Welcome to the 3rd installment of my 3 piece series, 3 Topics for the Modern Advisor. To recap the first segment examined Gen Y, Gen X and Baby Boomers, followed by a look at Social Media who in the industry is using it and how. Now it is time to consider the robo advisor.
Everyone is talking about how Robo advisors will change the landscape of the industry. This is a topic that is still under debate, the what, who, why and how of the Robo Advisor.
To continue my three part series: “Three Topics for the Modern Advisor” I am going to take a closer look at social media and how it impacts your clients and your business.
We already learned that Gen Y, Gen X and Baby Boomers have different online and social media habits. However, they collaborate with their advisor using technology and research and buy insurance online. When looking at social media the questions that arise include: who is using social media, how is it being used and are you missing out if you aren’t creating your own social media footprint?
The answer to our first question is simple, many people in the insurance industry are using social media: consumers, brokers and insurance companies alike.
In our ever-changing, fast paced and technology-driven world, Life Advisors are in a constant balance between prospecting for new clients with relating to the ones they currently have. With publications and new information continually being uploaded to the web, what exactly should be on the modern advisor’s radar? The honest answer is, lots of things really, but in this series we will look at three inter-connected concepts that we know will benefit advisors working in today’s business environment.
For today’s post, I’d like to shed light on the first topic:
Gen X, Gen Y and the Baby boomer – Who are they?
You’ve likely heard about the industry-led solution and web based platform, APEXA. And you may have learned that MGA’s and Carriers across Canada have joined APEXA as part of ourofficial launch later this year, with many additional MGA’s and Carriers scheduled for onboarding and rollout throughout 2016.
So how can Advisors get on-board with APEXA, stay in the know, and learn more about this web-based platform BEFORE the official launch?
Last week we published an article called “What is APEXA and what does it mean to me, an Advisor?” If you’re wondering about these very things, then I definitely encourage you to give it a read. As an advisor, you may have heard that your MGA is joining APEXA, and you may also know that many of your carrier partners are joining APEXA as well. As a new system, you might be wondering what kind of support APEXA will be making available to you, the advisor. Or when you might learn more about the system and how to start using it?
APEXA is a web based platform which provides higher standardization, clarity, timeliness, efficiency and confidence to contracting and compliance in the life insurance industry.
It is an online tool used to manage; licenses, screening, contracts, and compliance information.APEXA works with Provinces and E&O companies to validate insurance licenses and E&O coverage.
Earlier this year I was asked to speak at a conference on the topic of Attracting and Retaining Staff. Now, anyone who knows me would say that when I present at a conference, I like to feel passionate about the topic and to leave the audience with something different to think about. So after many hours of mind-cleansing time on my bike, I came to the conclusion that focusing on attracting and retaining staff is only half of the story. To truly drive organizational success, leaders need to sharpen their focus on attracting and retaining the ‘right’ staff and then cultivating an environment that maximizes employee engagement. I know what you are thinking, no earth shattering message there, but stay with me.
When APEXA launches, it will have been a work in progress for almost three and a half years. Since the beginning, APEXA has been a collaborative exercise, starting with an idea shared amongst MGAs and then quickly supported by Carriers. It’s hard to believe that after three and a half years, we are so very close to go live.
One of APEXA’s core goals for 2016 is to simplify processes for advisors. APEXA collaboration is at the center of how we operate. Be it with advisors, insurance carriers, MGAs or provincial regulators, we are all working together to achieve one simple goal: to keep all those in the Canadian life insurance industry, Simply Connected.
One of the key challenges for the Canadian Life Insurance Industry is to ensure compliance can be fairly and uniformly applied, regardless of the size of the MGA and/or Carrier. Among many of APEXA’s goals is to give every advisor, MGA, and Carrier in Canada the opportunity to uniformly apply consistent practices when it comes to advisor screening, monitoring, and compliance. This will not only increase efficiencies but will also promote collaboration across the industry
One of the movements we’ve seen recently to help reduce the burden of contracting and compliance for life and health insurance advisors is that of the Canadian Life and Health Insurance Industry Association (CLHIA).
