LIMRA is reporting that less than 50% of individuals in the U.S. have life insurance. There are many untapped markets therefore that agents can target.
One of those markets perhaps is those from Generations X and Y. When it comes to retirement planning, Generations X and Y have learned from the mistakes of their elders, according to new survey findings released recently.
One site I've found, by financial advisor/ consultant, Lanh Nguyen brings together financial planning resources that may be helpful for insurance agents. This is one example of how insurance agents and financial planners can improve contacts and sales through collaboration.
Nearly 60 percent of Gen X (59%) and Gen Y (56%) make regular, automatic contributions toward their retirement savings, compared to 46 percent of non-retired Baby Boomers. And when it comes to getting a jump on their nest egg, younger generations are eager to get started - both Gen X and Gen Y started saving for retirement, on average, in their mid- to late-twenties illustrating that this is a forward thinking group perhaps in need of life insurance. That's nearly a decade earlier than Baby Boomers who, on average, stared saving at age.
By linking websites and creating partnerships for mutual referrals with local financial advisors, insurance agents can gain access to new clients and new markets. Networking is always important, partnering with other financial services professionals is key to expanding business.