Why Ordinary Life Is Taking On The Mantle Of Cutting Edge
Cutting-edge products do not arise spontaneously out of the blue. They arise because of outside stimuli.
A few years back, I showed a chart illustrating just that point. It listed some of the cutting-edge products that emerged in life insurance over the past 80 yearsinnovations brought forth during periods of tremendous outside stimuli.
With this article, I repeat the chart, updated for today, so take a look for yourself. As you peruse it, you will note that there is an entry for this year.
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Thats because there has been plenty of outside stimuli in 2001, most notably terrorism and recession. Sept. 11, 2001 made that abundantly clear.
Did the life insurance industry respond to such stimuli as it has in the pastwith product innovation? I think so. Lets see how.
Ordinary life insurance sales are suddenly up. In fact, we could call it the new cutting edge product.
How does that old standby fit into the cutting edge mode, you ask? The answer is, it has what people want in todays market–guarantees, a known track record, some predictability.