How do agents feel about their industry’s efforts to reach the multicultural market?
With 77 percent of respondents (Figure 13) wanting to make inroads into the multicultural markets and cultivate them as a bigger part of their business, the question then becomes — why haven’t they?
One factor points to an interesting contradiction that arose in the data. A solid 69 percent of respondents said they had seen “a modest or meaningful increase in insurance industry focus on reaching multicultural markets in the past 10 years.” (Figure 14, see next page). In addition, another 24 percent said they believe they will see an increased focus on multicultural markets within the next five years. Only 7 percent said they do not expect an increase or change to the current level of multicultural focus.
With such a dramatic number of agents bullish on the industry’s multicultural focus then why did they also give their industry a C grade?