Timothy Schucker predicts most large IMOs will fail in the next five years as agents leave sinking firms and legacy channels like direct mail collapse. Seniors moving online will accelerate the shift. Only adaptable companies survive.
I think in the next five years, a lot of the biggest IMO players are actually going to go out of business. So the thing is, with the insurance industry, things can change really quickly. Big IMO's, they're less like companies, more like conglomerates of a bunch of agents. And insurance agents are mercenaries. If an IMO starts to go down, the agents aren't going to sync with the ship, they're going to jump and go somewhere else. So a lot of these like big legacy players that are all reliant on direct mail and all these like older types of ways of doing business, when things switch and it's going to happen pretty fast, a lot of these guys are going to completely go under. The agents are going to stay there. If I'm someone who wants insurance, I'm going to buy something super quick. And the more people start to age into the senior demographic that know how to use the Internet, the more that will become true. A lot of these, like older players are really going to go downhill, but the ones that are willing to adapt are going to make so much money.
