How Web 3.0 Impacts Insurance

web 3.0 and insurance

Since I was a little boy, the internet has been changing the way we live and interact. From the days of using the internet helping me to look up words in the dictionary to today, accessing it in my fingertips to order a meal or get directions to the coolest bar in town. The internet is one of the few examples of a technology that has delivered everything it promised. The best part of is that we ain’t seen nothing yet! A whole new wave is upon us. From artificial intelligence to 5G speeds to the internet of things (IoT), we are approaching what the internet was to us in the year 2000, Web 3.0.

Now, in the comforts of your own office, raise your hand if you didn’t even know what web 2.0 was?

Some say we’re already in it. But if you don’t know it’s pretty easy to conceptualize. Reflect back on how you used to use the internet back in the 90s versus how you used the internet in the 00s. Well, as we encroach on the year 2020 the web is poised for another explosion! Not to mention, this explosion in technology has made it easier than ever before for insurance agencies to reach potential customers and make headway into new arenas.

As a quick primer, Web 2.0 is defined by Google dictionary as the second stage of development of the World Wide Web, characterized especially by the change from static web pages to dynamic or user-generated content and the growth of social media. Or in other words, posting and interacting with a ton of content online and on social media.

Web 3.0 and Insurance

Web 3.0 on the other hand, that is the “crazy” tech stuff. This is the technology that many speak in fear about. You’ve heard the buzz words, AI, automation, big data, crypto-currency. Yes, we could spend all day talking about these things, but what’s more important is how web 3.0 affects your industry, insurance. And yes, you guessed it, much of that will take longer to trickle down into your space than other industries. However, as web 3.0 makes it way in, the strategies of web 1 and 2.0, will fade off into obscurity.

Maintaining your relevance in the latest shift comes down to adaptability. With these 3 holistic principles, you can make sure you’re keeping your insurance agency at the forefront.

Prioritize technological expertise in your hiring process. Technology has killed the value of some skills and magnified the value of others. Recruit employees with skills and backgrounds in technology. Simple coding and development, web and visual design, and social media skills will go a long way.

Focus on capturing data. Today, advertisers use online customer data to reach potential customers with the right message, at the right time. Your online customer data will tell you a story. It will provide insights about your agency, your customer base, your employees, not to mention, tracking it is typically free.

Target millennials markets. We’re the ones you should chase. It’s time to go get us. Outside of the fact that we’re between 19-39 years old, we’re driving the digital revolution. We’re simultaneously building and destroying industries with our buying habits. By virtue, targeting millennials will force your agency to stay on top of the latest technological trends.

Wrapping It Up

The wheels have already been set in motion and the train has left the station. Web 3.0 is here. But fear not! By simply by staying on top of the latest trends and changes, your insurance agency can break away from the pack.

Stay up to date with the latest technological trends, from a millennial by subscribing to the blog. Also, if you like the content, give us a hand and follow us on LinkedIn! 🙂 #godigital

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