Holistic planning and financial wellness are two of the themes that life insurance agents can expect to see in their business in 2019, according to an industry analyst.
â€śI think the pressure on the agent is to be more to their clients. The theme is financial wellness,â€ť said Ed Majkowski, Americas Insurance Sector and Advisory Leader at EY.
â€śThe days of just selling life insurance are coming to an end. Right now, clients want to have a more holistic conversation about financial well-being.â€ť
EYâ€™s 2019 Insurance Outlook predicts an increasing focus on technology and the client experience as well as a greater emphasis on financial wellness.
The challenge for agents, Majkowski said, is â€śHow do I continue to do what Iâ€™m really good at â€“ life insurance â€“ but also be more for my client?â€ť
â€śLife insurance carriers are really good at developing great products and getting those products out into the market. But I think the agents have to keep finding new ways to reach clients and to be more focused on their overall financial picture.â€ť
The industry must make their products easier for consumers to understand, Majkowski said. In addition, agents must take on the role of educator.
â€śAgents must keep educating their clients that life insurance is one part of the puzzle of their financial well-being,â€ť he said.
The customer experience â€śis a big deal,â€ť he said.
â€śCarriers must improve how they interact with consumers. As people get used to typing a few words into Google and getting answers, life insurers are still working on getting information to consumers faster.â€ť
Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents’ association and was an award-winning newspaper reporter and editor. Contact her at[emailÂ protected]. Follow her on Twitter @INNsusan.
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