Insurance consumers will always need insurance professionals. 2014 and President Obama’s sweeping Health Care Reform bill has been approved. It does not matter that the bill actually became law – consumers need us and we in turn need them.
Tens of thousands of agents have decided to abandon the insurance industry at a time when there is more business to write and at a time when consumers are actually asking to buy health insurance! Health care exchanges and buying through government websites have not alleviated the need for an educated insurance professional to walk the clients through the buying process and sell health insurance coverage. Have your commissions on health insurance be affected? Sure they have! That is no reason to end your insurance career. I am astonished by the reaction that some of my colleagues have had since Healthcare Reform passed.
I would like to name a couple products that you can buy online without a salesperson yet for many, the complicated nature of these products make us feel that if we do not sit down with a knowledgeable representative we will somehow make a huge mistake. As you can guess I am now writing this article on a computer. After I am done working and my kids are fed there is a strong possibility that my daughter will force me to watch Dora the Explorer. When I wake up tomorrow I will be driving my car to the office where I will be finishing up another great week in the insurance industry. My three products are a computer, a TV and a car. All three products are tangible, have industry trade publications, web pages geared towards understanding and buying and all three are available for me to buy online. Yet I bought all three using a knowledgeable salesperson.
Numerous industry surveys have indicated that consumers will often research online but purchase offline in a store or with a Sales Rep or in our case an insurance agent.
Insurance is like air ladies and gentleman. It is an intangible product that can be complicated, expensive, hard to obtain and sometimes you feel like you either don’t have the right kind or that you need more. I’m sorry to be so corny but insurance coverage is protection against injustice in an unjust world. Insurance is more than just major medical, life insurance, critical illness or accident coverage. Insurance is the invisible blanket of financial and medical protection that we fall asleep under every night. It is the extra layer of work clothes that gives us the ability to earn an income each day. Insurance almost always will be a person to person sale. It has evolved from the kitchen table to clients and insurance professionals finding the right coverage over the phone, through web sharing technology and through website links that are sent to the client. In all of those cases a knowledgeable insurance professional is still involved in the sale.
Many insurance professionals believe that with Health Care Reform becoming law, clients will buy their major medical through a website that completely cuts out the agent. The last time I checked there are very few consumers that know the difference between a co-payment and co-insurance. They need us to walk them through an extremely important purchase. Insurance is a purchase that if not done correctly could have catastrophic effects for them and their family. The purchase of quality insurance is far more important than the 3 tangible products I named earlier in the article! So maybe your commissions drop on the major medical insurance or maybe you get paid a flat fee for a major medical enrollment. Who cares! How many of you just sell major medical insurance to your clients? How many of you feel that a stand alone major medical does your clients justice? It is time to become critical illness insurance specialists, accident insurance specialists, final expense insurance experts, deposit term insurance experts: you need to become an expert in the ancillary market.