Life Insurance Agents Must Sharpen Skills to Succeed
In an era of heightened regulatory oversight, industry consolidation, and technological advancements, life insurance agents must hone their skills to thrive. Experts at Advocis’ annual symposium in Toronto explored the key areas agents need to develop to meet clients’ evolving needs and remain successful. The panelists emphasized business acumen, compliance, and the ability to offer sound advice.
Phil Marsillo, president and CEO of IDC WIN and the Canadian Association of Independent Life Brokerage Agencies, highlighted the critical need for agents to view themselves as independent business owners. He explained that even when affiliated with a managing general agency (MGA), agents are essentially running their own businesses.
Marsillo stressed the importance of collaboration. As insurance products become more complex, agents should partner with those who can support them outside their specific areas of expertise. He stated, “That’s how you build value, that’s how you’re going to grow your business.” Marsillo also underscored the significance of meticulous documentation, noting a rise in audits and the need for agents to provide clear explanations for their recommendations. He suggested recording Zoom meetings with clients as a practical method to support their decisions.
Stephen Frank, president and CEO of the Canadian Life and Health Insurance Association, echoed the need for professionalism, particularly regarding documentation. He noted the shift towards principles-based regulations, which demands greater accountability from agents. Frank noted that agents must “be more professional at documenting and being able to demonstrate [they’ve] treated [their] clients fairly…. Everyone’s going to have to up their game around that.”
Brent Lemanski, executive director of LIMRA and LOMA Canada, emphasized the shift from information access to actual advice. Lemanski said the key to success lies in moving “away from spreadsheet selling to story selling.” This means understanding consumers’ needs and presenting them with a tailored narrative illustrating the benefits of the agent’s guidance.
Lemanski also recommended developing skills that blend traditional and modern approaches, such as personalizing video meetings and mastering virtual client interactions. “We need to be more aware of consumer needs and even perhaps segment our client base based on their desire for communications — whether it’s virtual and or in person,” he said.
