According to the results of a survey released by the Life Insurance Marketing Research Association (LIMRA) on June 24, advisors work with many companies but only place business with about half of them. "How they decide which company gets more business depends on the value proposition a company offers," notes LIMRA.
In this survey of nearly 1000 independent agents, registered representatives, and independent advisors in the United States, respondents cited two key reasons for why they place business with one carrier over another: the company's ability to meet client needs and ease of doing business.
"When companies offer similar products and services, price and compensation can strongly influence an advisor's short-term decision in selecting a carrier," says LIMRA. "By contrast, companies that pay attention to the services most valued by independents can distinguish themselves and establish a long-term relationship with the advisor."
The top services advisors looked for from contracted companies were new business processing support (84%), training and education (67%), marketing services (67%), technology management and support (63%), and sales support in advanced markets and estate planning (59%).