Life Insurance 2.0: Bought and Not Sold
January 17, 2018 by John Lefferts, Chris Aitkens
Life insurance is sold and not bought.
This quote has been the mantra of the insurance industry for generations. Life insurance is perhaps the most difficult and complicated financial product to sell and by far the most painful to buy. It’s also the reason commissions are extremely rich, while those who don’t specialize in it, such as independent broker/dealers and registered investment advisors, often don’t touch it.
But the financial services business is undergoing transformational change driven by new regulations, digitization of everything and huge demographic shifts. And the life insurance industry is not exempt from these forces of change. Here are some influences shaping the life insurance business going into the future — sort of a “Life Insurance 2.0.”