Change – an imperative for the Insurance Industry

The Internet revolution has changed the world drastically. People are smarter, tech-savvy, and demand value for their money. As we proceed into the communication age, people still living in bygone eras are being discarded for more innovative and cutting edge leaders. With businesses offering consumer investment options by changing their mode of selling, the insurance industry too needs to revolutionize in order to survive. Paying less for insurance and yet getting more out of the deal is what is driving competition in the insurance market.

The training program at most insurance companies is obsolete. Trainees are told to develop a thick skin and a tough attitude for every negative response they get. Every ‘no’ will bring with a positive answer is what they believe. However, the truth that eludes them is that this ‘no’ is most probably a result of poor sales strategy.

It would not be wrong to say then that the insurance agent who keeps on using his and obsolete methods to non-traditional sales prospects will meet with negativity. People know that when they are asked about their families, birthdays and to hand over other personal information, the sales person is just collecting data that would help the seller to sell. This is in most cases is not taken in good taste.