Sustained economic growth and higher available investment income are driving the insurance industry upwards. But price wars and rising interest rates have the potential to drag it down. Clearly, it is a turbulent era for the insurance industry. Insurance net income grew 23%1 in 2018, and the stage has been set for enhanced growth. As technology continues to change the nature of risk and creates new ecosystems, insurance companies are struggling to shine amidst market volatility, growing regulatory pressure, increasing competition, and talent constraints.
As agents cope with a plethora of internal and external pressures, what they must deal with on a daily basis is becoming more complex. From making the most of every sales opportunity to attending calls all day long, from bagging big deals to meeting the sales quota—insurance companies have to be adept in fostering deeper customer relationships and driving higher levels of productivity and efficiency.