Back in the September issue of Life Insurance Selling, Maria Umbach, M.B.A., CLU, authored an article that asked producers “to stretch our minds, so we can imagine a future state that doesn’t yet exist.”
In case you missed her provocative article, “The New Mutuality,” I want you to take a minute now to do just that.
Umbach hypothesized that, by combining the ability to collect and distribute funds quickly — as was accomplished very effectively in the immediate aftermath of the 2010 earthquake in Haiti — with the power of a social network like Facebook, a “Napster Moment” in insurance is possible.
Could an outside force — with little to no experience in the insurance market — all of a sudden show up with a radically new business plan and completely change the game? Beyond Napster leading to a revolution in the music industry, Umbach points to how Travelocity “moved the cheese” of the airlines and travel agents, and also makes reference to Netflix, LegalZoom and Lending Tree, among others.