Interest Groups Awareness of the need for life insurance is flagging, but the industry can take steps to raise its profile. Source: Best’s Review(September 2011 Issue)
But what does this say about the financial services industry’s ability to reinvent itself? And don’t tell me you don’t think it needs it. There would be no such phrase as “financial reform” if the public at large wasn’t in agreement.
This article is the 2.0 to the last one I wrote called What if the Insurance Industry Worked on Tips? While that idea was inspired by a Friday night with an industry colleague who had designs on reinventing the compensation system for insurance agents, we still had the rest of the weekend to figure out what the next generation of product would potentially look like.
If the insurance industry worked on tips, would we be able to price products differently? Would we be able to change pay structures of agents to smooth out the lumpiness of their income? Would we be able to attract a wider group of individuals to the job?