As a product consultant since 1988, I have been involved in the revision or creation of over 50 new insurance products with 16 insurance companies. I mention this not to boast (as I will never reveal the ratio of past successes to failures ) but only to legitimize my right to ask the most important question present in this whole process: “How many times can you tell the field that your newly polished and filed policy form is meaningfully and measurably “new and improved”? And then expect them to be gullible enough to believe in the frothy hyperbole that comes with product introductions, when in truth it may often be just more of the same. We know that when you stop and think about the philosophical core of wholesale brokerage it is centered on eternal hope and perpetual policy introductions. We are most often the originating source of benefit creativity and product design innovation. We have always had greater purpose than to just take expedited orders for products hopefully sold in volume on historically thin margins. Our ability to continually adapt and reform our product approach has consistently benefited the American consumer. The net result over time has been more competitive product cost and more form fitting benefit to risk product emphasis. In my humble opinion nowhere has this been more self-evident than in our perpetual, ongoing quest to solve the chronic illness conundrum.
Click here to read more, originally published in the September 2019 edition of Broker World Magazine.