Must-have skills for life agents as industry evolves

Phil Marsillo, president and CEO of IDC WIN, suggested advisors improve their skills in running a business versus a sales organization. (Marsillo is also president of the Canadian Association of Independent Life Brokerage Agencies.)

“In the old days, you were working within an agency [and] things were done for you,” Marsillo said. “Today, even if you’re working with an MGA [managing general agency], you are still considered an independent business person.”

He also suggested life agents understand the concept of teaming. As products become increasingly complicated, work with people and organizations that can support you in areas outside your own expertise, Marsillo said. “That’s how you build value, that’s how you’re going to grow your business.”

Marsillo also noted the importance of documentation. During life agent audits, “reason why” letters are often missing, he said. And audits will increase as regulators place greater scrutiny on insurers and MGAs. He suggested recording Zoom meetings with clients as the basis for “reason why” letters.

Stephen Frank, president and CEO of the Canadian Life and Health Insurance Association, said expectations for documentation are increasing, requiring “the professionalization” of the sales process.

“We’re trying to shoot to a principles-based, not a checklist-based, regulatory world,” Frank said. As such, life agents must be “more professional at documenting and being able to demonstrate [they’ve] treated [their] clients fairly…. Everyone’s going to have to up their game around that.”

Brent Lemanski, executive director of LIMRA and LOMA Canada in Toronto, suggested life agents focus on advice. “There’s a bifurcation between access to information and advice,” Lemanski said. He suggested life agents “move away from spreadsheet selling to story selling.” That means building skill at recognizing consumers’ needs and offering them a personalized story about how they’ll benefit from advice, he said.

Lemanski also suggested building hybrid skill sets. Examples are adding personal touches to your video background as a way to better connect with clients, and learning how to conduct client meeting virtually. “We need to be more aware of consumer needs and even perhaps segment our client base based on their desire for communications — whether it’s virtual and or in person,” he said.