What Will Brokers Encounter in 2018?
As the calendar turns to 2018, insurance carriers and brokers find themselves in the midst of an unprecedented marketplace. Challenges and opportunities abound as consumer demographics and technology continue to shift in a major way.
Millennials are shopping for solutions to build wealth and protect their financial futures as they get jobs, start families, buy homes and begin paying down debt. Members of Generation X are saving (and beginning to pay for) their children’s college education, while also saving for their own retirement. And Baby Boomers are retiring in huge waves, seeking solutions to ensure their retirement savings last throughout their golden years.
While all of this is happening, companies like Amazon have raised the bar when it comes to the customer experience, offering individuals exactly what they’re looking for, delivered in two (or fewer) days to their front door, at a competitive price backed with friendly service. And technology is making information and solutions available at consumers’ fingertips in real time.
So what does this mean for the insurance industry? And how will it impact brokers in 2018 and beyond?
Advice and Solutions Matter—Maybe More Than Ever
In the midst of such rapid and dramatic change, advice still matters. In fact, with so much information coming at consumers from all directions, advice might matter more than ever before. Consumers are looking for a calm in the storm and clear direction for their financial situation.
Brokers are critical to this equation. And their insurance partners must be committed to providing the solutions their customers are seeking. This has always been a top priority for Mutual of Omaha—and always will be.
In 2017, Mutual of Omaha partnered with brokers to serve their customers in some key ways:
- We launched our second IUL product, Life Protection Advantage, a new solution to our portfolio that offers three crediting strategies, guaranteed refund option and accelerated death benefit for terminal and chronic illness.
- We enhanced services for business owners and saw increased utilization of our succession planning and business valuation solutions.
- We built on our strong position in the senior health market, remaining one of the leading providers of Medicare supplement insurance.
- We launched new dental insurance for individuals, with a vision rider, developed based on extensive research with senior consumers.
- We revitalized the Mutual of Omaha brand, launching a new mutualofomaha.com website and testing new advertising in select markets.
- We continued to work to improve customers’ experiences at key touchpoints within our company.
In 2018 we will continue to build on our efforts to meet the evolving needs of consumers and their brokers with new solutions, services and technology enhancements:
- We are working on plans to add a long term care rider to permanent life insurance products.
- We will continue to expand the e-application availability for more of our products to make writing business with us easier.
- We will introduce new underwriting programs: Accelerated and automated.
- We will continue to expand our brand efforts to support the listening campaign which puts our customers’ needs and wants first.
- We will continue to ensure consumers have a positive experience when doing business with Mutual of Omaha that inspires confidence and loyalty.
Most important, we’ll be here to help you get in front of the right consumers in the right ways with the right solutions. Together we’ll ensure their success—and our mutual success—for years to come. [TG] [RM]
