An insurance professional coach presented a topic called ‘Rethink, Relearn, Rebuild’ at the 2019 MDRT Annual Meeting which concluded in Miami, Florida today.
The points made may resonate particularly with New Zealand advisers, given the many changes currently reshaping the financial advice sector here.
The presenter, Milind Mane, has been coaching insurance professionals in India for the past 29 years and is pursuing his doctorate in the study of life insurance distribution channels.
“Every insurance professional has a hunger for growth in every walk of life, for which he or she must change continuously and improve,” he said.
He asked the audience why advisers should rethink, going on to highlight changes from a global markets perspective:
- The present methods of distribution are losing their luster
- Traditional insurance distributors are diverting to other businesses
- Competition is much more cutthroat than ever before
- Successful agents are aging and do not have a succession plan
- Digitization and the use of technology are increasing
- People want more trustworthy solutions than they are getting today
He said advisers need to have a rethink about:
- Increasing their reach
- Their earning composition
- Quality of advice
- Their understanding of their customers’ needs
- Their focus product suite
- The future of their business
- Their present practices
Mane said relearning is of vital importance to advisers so that they may:
- Adopt the rapid pace of change
- Reap benefits of digitization and optimize use of technology
- Meet the changing demands of their buyers
He added that to rebuild was equally important, for the following reasons:
- For our understanding of our customers’ needs
- For our outlook toward the industry
- For our business strategies
- For our quality of advice
- For our methods to connect with our clientele
- For ourselves
He noted how the insurance industry in India had to rebuild itself and other organisations too such as Nokia and Nintendo.
“Rethink, relearn, rebuild is a journey, not a destination,” he concluded.