What's the most challenging part?

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Problemfixer
Insurance Journal Fan
Posts: 1
Joined: Mon Jun 22, 2020 5:38 pm

What's the most challenging part?

Post by Problemfixer »

Howdy!

I've been working at the wholesale level for the past few years while simultaneously completely a masters in performance psychology. Now I'm working to better understand how the two worlds coexist. To understand this it's vital I understand what are the biggest challenges individuals face in the insurance industry when it comes to personal performance. Is it the work life balance, is it hearing no, is it navigating demands from the boss, etc? Maybe the correct question is, what barriers currently stand in your way from performing optimally?

I'm incredibly interested in hearing peoples experience and ideas!

Hope all is well and managing optimally during these uncertain times!

RNR_Risk
Insurance Journal Fan
Posts: 4
Joined: Thu Nov 04, 2004 12:58 pm

Re: What's the most challenging part?

Post by RNR_Risk »

Speaking solely for myself (of course) - biggest challenges include...
- Selling products (personal & commercial lines) that are almost completely commoditized makes it hard for a broker to focus on value he/she brings and reduces the risk management process to a simple auction.
- The basic system of compensation values "sales" over everything else and creates an inherent conflict of interest with respect to duty owed to clients (insurance buyers).
- Insurance transactions are almost completely divorced from the more global risk management process which squeezes value out of insurance.

Bringing state of the art psychology tools to the insurance buying & marketing process is kind of a novel and cool approach - but I wonder if that tends to further remove insurance decisions from (what seems) their more appropriate rational, financial analysis focus.

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