Life Insurance Wholesaler
In a retail environment, insurance providers depend on banks and insurance brokers and other finance service companies to sell their life insurance products to consumers. These insurance companies make use of go-betweens, connecting the company and the retail representatives in order to communicate directly with financial service companies. These go-betweens or intermediaries are called life insurance wholesalers. They peddle life insurance products to financial planners and advisers in areas they are assigned.
At present, financial planners make use of increasingly high-level marketing techniques and steady stream of communication with their clients. They make use of life insurance wholesalers for market intelligence and innovations to keep up with the range of products hitting the market. Life insurance wholesalers find out what’s going on in the practice of financial service companies. They identify what needs they can solve.
Life insurance wholesalers look for the right type of clients, pinpointing their needs, and recognizing where they are mentally and emotionally. Partnerships are critical to life insurance wholesalers. Forming bonds with local banks, insurance companies and accounting firms is important since they refer business to each other.
Competencies of a life insurance wholesaler should include thorough product knowledge of life insurance products, adequate training and skills in staff training, good interpersonal skills, ability to comply with guidelines and to effectively assess products.
Product knowledge is important since life insurance wholesalers are responsible for supplying the details of the presented products to the retail agents. They should be well-versed in the features and benefits of all life insurance and annuity products. This assists the agents in selling the products to the consumers. Life insurance wholesalers communicate with brokers and agents via telephone, email or in person.
Sufficient training is likewise necessary since life insurance wholesalers go to the sites of financial service companies and banks where they conduct training sessions through the use of multimedia presentations, handouts, pamphlets and even role playing exercises. If life insurance wholesalers are inadequately trained, the staff that they will coach will not be able to know how to identify opportunities for life insurance sales. Therefore, they should also be strong communicators (verbal, written, platform) and good listeners.
Life insurance wholesalers should also have good interpersonal skills, because they often are given the task of assisting licensed retail salespeople in hosting events for possible clients. They frequently speak at breakfasts, dinners, sports outings, and other events that are prepared for the interested clients. Also, life insurance wholesalers should have excellent time and activity management skills.
In addition, life insurance wholesalers are responsible for guaranteeing that any information in print that is being handed out about their products passes all state and federal standards for insurance advertising. The ability to comply with guidelines is a must for life insurance wholesalers.
Another job description of a life insurance wholesaler is assessing sales materials and product line ups offered through the insurance company. He/she asks for opinions regarding these materials and reports the suggestions and feedback to the management. This helps evaluate the present marketing strategies of the company and enhance areas that need improvement.
Lastly, it is a vital requirement for life insurance wholesalers to demonstrate ethical behavior at all times, to work in the best interests of clients, producers and the company. They understand and embrace the importance of accountability and performance management, develop and sustain consistent, lasting business relationships.