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  • Threats to the Independent Distribution Channel

    April 23, 2012 by Brian Anderson

    By Brian Anderson

    April 23, 2012 •

    How would you rate the overall health of the independent distribution channel? Is that health improving or declining?

    The editors at Life Insurance Selling are beginning work on a series of articles that will explore the key challenges facing the future of the independent distribution model, including what can be done to rise up and meet these challenges. We want to bring the discussion about these threats to light. You don’t want to be the frog in the pot slowly being brought to a boil. Being aware of what is happening around you — however gradually — is important if you want to be able to maintain the viability of your model.

    I would like some input from readers that could help us direct our coverage of the issues. Please answer the question below via the comment tool, and please feel free to elaborate on your responses and the threat issue in general.

    Which issue would you consider to pose the most serious threat to the future of the independent distribution channel:

    • A: It’s no longer self-sustaining. The independent channel has      traditionally fed on a once-deep pool of career agents, but the feeder      system is drying up as aging independent producers are retiring faster      than they are being replaced.
    • B: Increased competition from alternative distribution channels, such as      the bank channel.
    • C: Changing consumer buying habits, including the proliferation of      online quote-and-buy sites.
    • D: Continued public indifference, with life insurance penetration      hovering around a 50-year low.
    • E: Recruiting difficulties, as the industry has an image problem that      prevents young people from being interested in life insurance as a career.
    • F: Carriers reverting back to a focus on the career agent channel.
    • G: Walmart, Facebook or another outside competitor entering the      marketplace.
    • H: The low-commission environment pressuring BGAs and IMOs to seek      additional sources of revenue by diversifying into new markets.
    • I: Something else. (Please specify via the comment tool below.)
    • J: There are no serious threats; the channel is healthy and will remain      healthy.

    If the independent producer channel is going to remain the dominant distribution channel for life insurance and annuities, the industry will need to figure out how to stop the brain drain and start attracting more talented young people to replenish the aging producer workforce.

    Please share your thoughts on the issue via the comment tool.

    About the Author

    Brian Anderson

    Brian Anderson is the Editor-in-Chief of Life Insurance Selling magazine, and is a former editor of Senior Market Advisor. A career journalist, Anderson has been working in magazine publishing since 1995. Every publication he has edited has focused largely on providing strong sales and marketing content for readers across a variety of industries. He has been a central figure in the launch of three publications and a variety of websites.

    Anderson is a journalism graduate of the University of Wyoming, Laramie. An avid skier, golfer, basketball and softball player, he resides with his wife and two children in Centennial, Colo. Brian Anderson can be reached at 720-895-1529.

    Originally Posted at LifeHealthPro on April 23, 2012 by Brian Anderson.

    Categories: Industry Articles
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