Focus on problems, then the structure

Article Abstract:

The trend toward converting into a mutual holding company that has become immensely popular among mutual life insurers is not seen to be of benefit to them. While such a structure will provide additional capital and may present some opportunities for good-performing life insurers, those struggling to keep afloat need drastic changes such as cost reduction, improved distribution and more competitive products, rather than more capital. Mutual holding companies, in the long term, might spur more competition in the industry, thus facilitating its fundamental restructuring.

Column

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Go beyond satisfaction or lose your customers

Article Abstract:

There have been significant changes throughout the Canadian life insurance industry from 1985 to 1995 and these changes are expected to continue until the year 2000. The differences among various sectors of the financial service industry, such as banks, insurance companies and trust companies, will be decreased. As a result, life insurance companies will need to provide excellent customer service to retain and enhance their market share.

Industry Overview, Canada

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Retroactive level commissions can help keep agents

Article Abstract:

Life insurance companies are suffering from poor public perception and competitive disadvantages from other savings and investment products. To rectify the industry's image, insurers can institute a system of level commissions. Such a system would reduce agents' dependence on first-year sales commissions, would reduce policy lapses and would improve agent retention.

Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, Compensation and benefits, Insurance agents

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