In this episode, Chris & Nick delve into the market contraction in the insurance industry, driven by carriers exiting and reinsurance challenges. They explore the impact on large policies like whole life and Medicare supplements, and discuss companies facing obstacles such as CFG, KSKJ, Lumico, and American Memorial. The conversation touches on the evolving landscape of telesales processes, the shift to virtual sales accelerated by the pandemic, and the importance of quality clients over quantity for insurance carriers
The speakers analyze how telesales methods can affect persistency and profitability, and the potential for carriers to reprice and adopt new strategies in response to market shifts. The episode also highlights the ongoing evolution of the industry towards digital signatures and stricter verification processes, emphasizing the need for adaptability in the face of changing trends.
Key Lessons:
• Reinsurance issues can lead to market contraction in the insurance industry and impact large policies like whole life or Medicare supplements.
• The narrative blaming telemarketers for industry issues may be shifting towards challenges in pricing products and handling fraud due to the proliferation of telesales processes.
• The shift to virtual sales accelerated by the pandemic has raised concerns about lead quality and legality, leading to a preference for in-person sales over phone sales.
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Want to know more? Feel free to reach out if this resonated with you:
chris@loyal-insurance.com
info@adambrsan.com
