Weekly Newsletter - 11.06.2024

Term Life Insurance Leads Growth in Life Insurance Market

Author

Zihan Lyu
November 06, 2024

Sales may be shifting rapidly with AI, but some core principles remain essential for success. Sales enablement expert Roderick Jefferson shares insights on what it takes to build a high-performing sales team that thrives in a tech-driven world.

  • Hire Right: Beyond skills, look for cultural fit. AI can assist by analyzing traits that predict long-term fit and adaptability.

  • Onboard Like a Pro:

    • Orientation to company values

    • Role-specific training with a technical focus

    • Leadership involvement to reinforce learning

  • Prioritize Continuous Learning: Sales reps need to stay sharp. Ongoing training, certifications, and knowledge-sharing help develop expertise. AI tools can personalize learning to fit each rep’s style and needs.

  • Equip Reps with the Right Tools: An intuitive, updated knowledge system and a feedback loop ensure reps have access to what they need, when they need it.

📥 For deeper insights from Roderick Jefferson on effective onboarding and "everboarding," download the full ebook from Roderick Jefferson and Hive Perform.

INDUSTRY INSIGHTS 🌐

Understand the best ways to selling life insurance, emphasizing the Taylor Method's four pillars for success. It highlights the growing demand for life insurance, offers strategies for client acquisition, and outlines a step-by-step sales process. The guide aims to help agents become top producers in the industry.

The life insurance sector is evolving due to low interest rates, increasing exposure to riskier assets, and private equity involvement. These changes enhance profitability but raise financial stability concerns. Offshore reinsurance and asset-intensive reinsurance are key strategies, necessitating robust supervision and international cooperation to manage risks effectively.

INDUSTRY NEWS 📰

Term life insurance continues to grow, with a sixth consecutive quarter of increased sales, driven by online platform improvements and competitive rates. Despite this, overall life insurance sales remain sluggish. Whole life struggles due to high interest rates, while fixed and variable universal life show growth.

Controlling medical treatment is crucial for managing workers' compensation claims, potentially affecting costs in 2025. Despite a softer market, an increase in premiums is possible.

EVENTS 📆

Join sales enablement expert Roderick Jefferson from @Roderick Jefferson & Associates as he explores "Ever-Boarding" -- a continuous process for developing and upskilling sales professionals.

Date and Time: Nov 13, 2024 (Wednesday), 2 PM ET / 6 PM GMT

You'll learn:

  • How AI can help you provide personalised coaching to sales reps based on their individual strengths and weaknesses, analysing calls, emails, and meetings to identify areas for improvement

  • How to build a culture of continuous learning and development by using AI-powered tools to deliver knowledge bites and reinforce best practices

  • How to design a data-based process that removes time blockers and accelerates the ramping up of sales reps

Sales Intelligence is a Contentive publication in the Sales & Marketing division