The Future of Independent Agent Distribution. Jamie Green Vice President, Market Strategy National Underwriter Summit Professional Networks

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1 The Future of Independent Agent Distribution Jamie Green Vice President, Market Strategy National Underwriter Summit Professional Networks

2 Profile of Today s Independent Professional Purpose: to better understand the profile and preferences of independent professionals. The results will help organizations provide the products, services and support that will maximize advisor productivity and strengthen relationships with independent agents and advisors. Methodology: In November and December of 2013, LIMRA and National Underwriter conducted an online survey of approximately 750 independent professionals, representing all experience levels. Seventy percent of respondents were independent agents and the remaining were other independent professionals such as registered representatives of independent broker dealers.

3 Baby Boomers represent 6 in 10 independent producers 26% Producer age group 33% 29% Producer Generation 59% 12% 18% 20% 3% Under to to and over Gen Y Gen X Baby Boomers Only one quarter of independent producers are under 50 Silent Source: LIMRA/National Underwriter Advisor Survey, 2013

4 Diversity still a challenge in the independent channel Producer age group & gender Producer age group & ethnicity 80% Male 84% Female 93% 93% White Hispanic Other 73% 74% African American Asian 92% 83% 20% 16% 7% 7% 12% 4% 3% 7% 4% 3% 1% 3% 5% 1% 2% 2% 1% 2% 1% 2% Under to to and over Under to to and over 7% preferred not to respond Source: LIMRA/National Underwriter Advisor Survey, 2013

5 Business Mix by Age Among older producers: Advisory services make up a smaller amount of revenue Health insurance sales increase Life insurance remains pretty steady Life insurance Health insurance P&C Annuities Investments Advisory Other 6% 5% 4% 4% 14% 12% 9% 3% 14% 11% 14% 14% 20% 20% 16% 19% 4% 2% 4% 3% 12% 14% 18% 24% 35% 34% 34% 33% Under to to and over As a percent of sales or revenue Source: LIMRA/National Underwriter Advisor Survey, 2013

6 Business Mix by Focus As a percent of sales or revenue Life insurance Health insurance P&C Annuities Investments Advisory Other 11% 6% 27% 3% 1% 3% 8% 22% 25% 83% 50% 16% 28% 3% 13% Insurance focus Investment focus Insurance focus: 50% or more of revenue comes from health, life or P&C insurance Investment focus: Less than 50% of revenue comes from health, life or P&C insurance Source: LIMRA/National Underwriter Advisor Survey, 2013

7 Two-thirds of clients are 50 or older 35% 29% 22% 10% 3% Under 35 yrs yrs yrs yrs 80+ yrs Source: LIMRA/National Underwriter Advisor Survey, 2013

8 Age of Clients Under 35 yrs yrs yrs yrs 80+ yrs 3% 4% 3% 3% 25% 27% 30% 37% 30% 38% 39% 33% 27% 22% 19% 20% 15% 9% 9% 7% Under to to and over Age of Advisors Source: LIMRA/National Underwriter Advisor Survey, 2013

9 What is the current state of your practice? 28% 25% 30% 12% 5% Still establishing itself Established and has a stable client base and revenue stream Established, has a stable base and is now looking for opportunities for expansion Established but has had some years of negative growth Other, describe: Source: LIMRA/National Underwriter Advisor Survey, 2013

10 Insurance Focus Investment Focus 37% 31% 24% 26% 24% 24% 15% 9% 6% 4% Still establishing itself Established and has a stable client base and revenue stream Established, has a stable base and is now looking for opportunities for expansion Established but has had some years of negative growth Other Insurance focus: 50% or more of revenue comes from health, life or P&C insurance Investment focus: Less than 50% of revenue comes from health, life or P&C insurance Source: LIMRA/National Underwriter Advisor Survey, 2013

11 WHAT INDEPENDENT PROFESSIONALS VALUE

12 What attracted you to a career in financial services sales? Under and older Income potential 90% 78% Opportunity to be my own boss 62% 56% Opportunity to make a difference in people s lives 58% 52% Career potential 34% 36% Flexible work schedule 33% 39% I like to work independently 16% 26% Challenge of selling financial services 5% 10% Opportunity to work as part of a team 4% 5% Other 5% 7% Percent ranking item Source: LIMRA/National Underwriter Advisor Survey, 2013

