richreeves
Expert
- 42
What challenges do the insurance industry and insurance salespeople face today? What are the main obstacles that insurance salespeople need to overcome today to be successful?
Insurance challenges
- Thread starter richreeves
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- Staff
- #2
same as the dawn of time....cheap bastards that do not see the value.....
There is "uncertainty in the healthcare markets." Politics is destroying the American health care system. The insurers do not know if they are going to receive government funds.This condition has a ripple effect. Insurers are afraid they will lose money. Therefore, insurers increase the premiums. In the process, American families are not able to pay the higher rates. Then, they get hit with a mandate fee.The insurance agents have to struggle to find the right plans. In some cases, the agents can not find a plan for his clients. In Kentucky, one insurer stop selling plans in 59 counties for 2018. This decision will have a huge impact on families in Kentucky. This is why you see the private sector moving to non-insurance plans. At least, the agents will be to help families get an affordable doctor's visit.
- Staff
- #4
Yea.....and selling them plans with a $150,000 to a $500,000 cap per incidence is not helping them....you can not cure cancer with $500,000 and MD Anderson will not even let you through the door with these plans....
- Staff
- #6
But CSMP are not insurance.....and over priced....and no guarantee of claims paid.......
- 11,273
I'll humor this post. The biggest challenge for life agents and life insurance companies is to get healthy people to spend more for their life insurance coverage.
Think about it:
1) Those who can't get coverage want it - because they can't get it. They'll spend more, but the risk of an early claim is pretty high. "You pay more, we pay quicker!"
2) Those who ARE a good risk, they know it, so they don't feel like they should spend much to protect their families. They will price-shop you to death... until you give them a reason not to.
If a healthy person needed $500,000 of coverage (an arbitrary number) and they could spend between $500 to $10,000 per year... how much would they spend to take care of that need? $500. After all, who in their right mind would spend $10,000? People who want the additional benefits that come with that purchase.
The challenge and obstacle to making that happen... is that most agents want to be liked, and they rely on the consumer's understanding of what their product does. They don't know what is in it for the client, nor do they know how to convey these additional benefits of life insurance. (And companies/agencies don't seem to want to let the public know either. I give Guardian Life credit because they have a company sponsored educational selling system - the Living Balance Sheet system - but I digress.)
Because most agents want to be "liked", they tend to seek out only the easiest path to a sale and "build relationships" rather than respectfully challenging a prospect's understanding of what they really sell.
Selling Is Not About Relationships
http://www.imdrt.org/mentoring/pro_creatingWow.pdf
Politics and DC have essentially decimated health care FUNDING for individuals but has had minimal impact on actual health care.
Families don't need health insurance, or agents, so they can afford doctor visits.
Insuring routine doctor visits adds unnecessary expense to the cost of health insurance.
10X
Expert
- 67
I understand the sentiment, but our job is to help them see and understand the value. Those who do it the best, get paid the most!
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