Should Independent Insurance Brokers have a Record Store Day?

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Saturday, April 22, is Record Store Day. For you non-hipsters like me, allow me to explain. It is an annual event held each April to celebrate the longevity of the independent record store.

Independent record stores, like independent insurance brokers have dwindled in numbers over the years. Yet, many remain despite recessions and the fast-paced evolution of technology.

Here’s a few reasons why:

1. Loyal customers.

One thing all record collectors agree on is that every record store has a personality – its own groove (no pun). Typically, the store is specialized and carries a large selection of a specific genre like classic rock. The management and employees are experts in their genre and gladly make suggestions and offer advice.

The same applies to the friendly neighbourhood independent insurance broker. You’ve developed a solid, loyal client base over the years because you serve and support the community and are experts when it comes to writing classes of business applicable to your region.

2. The physical versus digital debate.RecordStoreDay.jpg

Audiophiles the world over insist analog music recorded on vinyl is superior for a variety of reasons, which we won’t debate here. For others, it’s the satisfaction of owning a ‘physical’ version of the music. You can’t hold songs downloaded from iTunes in your hand or truly appreciate the album cover art.

Even though there’s been a resurgence in vinyl, I have yet to hear of a nostalgic return to yellowed, sticky fax paper where the words eventually disintegrate. Insurance brokers and insurers are relying less on actual paper; even CSIO is working on electronic liability pink slips.

That leads me to the question, “are insureds sentimental towards paper policies?” I’d say probably not. It’s not like they wind-down with a glass of wine on Friday night and read wordings aloud. Or do they?

3. Entrepreneurial spirit.

There are challenges businesses of every size face like hiring the right people, building a brand and making a profit. Be that as it may, there are several benefits to operating an independent business like:

  • Being your own boss. No one is going to dictate your location, its size and what products you sell.
  • Being the big fish in the small pond. You get to see first-hand the impact your business has on the local economy.
  • Doing something you like. Almost all independent business owners do what they do because they enjoy it, but more importantly, they enjoy helping people.

While we wait for Independent Insurance Broker Day to become reality (we’re in for a long wait), I recommend downloading our free eBook, 5 Trends Shaping Broker Strategies in Commercial Insurance to pass the time. In it, we discuss how evolving consumer expectations, heightened competition and consolidation are reshaping the independent broker’s role in the modern business insurance marketplace.

And while you’re enjoying your eBook, there’s nothing better than listening to some background music purchased from your local independent record store.

Topics: Workflow, Marketing