The insurance industry should follow the example of Starbucks and take a fresh approach to solving the needs of the average American, according to Fred Jonske.
Jonske, president of M Financial Group, Portland, Ore., a national marketing organization, made those remarks here after participating in a life distribution panel at an insurance seminar presented by Standard & Poor’s Corp., New York.
The ability to reach out and understand what consumers want is what makes it possible to sell a $4 to $5 cup of coffee, Jonske said.
Similarly, an understanding of the consumer and industry chief executive officers’ willingness to take a chance and move upstream if necessary will allow insurers to reach the average consumer, Jonske said.
During the session on life distribution strategies, moderator Kevin Ahern, an S&P director, talked about the opportunity insurers have for providing consumers with continued income.
Jonske noted that consumers, not distributors, are driving demand for products such as those that have secondary guarantees.