This time, more than any other in the history of our nation's economy, is a time during which the importance of insurance has become crystal clear.
The long-term security of other financial investments has become dubious. That's not to say that every fall is not eventually accompanied by a rebound, but rather that for conservative investors, insurance products can unquestionably offer more stability and comfort to consumers.
With retirement savings threatened, fixed index annuities become a safer bet when seeking liquidity, and long term care insurance is much more likely to cover clients' future costs than self-insurance.
Life insurance can calm beneficiaries' concerns (and policyholders worried about the financial security of said beneficiaries), and health insurance can help ensure that consumers don't need to worry about choosing between a doctor's visit and a tank of gas.
(Of course, with all the troubling press about health insurer rescissions and widespread denial of applicants and claims, one cannot doubt that some sort of reform would ultimately benefit those without squeaky clean health records.)
This is also a time during which reaching out to your clients -- before they call you -- is paramount. If you didn't contact your AIG clients when the federal government announced it was infusing the failing insurance giant with $85 billion, you failed. If you waited for your clients to ask you questions, waited for them to show their concern and confusion, and then reacted to that, you definitely failed.
If you weren't already proactive, the economy of the past two months should have made you more so. If it didn't, you're doing your clients a huge disservice.
You're not just a salesperson. You're also a service provider. You're an advisor and a counselor. Your job is to talk to your prospects, assess their situation, and provide them with solutions that can help solve their problems. Then, once the sale is made, your job is to follow up and make sure those solutions are indeed doing their job.
Because if you're not assuring your clients of the safety, security, and value of insurance policies in today's economy, and if you're not reaching out to them or following up to make sure they're taken care of -- then you are not doing your job as a financial services professional.
Partnering with an IMO
In the third-annual Brokerage Study, on which Agent Media, publisher of the Agent's Sales Journal, partnered with the National Association of Independent Life Brokerage Agencies (NAILBA), we surveyed producers nationwide about a variety of factors that impact their business. We asked them about their selling habits, client demographics, use of technology -- and, most importantly, their relationship with their BGAs.
Among other findings, our results show that agents are more loyal now to their primary BGAs than in the past -- with more planning to stick with them rather than looking for other agencies.
Experts we spoke with indicated that the independent distribution channel is valuable for several reasons, one of which is the choices it provides. If a captive agent approaches a prospect, that agent is limited to the offerings of the company they represent. An independent agent, however, who works closely with a brokerage general agency that can provide its producers with solid support, ideally has options for every type of consumer.
Starting on page 24, we reveal the results of this study, along with expert analysis and feedback from agents around the nation who answered this question: Is it harder to be an agent today? We also offer advice from industry players on choosing a BGA and talk about the past and future of the independent distribution channel.
New and untapped markets
As needs change, so must your portfolio. Chances are, what you already have can be improved upon further. That's why, beginning on page 17, you'll find the Producer's Guide to New and Untapped Markets. Find out how to help your LTCI clients overcome their biggest sales objections, how your executive clients can benefit from their key-man coverage, and more.
In order to best serve your needs in times like these, we must know what challenges you're facing. What do you need help with? What problems are you encountering in your day-to-day business?
On the other hand, if you're achieving success, we'd like to hear about that, as well. Producers learn from other producers, and your experience can help strengthen the industry as a whole.
So if you have a story idea, a tip, or a topic you'd like to write about, call me at 800-933-9449 ext. 226 or email me at ASJeditor@AgentMediaCorp.com. You can even write me a letter at Agent Media, 1255 Cleveland Street, Suite 200, Clearwater, FL 33755. I want to hear from you -- because it's your voices that make this publication most valuable.
Sincerely,
Christina Pellett
Managing Editor
ASJEditor@AgentMediaCorp.com
