IMSA Leader Cautions Against Profits Before Integrity in Multiclutural Markets

“While today’s complex and increasingly multicultural business climate offers a host of opportunities, agents should never put profits before integrity in the sales process,” Brian Atchinson, executive director of the Insurance Marketplace Standards Association, said in an address to the Independent Insurance Agents of Texas convention in Austin, Texas.

“Consumers – regardless of their income status, age, gender, or ethnic background – want to know they can trust their insurance agents,” said Atchinson, head of the primary organization for setting ethical standards for the life insurance industry. “An increasingly diverse America offers new opportunities for insurance sales, but it’s important to recognize that subtle differences in each ethnic group.”

Atchinson recommended the following approaches to multicultural markets:

–Maintain clear and appropriate communication with policyholders, recognizing special considerations based on age, personal needs and ethnic background;
–Provide sales materials and explanations that clearly describes the products in the customers’ language;
–Work closely with consumers to find the product that best suits their insurance needs;
–Avoid unnecessary policy replacements;
–Handle consumer complaints promptly and fairly; and,
–Establish connections to the community to help build and maintain trust.

“These are standard practices that apply to any customer, though you may need to modify them slightly recognizing specific cultural concerns,” Atchinson said. “But using an appropriate personal code of ethics, you should be able to earn and keep the trust of your customers. And that’s essential in all personal lines of insurance.”

IMSA is a voluntary, nonprofit organization created to promote consumer protection and service through high ethical standards in the life insurance, long-term care insurance and annuity products industry.