For decades, agents and brokers have used a personalized sales approach. They contain a wealth of information about products, markets, and prices. However, as IoT, big data, and analytics took center stage, it became critical for agents and brokers to remain relevant. Mobile customers, backed up by mobile workforces, pose existential threats to agents and brokers. Many people may be wondering if this is the end of the road for brokers and agents.
Financial services executives may think about eliminating the role of agents in attracting new prospects with lower premiums or discounts. But wait a little longer before sending the execution order because they still have the firepower. It is necessary to conduct focused research in this area.
Can Real Estate Agents Survive?
The question now is, are agents and brokers still relevant? First and foremost, they have a long-standing relationship with a large number of accounts that they have diligently nurtured. Brokers are now mobile and familiar with IT tools for nurturing their audience. They go for client acquisition faster with the help of IT apps on their mobile. During this procedure, they:
• Make contact with their prospects and educate them on the products.
• Offer valuable advice on the most viable product for them.
• Assess the performance of financial instruments.
• Establish a relationship after learning about all aspects of customer relationships.
We've arrived at the crucial point. Today, the role of agents is rendered obsolete by technological obsolescence. To some extent, this is true if mobile customers abandon agents and interact directly with the company. But the question is whether that idea is feasible. With a few exceptions, we all know that in our hectic schedules, giving priority, whether it's paying a premium or buying stocks, may not be appealing to everyone. The reason for this is that people are not self-motivated, and agents fill this void with their relationship-building abilities.
People are a little scary when it comes to spending money, and they make slow decisions. This is not a sign of weakness, but rather of wisdom, because wise people conduct extensive research and consideration before making a decision. What does this imply for the financial sector? Financial services providers may be enthusiastic about IT tools that assist customers in making informed decisions. But what exactly is the scenario? People will conduct all of their research using mobile tools, but many will be hesitant to make a final purchase decision because there is a need for a resource person to provide relevant and contextual information on products and services. This should be followed by the ability to close the deal once the level of curiosity has reached its peak. Who can take the place of agents or brokers who have been in the business for decades?
So, the readers may have realized the importance of agents in closing the deal. Getting business is no easy task. It takes a lot of effort and constant follow-up on clients to make a decision. SMS alerts alone will not suffice. After that, consider how agents can be used creatively with technology in this age of technological disruption. We must also consider how agents can be empowered with technology.
IT Tools Can Put Agents in Survival Mode
To survive in today's volatile markets, actionable information is essential. Agents who work long hours building relationships and closing deals require cutting-edge IT tools, specifically BI, big data, and analytics tools, to make critical decisions. In the insurance industry, BI tools can assist agents and brokers in gaining key insights on customers and understanding their proclivity to offer customized products or solutions. BI dashboards will assist them in effectively managing relationships. The same is true for banks and investment firms that hire third parties to help with business development.
Analytics can be applied in a variety of ways, including content analytics, context analytics, and business analytics. Unstructured data such as call center logs, sensor data, audio, and video data can be analyzed in content analytics to track trends, customer responses, and so on. Data is analyzed in context analytics to better understand the context, which is necessary for making context-based decisions. Statistical analysis is used in business analytics to discover patterns, behaviors, and trends. Last but not least is predictive analytics, which uses techniques such as statistical analysis, regression analysis, correlation analysis, cluster analysis, social media analytics, and so on to develop new products.
Agents are information gathering catalysts because they move with people and initiate discussions about products and services. Because of this more compelling reason, it is impossible to conclude that agents are on their way out in the age of disruptive technology. At the same time, agents must rely on IT to ensure their own survival as well as the survival of financial services businesses. Let time tell the rest of the story."""