This morning, Big “I” Chairman Tom Minkler gave independent agents a clear choice about their future: change or perish.

During his state of the association address at today’s annual Big “I” Legislative Conference general session breakfast, Minkler cautioned that independent agents who do not adapt cannot survive in a business environment that is rapidly evolving—especially since control over the insurance buying process no longer lies with carriers  or agents.

“That decision process has changed,” Minkler explained. “The consumer is now making those decisions—and they’re voting with their feet, because we’re not adapting to how they want to be sold and serviced.”

The insurance industry is among the top four oldest industries in the country—just behind real estate, manufacturing and health care. And according to Minkler, more than half of all insurance professionals will leave the industry in the next five to seven years. “That means half of this room won’t be here five years from now for this conference,” he told conference attendees.  “And millennials are not rushing to fill the void left by the boomers that are departing.”

That’s a problem for both workforce perpetuation and marketing success. Millennials or Generation Y are “redefining consumerism,” Minkler said. The demographic of 18- to 31-year-olds not only spends $200 billion annually but consists of “digital natives” who rely on social media and value customization. “They’re the largest generation ever—even bigger than boomers,” Minkler said. “They’re showing us how to interact in a different way than any of us did before.”

And it’s not just millennials who are transforming sales and marketing. “This is a cultural change, not a generational change,” Minkler said. “This is what the new normal looks like. That’s where our consumers are, and that’s where the next generation of buyers are.”

According to Minkler, the “new normal” in consumer behavior involves a combination of mobile technology, social media and online consumer reviews—so it’s no surprise that last year, 75% of personal lines policies started with an online search.  “Most of us are not showing up where the consumer’s looking,” Minkler said. “We’ve got to change that.”

But there is a silver lining—especially for agents who are willing to change. “The challenges are great, but the opportunities are even greater,” Minkler said. “We need to have a diverse workforce. We need to be seen as an industry that embraces social media and technology, and people that give back to the community.”

Because today’s consumers are self-empowered, the power of choice is as near and dear to their hearts as it is to independent agents. “We don’t just have one product, we have multitudes of product—and we need to be stronger in our message,” Minkler said.

By branding together with a unified voice through Big “I” initiatives like Project CAP and the Trusted Choice Freedom Campaign, independent agents can leverage that advantage. And thanks to the Agents Council for Technology, InVEST, Young Agents and the Diversity Task Force, the Big “I” is helping members keep up with changing times with new strategies for digital marketing and effective recruitment.

“Our communities are changing,” Minkler said. “The customers we serve are changing. Our workforce is changing. The way we communicate is truly changing. And we, our agencies and the carriers we represent, need to change in response to those changing events.”

Jacquelyn Connelly is IA assistant editor.