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Lisa Hronek Posts Tagged ‘producers’
Updates from the database…
It’s been a busy week here at Mintel Comperemedia. We’re closing in on the end of the year and trying to get a lot done before 2010 begins! Here’s an update of what we’ve been up to:
– A press release on rewards for everyday banking, featuring Susan Wolfe. Rewards are the name of the game for credit card issuers; now banks want a piece of the action!
– A press release forecasting an increase in Medicare direct mail this year, featuring Daniel Hayes. Even with this year’s recession, insurers increased direct mail offers for Medicare Part D.
– A FREE webinar today on how consumers make auto and homeowner’s insurance decisions. Click here to register.
Is social media the answer for insurance companies?
A recent article in National Underwriter Property & Casualty talks about social media and advanced technology in the insurance industry: “The study by Deloitte suggests that firms that are successful will master technology and social media to interact better with a widening age spectrum of customers and employees.”
It’s an interesting solution. Social media and technology are being talked about a lot, but it seems like little is being done. I’m interested to hear what you all think about this. When do you think insurance products will have a channel in social media? Will it help drive sales and build relationships?
Another interesting issue raised by this article is how the insurance industry needs to attract people into the industry. How can insurance companies become more interesting places to work?
Intimidated by annuities? Insurers want to help
Nearly two in five insurance agents (39%) told us they don’t sell annuities. Among agents with less than five years’ experience, that percentage rises to 45%. Annuities are one of the most complex investment products available; hence, insurance producers’ hesitance.
However, I’ve seen an increase in direct mail sent to insurance producers about annuities and “guaranteed income.” Over the past three years, it seems insurers have become more motivated to educate producers about annuities. It’s a smart move: agents need to know about the changes to annuity products caused by recent volatility in investment markets. Also, consumers are less willing to accept risk nowadays, so guaranteed income annuities are a safe, reassuring option.
By teaching insurance producers more about annuities, insurance companies give their agents more reason to sell them to consumers. Market volatility is making many consumers turn an eye to the security of their retirement accounts, so I believe guaranteed income products are poised to do well in this economy. What do you think? Are annuities an easy sell if producers can explain them to consumers?