The Part-Time Insurance Agent

Evolution acts to produce function, not perfection, yet insurance – as a function of product – has remained the same for all these years. And rightly so. It isn’t the product that needs to evolve, it’s the proximity to modern consumers.

It’s known that distance from a partner can put a strain on romantic relationships. In a research report examining romantic relationships of college students by Krista Joy Dowdle of Brigham Young University, being 11-200 miles from a partner was associated with a 31% increased likelihood of physical cheating compared to those in the same city as their partner. Perhaps this is one of the reasons why in 2017, the most Googled relationship-related question was “How to make long distance relationships work?” While lacking the romantic element, consumers and brands also have relationships, and just like in any relationship–distance–be it in the physical or digital world can raise challenges.

In a digital era where it’s easier than ever to reach and stay in touch with consumers, most insurance companies still have long-distance relationships with their policyholders. And with multiple choices just a click or a tap away, maintaining such a relationship is a hard task.

The first part of this report explores a familiar model of part-time insurance agents deployed by Primerica. The second part of this report reviews the changing landscape of insurance from three angles – product, consumers and market, and the third part of this report presents a new distribution model involving part-time insurance agents.