major industries within these sectors. That being said, I do think it is safe to say that firms in IMC would not be called upon to consult on how insurers or bankers should handle a crisis of this magnitude.
However, there are forces at work affecting the traditional product-markets these industries produce for that could result in opportunities for smaller consulting firms. Specifically, I am thinking about the decline of the “personal” dimension in doing business in both insurance and banking. What strategy, or strategies, should these firms follow as more of their clients see “on-line” deal making as the preferred way to do business in these industries that are more and more based on a client’s, or prospective client’s, financial and/or health records. Where looks, social standing, GPA, relationship with the loan or insurance rep have little weight in a decision to lend or insure something in any given case. Banks have an added dimension that enters relative to this trend to “on-line’ transactions, and that is what will become of it’s branch network, not to mention human loan officers. I will leave the introductory commentary at this point .
What will be the options, and evolution, of these industries and what role(s) can we play, and with what types of companies? I hope to see and hear from you in this first national, virtual, IMC/abc breakfast. I trust we are all well and corona virus-19 free. I will try and get a handle on how we may best manage the discussion when our breakfast “table” is virtual. This promises to be an interesting discussion, I hope you will be able to join us. Richard
This is one of our three monthly breakfast meetings.
We offer three locations throughout the Greater Chicago Area
First Friday ABC - Northbrook @ Max & Benny's
Second Friday ABC - South Barrington @ Panera in the Arboretum
Third Friday ABC - OakBrook @ Corner Bakery in OakBrook Mall
Our ABC meetings are interactive discussions, so come prepared to participate. Members engage in high level networking with colleagues to perfect our craft and build stronger relationships. We provide insights to help you grow your business and enhance its success. Feel free to invite a guest, especially a prospective IMC member, to attend.
There is no charge to attend our meeting - each person is responsible for the cost of your own breakfast.
Join us virtually at 7:00 a.m. for pre meeting and at 7:30 for the meeting https://www.zoom.us/j/534-649-516