Which Insurance Advisors will Prosper in 2010 and Beyond?

Posted on September 8, 2009 and updated September 22, 2010 in Life Insurance Canada News 3 min read
fortune teller
I’m predicting the future
of the insurance business.

The insurance industry has changed immensely over the last ten years and will continue to do so over the next decade. It may seem like the domain of a fortune teller, but I guarantee that insurance advisors with the qualities below will be best equipped to survive these changes.

They’re insurance expertise will be greatly enhanced by strong business acumen – In the event that the advisor does not have a strong business background, he or she must align themselves with an organization which provides this strong back end support.

They will be independent advisors and not captive agents – The internet has vastly changed the way insurance advisors do business, Insurance advisors offering poor pricing will be quickly exposed and flushed out. The internet offers instant pricing information to consumers, so it won’t take them long to discover when a captive agent is offering an uncompetitive plan. Independent brokers scour the marketplace for the best possible value. Captive agents are generally limited to working for their parent company an often offer an incomplete product shelf. See this video for more secrets of captive agents.

They will be able to respond in a timely manner – Consumers will want information at a faster rate in the coming years. Advisors who can’t deliver in a timely manner will be left behind. Advisors will not need to be on 24 hour call, but they will need a support team who can provide immediate response when they are unavailable.

They will specialize in niche markets – By specializing in a niche market, advisors can become reputable and recognized experts in their area of focus. They will also be able to form alliances in their non-specialized areas. This helps build a fence around their existing clients and is an excellent source of incoming referrals.

They will be able to motivate themselves and their support team to continually improve the way they do business – Change will continue to move at a faster rate and top tier advisors must be able to create mechanisms, which allow them to constantly improve the way they do business.

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