When you take an industry who spent the past 160 years perfecting the “buddy” sales model, and expose its under belly, what would you expect to happen next? Not much! The history of “buddy” sales and why it will always continue and prosper. Think about this business model: Take a complex product, add little transparency, sales illustrations and proposals of 10 to 30 pages that are at best complex and confusing, add sales speak, and combine it with “buddy” trust - and you have a successful business model.
The career agency model will never go away. It is vital to life insurance companies in order to be able to sell “home team” products. Additionally, the life insurance companies that have career agencies cannot ever let the authorities make life insurance agents fiduciaries. If this ever happened, all these companies would have to dismantle or sell off these Salesforce. Do you think Northwestern Mutual, Equitable Advisors, Mass Mutual, New York Life, Guardian Life and others would ever let that happen? As long as life insurance is complex, non-transparent and difficult to shop and compare, many consumers will have to rely on someone to navigate them through the sales process. The future of life insurance sales is now focused on the “who.” Will it be technology companies, independent marketing organizations, life insurance companies who open up their sales force to other insurance companies, banks, credit unions, brokerage companies or someone out there with the foresight to create the next disruptor insuretech? Howard Wolkowitz spent 28 years in career agency life. In that period of time he experienced the “cool aid” and “lemonade” sales models and now provides “first aid” to consumers who want transparency, honesty, integrity and an open competitive platform to shop. Go to LifeInsureAssure.com to experience what disruption looks like.
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