COVER STORY
Question & Answer
Positive momentum Varying adjustments
When asked how the first part of 2019 was tracking,
the group shared an optimistic perspective. Looking at what adjustments or strategies are being
considered at mid-year, the answers varied from one
leader to another.
Bosnack: “Actually, there has been a surprise, albeit a positive
one. Last year was a difficult year, but we are off to a nice start
this year.”
Hannam: “We experienced an interesting fourth quarter in 2018,
with the last couple months ramping up for a strong finish. This
has allowed us to roll into 2019 with nice growth. Our agency
is not expecting any big surprises or major changes despite the
changes in regulations in carrier products this year.”
Phillips: “We are having a tremendous year. It’s coming from any
number of different directions and product lines. I can’t say that
I’m overly surprised, as our marketing efforts continue to pay
dividends.”
Wong: “Our sales goal didn’t yield any surprises to what was
expected back in Nov/Dec. We are above target for Annuities
and Linked Benefits. Our Life insurance sales are slightly below
target; however, our inventory and current momentum is
expected to bring sales back in line with full year expectations.”
Bosnack: “Predictability in this business is seemingly more
elusive every year, so I try to stay out of the prediction biz. As
noted, though, we are off to a decent start. I am going to try to
keep things moving forward with hopes of capitalizing on the
momentum.”
Hannam: “We will continue to work hard to monitor the pulse of
the industry, to listen to our advisors, and to pay attention to
insurance carrier behavior and changes within our own agency. If
we need to be nimble and make changes along the way, we want
to ensure that we are mentally and physically prepared to do so.”
Phillips: “We’ll continue to do what we always do which is market,
market, market. If things continue as they have, our mid-year
plans will likely involve bringing in more staff to help us address
the additional opportunities. I don’t think we’re a typical BGA
in that we are adept at multiple product lines. We have deep
rooted knowledge in those lines and that has served us well as
markets ebb and flow.”
Wong: “To stay on course, we are putting additional focus on
having more face-to-face (or FaceTime live feeds) interactions
with our existing relationships and prospects to share our
role with them in their value chain. I’m really energized by
the results from our key relationships and their success. After
spending several days with our very best distribution folks, I am
confident in our team’s ability to hit our goals for the year.”
Be nimble.
ses.
Streamline carrier proces
mmunicate
co
Rethink the methods to
with the market.
with advisors
Emphasize engagement
and consumers.
ket some more.
Market, market, and mar
panel
the views provided by a
These are just some of
e
rspectives magazine. Th
of industry leaders for Pe
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g sized agencies sha
four leaders from varyin
ges
t, the trends and challen
thoughts on the marke
the
o
es as they head int
impacting their business
second half of 2019.
Those surveyed were Joe Bosnack, Jr., President, Katz
Nassau Agency, Inc.; along with Debbie Hannam, President,
Brokers Clearing House, Ltd.; Raymond Phillips, President,
The Brokers Source, Ltd. and James Wong, Area Executive
Vice President, Partners Advantage Insurance Services, LLC.
Independent agents are looking to grow
70 %
14 %
Reduce
33
No action
%
22 %
Aggressively
growing
7 %
Moderately
growing
Not
growing
53 %
Expand
Source: Independent Agent
Business Placement Preferences
Survey, LIMRA, 2019.
53% are looking at increases in both types
of products and numbers of products.
All things considered, which of the following best
describes your practice’s current stage of growth?
10
Perspectives
Q2 2019
www.nailba.org
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