Why Do We Suck at Life Insurance?
February 19, 2020 by Robert Mittel and Scott Stathis
It started as a joke. “Why do we suck at life insurance?” said a participant at a recent Stathis-Mittel Industry forum. A sincere question asked in a joking manner. Why do we struggle so much with providing life insurance solutions to financial institution clients? It’s been a nagging issue that has plagued the bank investment services industry since its inception.
We all know, in theory, the answers to this question, don’t we? Selling insurance is not conducive to the culture of bank or financial advisors. Insurance is hard to sell, and advisors don’t make enough money from it. Discussions around insurance are difficult for advisors to have with their clients due to the emotional ramifications. Advisors are intimidated by the insurance discovery and sales process. Closing a sale and getting paid takes too long. On and on…
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