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Ep. 01: The Insurance as Commodity Myth

Shownotes

Bill Wilson is the founder of Insurance Commentary, a blog featuring coverage, analysis, and opinions about property and casualty insurance issues. Before launching his website, Bill served as the Associate Vice President of Education and Research at the Independent Insurance Agents and Brokers of America. He was also the founder of the Big “I” Virtual University, where he served as Director for over 17 years.

This episode is brought to you by:

Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.

Bill joins me today to share his thoughts on the highly controversial topic of “insurance as a commodity” myth, which he wrote about in his article, The 6 Worst Things to Happen to Insurance in the Last 50 Years, published in the December 2016 issue of IA Magazine.

“It’s a perception by consumers that all insurance is the same”

Bill Wilson

What you’ll learn:

  • Why it is important to educate consumers on the differences between insurance policies.
  • Tips for insurance carriers to refocus on insuring consumers instead of competing on price.
  • How regulators can help overcome the insurance commodity myth
  • How insurance agents can help consumers realize the true value of customer service, expertise, and benefits coverage.
  • What consumers need to know about their policy coverage.

Key Takeaways:

  • Don’t compete on price. Compete on consumer coverage and benefits.
  • Educate yourself and your customers about their policy coverage.
  • Take time to read your insurance policy and ask questions.

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