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Medicare Blog | Medicare News | Medicare Information

How the Recession is Changing the Agent’s Role

Posted by Lauren Hidalgo on Fri, Mar 25, 2011 @ 08:45 AM

Medicare SupplementsEven when business is tough and consumers are becoming more selective, there is still a huge potential for agents to increase their commissions and customer portfolios. Plus, for those who are producing more, insurers are beginning to give better leads and the tools to continue to grow their business. "It’s increasing optimization. It’s increasing productivity. For good agents with talent, I would see the opportunities increasing," Marie Carr, principal at PricewaterhouseCoopers Diamond Advisory Services said. Insurers are doing only slightly better than the financial world in this economy; and, they are leaning toward giving more support to those agents writing more business, more profitable business, and more lines of business. Thus, overlooking agents who are not as high of producers. Carr explains, "They’re refining their portfolio of agents."

In recent years consumers have begun to purchase insurance in less traditional ways, selling Medicare Supplements over the phone and online. The pressure is on for agents to keep up with advancing technology. Technology is available to help agents enhance their business relationships, via social networking and online tools, and it will continue to drive business. It’s also important to continue to re-evaluate and define the value of your experience and services to your prospects. Consumers still want to be supported as they make their insurance decisions and it is up to agents to find their niche in the buying process. Once your prospect has become a client, personalized contact is definitely a great way to continue correspondence including handwritten notes, mailers, follow-up calls, and personal visits. Making sure your clients are happy and that they are getting what they need out of their policy is also a great way to continue to get referrals.

The role of the insurance agent is continuing to evolve, spurred from recent advancing in technology and customers looking for the best deals during the recession. Carr states, "I don't believe the agent is going to go away, but i do believe the agent as we understand him or her today is going to be dramatically redefined."

Do you see insurance companies favoring those producers with more business? How has the recession affected your business? What have you done to keep your business successful during the recession?

Source: Agent's Sales Journal

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Tags: Medicare Supplement, health insurance industry, insurance news, industry news, Mutual of Omaha Medicare Supplement, United of Omaha Medicare Supplement

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