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Check out the article "The Future of Final Expense" at the below link. What do you think?
The Future of Final Expense
The Future of Final Expense
The Future of Final Expense
- Thread starter The Admiral
- Start date
- 18,980
I think the same thing now as when I first saw it last year. It's written by someone without a clue about FE. The market or the agents.
Most agents will read this and think, "I need to get more involved with high tech and telephone sales. That is the wave of the future."
Most will totally overlook the last statement by the author as to how the agent should be doing business int eh future.
"And just as the home service model is now considered to be quaint, final expense agents may want to rethink their focus on sales and adopt some of the old-fashioned personal service that defined the debit business. Carriers would be willing to pay for improved mortality and persistency that came from superior field underwriting and high touch personal service that continued well after the sale was completed. Consumers might also be less likely to turn to their computers to buy online after an agent convinced them of the need for insurance if the agent were providing more than merely assistance in completing an application. "
The new ways are fine but the day is coming that the old ways are the new ways. Agents need to diligently service what they sell.
Most will totally overlook the last statement by the author as to how the agent should be doing business int eh future.
"And just as the home service model is now considered to be quaint, final expense agents may want to rethink their focus on sales and adopt some of the old-fashioned personal service that defined the debit business. Carriers would be willing to pay for improved mortality and persistency that came from superior field underwriting and high touch personal service that continued well after the sale was completed. Consumers might also be less likely to turn to their computers to buy online after an agent convinced them of the need for insurance if the agent were providing more than merely assistance in completing an application. "
The new ways are fine but the day is coming that the old ways are the new ways. Agents need to diligently service what they sell.
Carriers can go direct to consumer now. The reason they don't is because they would have about 5% of the AP they get now through agents.
FE's are what they are, and they have the life they have because of how they think. Thus, how they think dictates their actions. They are not disciplined enough to plan ahead or make wise choices otherwise they wouldn't need FE in the first place.
Technology isn't going to suddenly change how they think. If carriers want FE premium, they will always need agents to get the FE demographic to do it. FE's wont do it on their own or they wouldn't need it in the first place because they wouldn't be an FE.
And with the ever expanding government, the amount of FE's in the USA is only going to continue to rise imo.
FE's are what they are, and they have the life they have because of how they think. Thus, how they think dictates their actions. They are not disciplined enough to plan ahead or make wise choices otherwise they wouldn't need FE in the first place.
Technology isn't going to suddenly change how they think. If carriers want FE premium, they will always need agents to get the FE demographic to do it. FE's wont do it on their own or they wouldn't need it in the first place because they wouldn't be an FE.
And with the ever expanding government, the amount of FE's in the USA is only going to continue to rise imo.
- 3,247
There will always be people that buy over the phone.
There will always be people that buy online, more so in the future.
There will always be field agents, pounding the pavement, turning nothing into something.
There will always be people that buy online, more so in the future.
There will always be field agents, pounding the pavement, turning nothing into something.
- 4,017
I've had conversations with a couple of different executives from companies that sold both final expense and home service through independent agents, who basically indicated that their home service operation was much more profitable than their final expense. I'm working with two such companies (SNL & LBL) who are aggressively expanding their home service operations. So, at least for some companies, the old ways are indeed the new ways!
- 24,930
How do you explain the people that call me and other agents to ask them for insurance? Or people that shop for insurance online, fill in a request set an appointment or complete the sale on the phone?
I was speaking to a phone agent the other day and we were talking about how some days we feel almost like an order taker. That is not sales.
Of course, I know that phone sale, Internet leads and sales are an anomaly but it is a big anomaly.
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- 29,464
Bingo Life? Where are they out of? What kind of products do the offer? Where could I goget me a contract with Bingo Life?
