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Insurance Agents and Insurers: Challenges You Face

Give us a call at 1 (800) 590-7207 or (540) 400-6275. Though the market is still relatively healthy, it's abundantly clear that insurance agents and insurers are facing some of their toughest challenges yet. These challenges take on a variety of forms, including government regulations, market stability, technological roadblocks, and even a general mistrust of the insurance industry. These concerns can eat into your bottom line if you don't know how to overcome them. Yet many insurance agents and insurers aren't even aware that these concerns could have a negative impact. Wondering what you should look out for? Better yet, want to know how you can overcome these hurdles? We've got the answers you're looking for in this video, so be sure to give it a watch. And if you're interested in learning about even more challenges insurance agents and insurers face in the modern market, click on the link below for additional info: https://www.trkingim.com/challenges-f... Video Transcript: Being in the insurance industry is an exciting opportunity to serve numerous different clients. But as the industry has evolved so too have the challenges that insurance agents are facing. It's important to be aware of these obstacles so that you can approach them with an open mind and develop a comprehensive strategy for addressing them. Keep watching to learn what obstacles you'll need to dodge. LEAD GENERATION Insurance product sales come with a distinct set of lead generation challenges. Prospects, for example, are often unwilling to admit that what they are being offered is a necessity, as is the case for life insurance products. In some instances, prospects feel uncomfortable about planning for the inevitable, which makes them apprehensive about looking into retirement products. One of the ways to generate leads is to corner an underserved niche market. It also helps find ready referrals by tapping into networking organizations or by onboarding technologies that deliver valid leads in less time. CUSTOMER DISCONNECT Insurers understand that many Americans face a wide array of short-term and long-term financial challenges, from making ends meet to saving for retirement. Yet it's rare for insurance companies to be able to assert their value terms of helping customers meet certain financial requirements and overall financial wellness. Companies that set a goal of improving customer financial wellness, meanwhile, may center their efforts on improving financial literacy. To win customers who seek financial wellness, producers need to deviate from the traditional practice of simply focusing on product capabilities. LEGISLATIVE DISCREPANCIES Signed into law in 2010, the Patient Protection and Affordable Care Act aimed to make insurance available to about 95% of the legal population in the US. More than a year after its release, however, it became the beast that reared its head after leaving consumers in the dark regarding their coverage options. Agents looking to supplement sales may turn to ancillary product lines such as critical illness insurance. The Medicare market is an underserved niche, and with ten thousand boomers retiring daily, specializing in the critical illness product line can help pay the dividends. TRUST Whether consumers recognize it or not, financial services are a necessity. Advisors, insurance agents, and coaches need to become increasingly holistic when giving advice. This way, consumers may realize that both insurance products and insurance producers play pivotal roles in a struggling economy. To appease worry among consumers, insurers can offer guaranteed protection products. These lines are seeing an increase in demand, which makes it imperative to offer them now more than ever. PRICING COMPETITION The long stretch of slow global growth has put pressure on producers to drive revenues, even if it means competing harder in terms of price. The steep pricing competition can lead to near-zero interest rates that can squeeze profit margins, especially for those that sell life insurance. By recognizing that sticking to traditional approaches may hamper the ability to respond to changing market conditions and challenges in real-time, insurers become open to rethinking and redesigning vital processes that contribute to the company's success. The industry is facing more hurdles than ever. But that's why we're here to help! Get in touch today to see how we can help you market your insurance services. And if you enjoyed this video, make sure to like, comment, share and subscribe!