The Chinese were the first society to actively use a form of life insurance; however it wasn't until the concept went overseas and hit the United States that it fully took life. It did not happen overnight, but life insurance slowly progressed into an important and necessary function of society. Here's a brief history of how it came to be what it is today.
When life insurance first hit the scene, it was quite rare to know any family who had it. If you think people are skeptical now about it, you should have seen them 100 years ago. But as people learned more about the benefits, life insurance slowly built up steam.
The twentieth century provided a spark for the insurance industry. People wanted protection for themselves and their loved ones; however the central insurance offices could not meet the demand. Swarms of people were turned away because they did not have enough people on staff to handle all the claims.
Insurance companies needed a way to expand. The idea, hire people to travel around the country and spread the word about insurance. These people would be knowledgeable experts who could provide insights on the policies. The idea stuck, and what became of it was insurance brokers.
The public loved the accessibility and friendliness of brokers. Insurance sales went through the roof. Customers and insurance companies alike loved what brokers were doing for their personal business.
Brokers were all over town, taking time to discuss the benefits of life insurance to curious customers. People were signing up for policies left and right. They were impressed with the broker's service.
Brokers were not only friendly and easy to chat with, but they also gained respect and integrity based on their knowledge and training in the insurance industry. People took into regard their objective advice and suggestions. They believed they understood which policy was best for them.
Once a family finds a broker they like, there is a good chance they will continue to keep the same broker for years, if not decades. Why would you fix something that is not broken?
However, the insurance industry is turning to the world wide web. Believe or not, many brokers are starting to be run out of business or are making the transformation to the web. Like it or not, it's the way of the new and brokers are taking advantage of it. You can compare quotes in a matter of moment and get nearly instant answers from online brokers. - 33372
When life insurance first hit the scene, it was quite rare to know any family who had it. If you think people are skeptical now about it, you should have seen them 100 years ago. But as people learned more about the benefits, life insurance slowly built up steam.
The twentieth century provided a spark for the insurance industry. People wanted protection for themselves and their loved ones; however the central insurance offices could not meet the demand. Swarms of people were turned away because they did not have enough people on staff to handle all the claims.
Insurance companies needed a way to expand. The idea, hire people to travel around the country and spread the word about insurance. These people would be knowledgeable experts who could provide insights on the policies. The idea stuck, and what became of it was insurance brokers.
The public loved the accessibility and friendliness of brokers. Insurance sales went through the roof. Customers and insurance companies alike loved what brokers were doing for their personal business.
Brokers were all over town, taking time to discuss the benefits of life insurance to curious customers. People were signing up for policies left and right. They were impressed with the broker's service.
Brokers were not only friendly and easy to chat with, but they also gained respect and integrity based on their knowledge and training in the insurance industry. People took into regard their objective advice and suggestions. They believed they understood which policy was best for them.
Once a family finds a broker they like, there is a good chance they will continue to keep the same broker for years, if not decades. Why would you fix something that is not broken?
However, the insurance industry is turning to the world wide web. Believe or not, many brokers are starting to be run out of business or are making the transformation to the web. Like it or not, it's the way of the new and brokers are taking advantage of it. You can compare quotes in a matter of moment and get nearly instant answers from online brokers. - 33372
About the Author:
Graham McKenzie is the content Syndication Manager at insurance123.co.zaSouth Africa's leading Life Insurance information portal
