Originally, I had intended to write a single feature for the July issue of Life Insurance Selling and LifeHealthPro.com detailing some of the threats to the independent distribution channel as part of that issue’s cover story package, “The Fight for Independents.” But I quickly realized there was no way to cover the subject adequately in a single feature. So one of the things I’m working on now is a six-part series, essentially tackling the primary threats in depth, one at a time. The series will appear on LifeHealthPro in addition to running consecutively in each remaining 2012 issue of Life Insurance Selling.
Read Part I: Facing Up to an Aging Producer Workforce
Here’s a look at what’s coming up in the remainder of the series:
- Part II in the August issue will look at the potential impact a universal fiduciary standard would have on the channel. If the SEC or the Department of Labor were to eliminate the current suitability standard with a universal fiduciary standard that eliminated commissions, we could be facing a whole new landscape.
- Part III in the September issue will outline what’s going on in some of the alternative distribution channels, like the career channel, direct sales and financial institutions.
- In October, Part IV will focus on the dangers created by the channel’s intense focus on the affluent market while the middle market is being largely ignored. That will be included as part of the issue’s extensive coverage about challenges associated with reaching the middle market.
- November’s Part V is going to explore the issue of consumer ignorance and apathy regarding life insurance in general, and what can be done to educate consumers about the need for coverage.
- Finally, Part VI in the December issue will look at emerging technologies and their potential impact on distribution, with an eye toward what life insurance sales might look like in the future.
I am still in the process of researching and conducting interviews for the final four parts of the series and would especially welcome input from producers in the independent channel. If you would like to provide your insight, please email me your thoughts at [email protected].