Top priorities for BGAs / IMOs
Grow network of producers / advisors
77 %
67 %
Increase sales of current product offerings
51 %
Improve producer sales support and service-related issues
44 %
Improve technology solutions to producers / advisors
18 %
18 %
Expand product offerings
Educating the consumer
8 %
8 %
Invest in IT infrastructure
Other
The intermediaries are also well aware that independent producers are getting older ( the average age of an independent agent is 62 ) and the necessity to recruit younger producers . To attract these younger individuals — especially those who are in the wealth management space — it is important to know their priorities when choosing an intermediary . Based on the research , producers under age 40 say the most important factors when selecting an intermediary are :
1 Strong service and support 2 Product portfolio 3 More favorable underwriting
The good news is our new study finds most intermediaries surveyed have had success engaging producers under age 40 . More than 70 % said they were very or moderately successful recruiting younger producers to their firms .
Improving sales support and technology solutions to drive sales
The COVID-19 pandemic and the resulting social distancing measures disrupted traditional business practices for financial professionals . In 2020 , half of insurance agents reported their sales volume had declined , compared with their 2019 sales . Many said they struggled in a virtual setting to be as productive as they were pre-pandemic .
As we emerge from the pandemic , intermediary firms are looking to grow their sales . Two-thirds of intermediaries say increasing sales of their current products is a top priority . But selling to consumers may look a lot different post-pandemic . In a recent study of life insurance executives , 9 in 10 said it was very likely more consumers would want to use video engagement tools and expect quicker turnaround times when purchasing insurance products . This will require producers and the firms supporting them to continue or expand their use of digital tools .
Intermediaries continued on page 44
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