Life insurance, in one shape or another, has been around for centuries. Believe it or not, the first polices were crafted by the Chinese. In the mid nineteenth century, life insurance polices emerged in the United States, slowly influencing Europe and South Africa towards the last quarter of the nineteen hundreds.
Needless to say, life insurance did not necessary explode the second it hit the market. And it’s fair to think so. Even today, it’s not necessarily the most anticipated or exciting expense in the world. But ever so slowly, the insurance companies influenced people to invest in their family’s future.
By the twentieth century, insurance had started to grow into a demand. People wanted to get coverage, however there weren’t enough staff members to assist the demand. The offices were flooded and the insurance agents overwhelmed.
Insurance companies needed a way to expand. The idea, hire people to travel around the country and spread the word about insurance. These people would be knowledgeable experts who could provide insights on the policies. The idea stuck, and what became of it was insurance brokers.
People became comfortable dealing with brokers. They were open, friendly, honest, and compassionate towards the family’s needs. They understood the family’s concerns and created a policy right for them.
Brokers were all over town, taking time to discuss the benefits of life insurance to curious customers. People were signing up for policies left and right. They were impressed with the broker’s service.
Brokers were not only friendly and easy to chat with, but they also gained respect and integrity based on their knowledge and training in the insurance industry. People took into regard their objective advice and suggestions. They believed they understood which policy was best for them.
The lasting trust has continued throughout the years. Today, a lot of families continue to consult the same broker they’ve had for years. Their advice is invaluable and they really appreciate the personal attention.
However, brokers have “broken down” in a small way. The internet is taking the insurance industry for good. It’s definitely the way of the future. Getting quotes and receiving insights and tips is much easier online than it is with a broker. Unfortunately these friendly little men and women are no longer needed like they use to. A lot of brokers are realizing that, and jumping ship to the internet where they can provide their insights there.
Graham McKenzie is the content Syndication Manager at insurance123.co.zaSouth Africa’s leading Life Insurance information portal
Tags: affordable life insurance, insurance, life cover, life insurance, Money