CHAIR COLUMN
Just like that …
To paraphrase a friend , “ You sell a product that serves the American people in a unique way , and they need more of it !”
John T . Gilbert NAILBA Board Chair President The National Benefit Corp ( TNBC ) West Des Moines , IA a quarter of a year is behind us . Your NAILBA board has been hard at work on many issues on your behalf . Arrangements for the annual meeting , managing expenses , case manager certification improvements and so much more . Today though we are talking about the state of our industry and how our partner agencies are doing so far this year .
In talking to a few of my fellow agency and carrier partners I was able to get a barometer on how the first quarter finished . In short , it was a mixed bag . Personally , we had some great weeks , paying for some larger cases , taking in large amounts of annuity premium and sending out some great marketing and sales ideas to the field . We also had a few clunkers . A few where we wondered if our agents were still involved in the business . Weeks where the flow of new business was less than what was needed or expected .
Discussions with other agency owners and carrier partners produces a similar story of great weeks mixed with lackluster ones . This is the world we live in as sales professionals , consultants and businesspeople – living and dying with the incoming mail and email each day .
What are a few things that give us pause or potentially a positive feeling headed into the rest of the year ? Our carrier partners are hard at work developing product , riders and processes to assist us in meeting the customer and advisors ’ expectations and exceeding them . Carriers are quickly getting comfortable with digital data as acceptable underwriting information , making the turn time on some decisions hours , not days . Companies are redefining the target markets that they want to impact by creating products aimed at the fee only space , both on the life and annuity side of the business . The RIA community ’ s growth is signaling to both manufacturers and distributors that this channel is on the rise . In addition to all the product innovations , process improvements and insurtech enablement our industry is well positioned to take advantage of the potential uncertain economic times that may be ahead .
The products that most of us represent and assist financial professionals in selling everyday are well positioned for most situations . Slow and steady gains , check . Protecting from downside loss , check . Tax efficiency , check . Efficient income distribution , check . Protecting families and businesses from catastrophic loss , check . The opportunity to have solutions that fit with most narratives is unique in the financial services world . To paraphrase a line from a friend in the greater DC area , “ You sell a product that serves the American people in a unique way , and they need more of it !”
As an industry and as a wonderful collection of some of the best small and medium sized business owners in the country , independent insurance distribution will always have good quarters , bad quarters and plenty in-between . I ask you , how many industries have what almost everyone should have but most are woefully short of what they need ?
6 Perspectives Q2 2022