The world renowned consultants at McKinsey put it this way:
“For the past decade, the life insurance and annuities industry has struggled to find growth. The future of the life insurance industry will depend on adaptation.
They must therefore reimagine how they engage, serve, and communicate with potential and current customers, with an emphasis on a digital-first strategy that can meet changing and rising consumer expectations.”
So Lesson #2 from FANG is change the value exchange.
How? Adopt a new roadmap to sustainable growth that highlights:
- A more advice-driven value proposition
- Multi-channel communication
- Highly segmented and personalized interactions
Your IMO can assume a market leadership role by helping advisors adapt to this new reality.
“Agent interaction is still important but costly. Since our research found that many customers find online chat and videos to be nearly as helpful as in-person meetings with financial advisers, (IMOs) should create and offer virtual education tools to support consumer engagement at a low cost.”
Our team has helped firms drive over $12 billion in new annuity sales by focusing on an “engagement model” delivered with across digital and traditional channels.
Is this something you’d care to discuss?
About the author
Jack has been an enthusiastic activist for independent financial advisors. His view is that advisors do great and important work for the families they serve. They face a vortex of changes and his thought leadership has helped them navigate those changes and deliver better retirement outcomes. With his team at EAG, he has acted as a Sherpa for financial institutions seeking to grow their financial advisor distribution. In the process, he and the team have pioneered marketing to advisors built on a bedrock of intelligent content and digital technology.