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March 9, 2021

Six Things Newsletter | March 9, 2021

Summary:

In this week's Six Things, Paul Carroll tackles the myth of 'sold, not bought.' Plus, does the pandemic signal the end of agents? What's wrong with commercial auto? The false dilemma facing life insurers; and more.

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The Myth of ‘Sold, not Bought’

Paul Carroll, Editor-in-Chief of ITL

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 >

THE FMLA AND PFL KNOWLEDGE GAP 2020
 

New Majesco research highlights that as leave regulations grow, so does managers’ knowledge gap. 

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SIX THINGS

Does Pandemic Signal the End of Agents?
by Mark Breading

There will always be a need for intermediaries who deeply understand customer needs and can create that right combination of coverages.

Read More

Claims Development for COVID (Part 2)
by Mark Walls and Kimberly George

One study found that 50% of those infected were unable to work full-time six months after recovering.

Read More

What’s Wrong With Commercial Auto?
by Gary Hagmueller

If we can reduce, standardize or eliminate costs associated with litigation, the industry would be in a much better position. AI offers an answer.

Read More

The Insurer’s Customer Acquisition Playbook
sponsored by Data Axle

The right approach to data analytics can cut wasteful spending in customer-acquisition programs while attracting high-value clients.

Read More

The Key to Agency Management Systems
by Paul Legutko and Emerson Davis

Insurers must be flexible, to understand what kinds of integrations would be most valuable to agents.

Read More

False Dilemma Facing Life Insurers
by Patrick Viau

Selling life insurance to digital native consumers requires an omnichannel approach, regardless of what you consider your primary sales channel.

Read More

Arrogance and Nature’s Deadly Hand
by Rich Sorkin

Four years ago, almost no large companies were thinking about the impact of climate change on their businesses. Finally, many are.

Read More

MORE FROM ITL

A Conversation on Corporate Strategy
with Amy Radin

In-depth with ITL’s Thought Leaders

Join ITL’s editor-in-chief Paul Carroll as he sits down to discuss corporate strategy with director, advisor, author and thought leader Amy Radin.

Watch Now

March’s Topic: Strategic Innovation

Strategy is what you don’t do.

That was the dictum of the late, great Mel Bergstein, who way back in 1994 founded the pioneering digital strategy firm Diamond Management & Technology Consultants. (It became part of PwC in 2010.) I heard Mel’s line a lot, as a partner with Diamond from 1996 through 2003, and I think his are words to live by in the insurance industry these days.

Everyone seems to have gotten the memo about the need to digitize insurance and to explore innovative ideas, but the present typically creates a real drag that slows movement toward the future.

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