| PRESIDENT’S PAGE |
The big, bad wolves
Find opportunity instead of fear in facing
the industry’s newest big, bad wolves
SUEANN SCHULTZ
KAIA President
B
y now every agent has seen the Big Bad Wolves
(aka Google, Walmart, Amazon, Zenefits,
etc.) enter into the retail insurance industry.
The question is – are you afraid of the Big
Bad Wolves … or do you see it as an opportunity to
differentiate yourself to your clients and prospects?
In order to not just compete, but to beat the BBW, you
have to understand what they do and, more importantly,
why have they decided to get into our industry.
first, what are they?
• Huge, mass consumer touchpoint vendors (vendors of
products, services and/or information);
• All of them have tremendous capital for investment
growth;
• All of them are constantly innovating and changing in
anticipation of consumer demands (they don’t wait until
the consumer forces change);
• Massive online presence (yet Walmart continues to
evolve their physical presence – how many Walmart Fresh
Market locations have you seen lately);
• Businesses not afraid of the insurance regulatory
environment (Zenefits challenged the Utah insurance
regulation regarding “rebating” by challenging the
Utah legislature as being “hostile to innovation” –
which promptly caused the state legislature to promote
legislation authorizing changing the rebating laws to allow
the Zenefits services);
• Consumer data compilation is a key strategy. They know
more about each online user, their purchasing habits