The Myth of ‘Sold, not Bought’

A recent conversation crystallized a thought that has been rattling around in my brain for a while: that, despite the shibboleth, insurance is no longer “sold, not bought.”

The reverse isn’t yet true, either. It isn’t correct to say that insurance is bought, not sold. Instead, we’re in a middle ground, where insurance is both sold and bought. People certainly still rely on advice about insurance, and a good agent can spot a need and fill it with a policy, but a huge percentage of people now begin their searches online. They also do more and more research on their own, out of reach of brochures and PowerPoint presentations. With COVID accelerating the move to digital, customers often won’t even sit down in person with an agent before buying a policy.

Yes, “sold AND bought” is confusing — but the situation also creates opportunities for those who are first to adapt to the new reality... continue reading >