Other parts of this series:
- Life insurers are not providing sufficient digital support for their advisors
- Today’s life insurance clients are more informed, more involved and seek greater transparency
- Life insurance agents are increasingly moving to a holistic advice model
- Building a foundation for growth: How to grow in the aggregator channel
- Without stronger heir retention strategies, life insurers stand to lose $210 billion
Life insurance agent—or advisor? Brian DeMaster highlights the difference, and why a holistic, advice-based model can help improve life insurers’ profitability.
One of the more interesting findings of the Accenture North American Insurance Financial Advisors Study is that an increasing number of life insurance agents describe themselves as taking on an advisory role. The difference is subtle, but important. Agents adopt a transactional role within the sale of a life insurance product, whereas advisors guide their clients through the process—and often, provide expertise outside of traditional life insurance products to include broader financial planning tools.
Importantly, advisors that have an equal focus on insurance and advice report higher Assets Under Management (AUM) than those that do not. As my colleague Patrick Lyons explains in this podcast, leading with advice can pay off.
This research shows that providing holistic, advice-led service isn’t just a way to better meet customer expectations—it can also help insurers improve profitability.
- Register to download Voice of the Advisor Executive Summary: Growing life insurance through the fusion of advice-based selling models and digital (PDF).
- Email me to discuss how Accenture can help you develop a holistic, advice-led model for life insurance distribution.