Complacency is Not on the 2022 Outlook
As I speak to audiences on Insurance and Financial Services sales in the year ahead, I am quick to point out that while the year holds promise, 2022 could be the worst time in insurance sales history to be complacent.
Writing for Forbes Advisor (December 27, 2021) editor Amy Danice in her piece “Outlook For Life Insurance Shoppers In 2022,” points out:
“The Covid pandemic has without a doubt been a major driver of higher life insurance sales. As people sought financial security, and dealt with worries about their own mortality, they looked to life insurance as one solution.
With the Omicron virus variant disrupting a return to normalcy, 2022 could very well be another banner year for life insurance sales.”
However, the article warns that when the pandemic “begins to cool,” insurance sales might cool with it. Clearly, the healthcare industry is seeing lower mortality and hospitalizations especially among the vaccinated, and we can’t forget the strides made in medications.
While, no one wants this miserable virus to stick around more than a single second longer, to not be aware that within months the entire insurance sales landscape could change is foolish at best.
In the “Outlook” article it was also explained that several other factors could influence insurance sales including: an increase in “no-exam” life insurance with several mechanisms circumventing the use of an agent; ease of buying insurance; insurance needs of those of the so-called “Great Resignation,”; women starting businesses and an increase in workplace life insurance demand.
No Time for Sleeping
The market and the sales environment for insurance is undergoing a transformation. Those of us who have worked in the industry are free to debate on whether – or not, COVID-19 was responsible. As we start the new year, what is clear is that changes are coming at us faster than ever before. The management of those changes will be critical.
Those of us who are determined to change will succeed, those who are complacent may be forced to the sidelines. To not embrace the vision of more women becoming entrepreneurs or how we are entering an era of greater online competition, more workplace life insurance needs or honoring those who have been brave enough to launch new businesses will result in a huge loss of opportunity.
The question I have of all of us in the life insurance and financial services industry is do we have the mindset to seize the opportunities in front of us, and beyond that the grit to work at it every day, no matter what it takes?
We have the skills and hopefully the resolve to make a difference in the lives of our clients. It is time to put our abilities into use. If we are complacent, it is a guarantee that those who need life insurance will shop elsewhere. It is up to all of us to rise to the challenges of 2022.
To contact Scott Burrows, Insurance and Financial motivational speaker for a virtual or in person presentation, please reach out to him through his website or his office at: (520) 548-1169