Life (Insurance) is complex
As I meet more life insurance agents and executives, the industry challenges and issues become clearer. Clearer in just how difficult and complex they are.
What if I told you: you could start a business where:
- No incumbent has more than 7% market share.
- The products are more in-demand than ever.
- The press regularly speaks about the products keeping the topic ‘top of mind.’
- Buyers cannot substitute a “MacGyver” solution easily.
- Your business doesn’t need its own sales force. In fact there are nearly 400,000 sales people that could sell your product for you.
That may sound appealing. If you let me continue, I may add:
- The industry has the most stringent government regulation.
- The average American feels somewhere between apathy and negativity towards the industry.
- The products remind buyers about growing old and/or death.
- Those products are pretty confusing, even to industry veterans.
- Large sections of your Sales force will be selling your product, right along side your competitors.
Now, would you still be interested? Well, these are just the beginning of issues facing insurance executives. They are both – humbling and exciting.
For Naissance, we’re excited. We’ve worked with organizations that dismantled big problems into manageable questions and then sought out answers. In one instance, the question was what sales support and services should we invest in next year and why? That’s a great question that can directly impact sales effectiveness (top-line growth) and cost controls (bottom-line management).