Aig Life guarnatee – Agent Marketing Reflections
Aig Life guarnatee – Agent Marketing Reflections
Aig Life assurance Company, as part of the American International Group, was the global international leader in the financial services industry. This giant has assorted operations in over 100 countries with supplementary services that consist of asset casualty insurance, asset supervision services, and purchasing and underwriting subprime loans. Without the huge and controversial United States bailout, it would be in bankruptcy.
Aig has lost their coveted super high assurance ratings, where the major rating firms annually miscalculated their company practices. Now they have begun a reorganization that will constitute major selloffs while refocusing on once again becomes a dominant assurance company. Stockholders saw stock prices plummeting from its high by over 90% before now beginning to stabilize.
Your big Aig interrogate should be: Has Aig learned their lesson? Moreover, if you now or previously represented them, Have You learned your lesson?
Five things contributed to the choice of many American assurance reps to sell their assurance products to clients.
1. Greed Selling term assurance offered by Aig Life assurance in case,granted representatives with commission payouts often 20 to 30% higher than other major competitors.
2. Size assurance representative implied to prospective clients that dealing with the largest company, meant it had to be the best. Otherwise, how could it be the largest?
3. Ratings Many assurance reps only will sell products of the highest rated insurers. They tell themselves and clients that means financial security. Well the atomic rating bomb has exploded, injuring millions.
4. Price The easiest way to sell term life insurance, is to offer your prospect the bottom price on the market. Do clients buying Aig Life coverage live longer so rates are lower? Are Aig internal expenses lower, so rates are lower? (Like an costly resort meeting in Arizona funded by American taxpayers) Do they pay their reps less? (See #1) A full compound of these would be the only way rates could be lower then competitors.
5. Buying company The quickest way to jump the ladder to rise upward, is for an assurance company to “buy business”. As the assurance company, you endeavor to give as many clients now by whatever it takes to get more policies sold, and worry later about when claims have to be paid out. Baiting the hook was easy. Sucker in agents with higher commissions, the bottom term assurance rates, and thinking they were representing the smartest insurer out there.
Aig Life assurance is still “buying business” today, after all the turmoil of internal problems. Watch television and you will see a closely affiliated company offering term life assurance at rates up to 70% less than others. If you somehow catch the fine print, you will see Aig mentioned as the insurer. An perfect way for Aig Life assurance to bypass assurance representatives, and still fool consumers. A little twist, but company as usual for them.
Selling assurance to clients should reflect the conscience of an assurance representative in recommending the right product and the right company. There are over 600 life and condition assurance fellowships offering products in roughly every state. If you are selling based highly on commission rates, company size, ratings, or price, you are probably doing a disservice to your clients.
The Best procedure Is Honesty
Aig Life guarnatee – Agent Marketing Reflections
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