13 Why Independent? Ability to offer multiple solutions. Able to offer my clients the best product I can, able to provide the best product for my clients, without having to push one product over another customize a plan that fits their needs today and into the future. I am a mother of 4 and need to have a flexible schedule which I am allowed as an independent advisor. I am a self-started and I like the freedom and flexibility of running my own business. I like the financial industry and enjoy helping people. Having access to a lot of different products so I can design the right solution for my clients with products from different carriers if necessary. Also I like the income potential and not feeling pressured to make sales quotas or push certain products. I also like the ability to develop my own niches including specialized service offerings. I am a CPA as well so like to integrate the two disciplines. After working as a career agent and enjoying some of those benefits, I started to lose business to independent agents. I decided that I wanted to stop losing business and I like the idea of putting my client first and an insurance company second. Source: LIMRA/National Underwriter Advisor Survey, 2013

14 Producers are split on how they prefer to place their business How do you prefer to place your fixed life insurance and/or fixed annuity business? 51% 49% Directly with the insurance company Through an intermediary (e.g., brokerage general agency) Source: LIMRA/National Underwriter Advisor Survey, 2013

15 Independent producers turn to intermediaries to drive efficiency and achieve scale How do you prefer to place your fixed life insurance and/or fixed annuity business? by What is the current state of your practice? Is it Growth Decline Still establishing itself Established and has a stable client base and revenue stream Established, has a stable base and is now looking for opportunities for expansion Established but has had some years of negative growth 57% 51% 43% 57% 43% 49% 57% 43% Directly with the insurance company Through an intermediary (e.g., brokerage general agency) Source: LIMRA/National Underwriter Advisor Survey, 2013

16 More than half of independent producers find support useful How useful is the support you receive from your primary wholesale insurance brokerage agency? 4% Not useful 42% Somewhat useful 54% Very useful 77% have used a wholesale insurance brokerage agency in the past 12 months 53% of producers have been working with their primary brokerage agency for 5 years or less Source: LIMRA/National Underwriter Advisor Survey,

17 Majority of independent producers are happy I am very pleased with the support I receive and am very unlikely to move my business elsewhere. and unlikely to move their business 52% 6% 43% I am not happy with the support I receive and plan to move my business elsewhere. I am generally happy with the support I receive but would consider moving my business elsewhere if a better offer comes around. 65% expect to contact at least one brokerage agency they ve never worked with before to inquire about their products and services. Source: LIMRA/National Underwriter Advisor Survey, 2013

18 Value Proposition Rating of various factors, regardless of whether they are received or not. % not receiving enough 35% 30% 25% 20% 15% 10% 5% 1: Training and education 2: Coaching and mentoring 3: Remote sales support 4: In-person sales support 5: Technology management and support 6: Marketing services 7: New business processing support 4 0% Not at all important Extremely important Source: LIMRA/National Underwriter Advisor Survey, 2013

19 Meeting clients needs top independent producers priority list Factors rated extremely or very important when placing business Extremely important Very important Ability to meet client needs Ease of doing business Financial strength/ratings Product selection Underwriting flexibility Compensation Speed of policy issue Technology support Training/development 18% 58% 34% 57% 34% 51% 38% 40% 43% 34% 34% 34% 39% 27% 37% 21% 26% 78% Source: LIMRA/National Underwriter Advisor Survey, 2013

20 The Future of Independent Agent Distribution Robert A. Kerzner President and CEO LIMRA, LOMA, LL Global

21 More than a quarter of advisors plan to leave the business within 10 years 1-3 years 4-6 years 6% 10% 26 percent of advisors plan to retire or sell their practices 7-9 years 10% More than 10 years 41% I don t plan to retire or sell my practice 33% Source: LIMRA/National Underwriter Advisor Survey, 2013

22 What Will Most Influence Distribution in the Future? Regulation Demographics Technology

23 Increased Regulation Worries Advisors Q: What needs to happen to sustain and/or grow the independent agent model? Reduce the burden of government regulation. Less regulation & oversight...too much to deal with now. Less government restriction on Internet applications. Less regulations. Source: LIMRA/National Underwriter Advisor Survey, 2013

