Diversity is changing the world around you. The question is: Is your insurance practice changing with it?
Take a case in point, using my agency's hometown as an example. Houston, TX grew in population by more than 15 percent between 1990 and 2000, according to the 2000 U.S. Census, with Hispanics accounting for more than 60 percent of the net increase.
While a look at Census data shows that there is now no ethnic majority in Houston, there are large populations of whites and blacks, a rapidly growing Hispanic population, a smaller but significant Asian population, and a growing number of female business owners.
To serve this vibrant and changing amalgam of ethnicity, race, and gender, we've been changing, too. And since many demographers say Houston's ethnic makeup today is representative of the entire country's ethnic makeup about two decades from now, you'll likely have to make the same adaptations we have along the way.
For example, the city's changing demographics have influenced our business priorities. Our firm now focuses intently on serving small and medium-sized businesses and family companies in recognition of the growing number of businesses in ethnic communities. According to "Survey of Business Owners: Asian-Owned Firms: 2002" by the U.S. Census, Houston ranks sixth in a list of cities with the largest number of Asian-owned firms.
Another example: Between 1997 and 2006, our city was one of the top 10 metro areas for majority women-owned companies based on the number of firms, sales, and employees, according to the Center for Women's Business Researchs "Women-Owned Businesses in 2006: Trends in the Top 50 Metropolitan Areas." To best serve that market, we have not only expanded our number of women agents, as noted previously, but also equipped all of our agents with tools, resources, insights, and training that they can use to address women's markets, understand how women differ from men in their buying preferences and priorities, and ultimately help women business owners in particular and women clients in general prepare financially for their futures.
Looking at the dynamics in our market, some might say that we had no choice but to evolve. But that misses an important point. We chose to change proactively and, as a result, are confident that we have built a solid foundation for future growth and success. Other businesses, both large and small, will be forced to change reactively and will likely forfeit some of their ability to dictate their own direction.
So, coming full circle, which will it be for you? Because change is coming -- ready or not.
Mark Brock is general agent of Brock Financial Group, a general agency of Massachusetts Mutual Insurance Company. He can be reached at markbrock@finsvcs.com.
