Insurance agents need to be much more than
just life sellers, experts say.
Holistic planning
and financial wellness are two of the themes that life insurance agents can
expect to see in their business in 2019, according to an industry analyst.
“I think the
pressure on the agent is to be more to their clients. The theme is financial
wellness,” said Ed Majkowski, Americas Insurance Sector and Advisory Leader at
EY.
“The days of just
selling life insurance are coming to an end. Right now, clients want to have a
more holistic conversation about financial well-being.”
EY’s 2019 Insurance
Outlook predicts an increasing focus on technology and the client experience as
well as a greater emphasis on financial wellness.
The challenge for
agents, Majkowski said, is “How do I continue to do what I’m really good at –
life insurance – but also be more for my client?”
“Life insurance
carriers are really good at developing great products and getting those
products out into the market. But I think the agents have to keep finding new
ways to reach clients and to be more focused on their overall financial
picture.”
The industry must
make their products easier for consumers to understand, Majkowski said. In
addition, agents must take on the role of educator.
“Agents must keep
educating their clients that life insurance is one part of the puzzle of their
financial well-being,” he said.
The customer
experience “is a big deal,” he said.
“Carriers must
improve how they interact with consumers. As people get used to typing a few
words into Google and getting answers, life insurers are still working on
getting information to consumers faster.”
Susan Rupe is managing editor for InsuranceNewsNet. She formerly
served as communications director for an insurance agents' association and was
an award-winning newspaper reporter and editor. Contact her atSusan.Rupe@innfeedback.com. Follow her
on Twitter @INNsusan.
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