24 Commission Advice Under Pressure Commissions Banned in 2007 and 2008: Norway Finland Countries Where Commissions Will Be Banned in 2013: United Kingdom Australia Netherlands Source: Bye-Bye Commissions, LIMRA 2012

25 Regulators Believe: Commission sales are inherently conflicting lead to lack of objectivity. Consumers are willing to negotiate & pay for advice. Fee-based sales remove all bias. Low-cost, free advice will be more available. Source: Bye-Bye Commissions, LIMRA 2012

26 Consumers Say They Prefer Flat Fees Commissions Flat Fee Annual Fee Develop and implement a plan for retirement income Develop and maintain a financial plan Advice on insurance type, amount, and options Advice on which types of investments to buy or sell 9% 55% 13% Source: Bye-Bye Commissions, LIMRA 2012

27 1 in 5 80 percent of U.S. consumers will pay less than $100 Consumers are willing to pay more than $100 for advice Consumers are willing to pay far less than the cost of providing advice. Source: Bye-Bye Commissions, LIMRA 2012

28 Americans owning individual life insurance is declining 72% % of households 65% 62% 55% 50% 50% 44% Source: LIMRA Life Insurance Ownership Survey, 2010

29 History: U.S. Growth in Numbers White African American Asian Hispanics (all numbers in millions) Source: U.S. Census Bureau

30 Projected Growth Over the Next 20 years Hispanics 36 million Asian 9 million African American 8 million White 10 million Source: U.S. Census Bureau

31 Younger Generations Are Increasingly Diverse Percent of Americans Who Are Hispanic and/or Non-white Gen Next 46% Generation Y Generation X Boomers 28% 39% 41% Source: U.S. Census Bureau

32 Hispanics More Acculturated More Likely to Own Life Insurance Percent Owning Individual Life Insurance Percent Owning Group Life Insurance Percent Not Owning Any Life Insurance Less Acculturated 29% 47% 48% No Child in Household 28% 47% 53% At Least One Child 29% 46% 50% More Acculturated 53% 59% 32% No Child in Household 47% 53% 35% At Least One Child 59% 63% 29% General Population 58% 68% 23% Source: Financial Protection for Hispanics, LIMRA, 2013

33 Wives earning more than husbands 29% 4% Source: Pew Research Center

34 Household financial decisions When Husband Earns More When Wife Earns More Share 28% Husband 35% Share 33% Husband 21% Wife 37% Wife 46% Source: Pew Research Center

35 In their own words Keep up with new products and technology but still keep a personal interest in the client. Technology needs to be infused at a greater rate to attract new agents. Technology advances to reduce time spent on administrative tasks. Support must be easily available from carriers who use independents and from companies that provide technology to the independents. Source: LIMRA/National Underwriter Advisor Survey, 2013

36 Will the face-to-face of the future be the same?

37

38 These People are 57 Today

39 Top reason consumers shop for life insurance 41% cite life event Source: LIMRA 2011 Buyer Nonbuyer Study

40

41

42 Millennials Moving Toward Mobile 52% of Millennials preferred to bank at Branches or ATMS % % 0% of Millennials preferred to bank online % 2012 of Millennials said mobile was their preferred channel % 2012 Source: American Bankers Association, A18-34 preferred banking methods

43 But What is Face-to-Face These Days?

44 From Surfer to Sale.

45

46 You seem to need more information on term life insurance. Would you like help calculating how much you need? Click here for more information.

47

48 Leverage technology to issue in real-time

49 MetLife Partners With Walmart to Sell Life Insurance in Stores

50 If you are in the way of a steam roller, either get out of the way or become part of the road Phil Billingham, strategy consultant at IFA support provider Threesixty

51 Bradesco using POS machines to sell life insurance

52 Employees Prefer Buying at the Workplace Employer Agent or Broker Insurance Company Internet No Preference Life insurance Disability insurance Long term care insurance Dental insurance Vision care Source: What is $1 Billion an Hour Worth?, LIMRA (2011)

53 Who has the data?

54 NY Life Launches Regional Pilot to Generate Leads for Producers through AARP Pilot was so successful that NY Life launched a nationwide campaign this year.

55

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