BUSINESS STRATEGIES
Which path will we take ?
Charles Arnold is the Chief Marketing Officer for The Leaders Group , Inc . located in Littleton , CO . The Leaders Group is a national , independent broker-dealer servicing wholesale distribution firms , independent insurance agents and financial professionals for over 25 years .
For an industry that hasn ’ t evolved much the last thirty years , there is plenty of change to be seen now .
The world has never experienced the rate of technological growth we are experiencing now . Every passing year , that growth accelerates exponentially . There is no turning back , it has infiltrated almost every aspect of our lives . The pure disruption it causes will eventually impact industries and companies that have long resisted . The insurance industry , along with its distribution , will not be immune . It is just a matter of what path it takes , who leads it , and how it will shape the new and improved dynamic .
Catalyst of change
COVID acted as a perfect catalyst in hastening adoption of electronic signature and paperless processing capabilities among insurance carriers . It is unfortunate it took such a thing to drive this change , but it has altered the way clients , agents , and BGAs interact with each other , forcing more streamlined tactics . Big Data , artificial intelligence , and predictive analytics have shaped accelerated underwriting programs at every carrier , which will certainly continue to expand in adoption , volume , and product application . We have begun to see full direct-to-consumer platforms join our broker-dealer to begin the distribution of registered products all from the screen of your phone . For an industry that hasn ’ t evolved much the last thirty years , there is plenty of change to be seen now .
Which path continued on page 24
22 Perspectives Q3 2022