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Need
Some Change?
A vacuum has been created in recent years within the
life insurance industry. The demise of the career system [more than 25% in
just over a decade according to LIMRA], or at least it’s prominent
downsizing, has forced agents to become independent and loose critical
support, financial assistance and training, or worse, leave the industry all
together. More and more life carriers are cutting distribution and product
delivery in favor of a wholesaler brokerage distribution. The carrier wins
through vastly reduced overhead expenses [due in great part to
centralization] and divestiture of costly distribution maintenance.
Retailers [Independent Brokerages] win because the pie the carrier can offer
is bigger and the carrier no longer competes with the brokerage in
distribution. It’s a bigger piece of a bigger pie. {Notable is the litany
of brokerage acquisitions of late and the competition they can afford to
engage in because of this sector growth. This trend continues to confirm
the current industry direction.}
The phrase we hear more often today is
Independent Marketing Organization (IMO). This is inclusive of the large
independent brokerages, but also includes those entities that offer
specialized services, and do them in such a way as to “stand out” from the
traditional brokerages. For our discussion, IMO will refer to the latter
organizations. IMO’s are finding traction in the market place vs. the
traditional brokerages for two reasons. One is referenced above and
that’s “specialized services”. These are services that large brokerages
can’t or more often don’t wish to provide. They include, but are not
limited to, lead generation, web enabled tools and processes, concierge
support and training, etc.
The Human
Factor
The second reason these IMO’s continue
to gain presence is the human factor. We have a burgeoning sales force of
former career agents, or career independents forced into change due to
technology advances, market changes and new product design.
According to a book by Rabbi Edwin
Friedman, our generation is going through more profound change than
experienced in the past. Not just cultural change, but change in
lifestyles, work habits; basically all areas of life. The intensity and
scope of change is so great, in his view, that chronic anxiety pervades our
society. It’s no wonder that the number of life insurance professionals
continues to decline year after year. It’s not the change in our industry
that is the sole cause, it’s that it’s one more change in a world
already full of change.
I’ve already heard agents referring to
these new huge independent brokerages (BGA) as just another mega life
insurance company.
So rises the opportunity for IMOs to provide the
human touch. Only Financial Group is a partnership of retired and
active “former career agents”. While operating in the independent world, we
talk about things like relationships, leadership development and support.
Offering training in direct response selling is the first step of a
multi-pronged business plan to provide a safe harbor to agents tired of
change.
Special
Services
Through Only Financial Group agents receive incentives
and travel, top compensation, training in direct response selling and the
technology that drives this new marketing style. Additionally, agents can
participate in bi-monthly teleconferences with the nations top direct
response producers, have access to current news articles and discussion via
the OFGzine, become trained and effective in impaired risk selling {which
includes a wide array of Guaranteed Issue products} and learn how to build
their own IMO.
But most importantly we provide LEADS.
We generate thousands of qualified leads every month. These are unique
leads that are actually “sales in progress”. We call them application
request leads. These leads enjoy a conversion rate of roughly double
the old style “quote request” lead. We also offer a “designer lead” option
to take your old style “quote request” leads and breathe new life into them.
“It’s a chance to find a home
for some agents, to find SMARTER ways to work, not work harder, and to have
the lifestyle they always dreamed of,” states Pat Wedeking, President of
Insurance Only.
Consider making Only Financial Group
your IMO. It’s the last change you’ll make. Ask us how you can build a
substantial income by selling from your desk, and then ask us how you can
help others do the same and be compensated for your effort. We enjoy
talking to medium and large organizations too. Grab a cup of coffee and
give us a call.
Bradley S. Howard, Director
Only
Financial Group
866-INS-ONLY ext 108
bradh@onlyfinancialgroup.com
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