Survey: Role of Sales Representatives Growing in Relevance to Brokers
INDIANAPOLIS--(BUSINESS WIRE)--Dec 31, 2019--
The relationship between an insurance carrier’s sales representative and an employee benefits broker continues to gain more importance and relevance, according to a recently completed industry survey commissioned on behalf of OneAmerica ®.
The data comes from the survey OneAmerica Worksite Producer: 2019, a custom research project conducted by LIMRA.
“Sales representative relationship” tied for third out of 18 possible attributes available for brokers to select. While the top two attributes remain “pricing” and “providing competitive products” the poll displayed an uptick in the increasing value that brokers place on sales relationship ─ from 29% in 2014, to 38% in 2018, to 44% in the most recent 2019 poll.
“At OneAmerica, being broker-centric means we are always looking for ways to positively enhance the experiences brokers and their clients have with us,” said Jim McGovern, senior vice president for employee benefits, OneAmerica. “Broker-centric also means doing all the things that bring the highest value, and our sales team brings that commitment to the job every day, long after the sale and seamless onboarding of the employer’s plan.”
Sales representatives in the employee benefits division’s local and regional group offices provide personalized, professional support to help brokers and financial professionals understand clients’ needs. Together they: build strategies; assist with employee open enrollment; host classes, seminars and workshops to stay on top of the latest trends; and provide opportunities to earn continuing education credits toward licensing, regulatory or other requirements. 1
“Sales representatives at OneAmerica are deeply committed to broker success,” said Steven Lynch, employee benefits vice president of national sales and service. “Other carriers may focus just on cost but brokers also value dependability. That’s what our regional sales professionals provide, and this poll reinforces our focus on relationships and to be responsive to broker needs.”
The LIMRA survey, conducted online between July 15 and August 2, included responses from about 100 brokers. The top six in order for 2019 were pricing (50%), competitive products (49%), sales representative relationship and customer service (each at 44%), claims processing (25%) and implementation process (24%). 2
Joining sales representative relationship as important carrier attributes were claims processing and implementation, which each rose compared to where they ranked in 2014.
Over three-quarters of survey respondents, who self-identify as mainly life and disability insurance providers, stated that they wrote business with OneAmerica in the past year. Most focus on the small case market with 67% targeting businesses with fewer than 100 lives and 39% targeting businesses with fewer than 25 employees.
OneAmerica focuses on the core financial wellness products of group life and disability insurance.
About OneAmerica ®
A national provider in the insurance and financial services marketplace for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to our customers. To learn more about our products, services and the companies of OneAmerica, visit oneamerica.com/about-us/companies-of-oneamerica.
OneAmerica ® is the marketing name for the companies of OneAmerica. Products issued and underwritten by American United Life Insurance Company® (AUL), Indianapolis, IN, a OneAmerica company.
About LIMRA ®
Serving the industry since 1916, LIMRA helps to advance the financial services industry by empowering nearly 600 financial services companies in 64 countries with knowledge, insights, connections and solutions. Visit LIMRA at www.limra.com.
2 The survey allowed respondents to choose as many attributes as they wish, so results do not add up to 100%.
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KEYWORD: UNITED STATES NORTH AMERICA INDIANA
INDUSTRY KEYWORD: INSURANCE HUMAN RESOURCES FINANCE CONSULTING BANKING ACCOUNTING PROFESSIONAL SERVICES SMALL BUSINESS OTHER PROFESSIONAL SERVICES
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PUB: 12/31/2019 02:18 PM/DISC: 12/31/2019 02:18 PM