Three Ways Insurance Companies Need To Rethink The Role Of Agents

Founder and CEO of SmartFinancial.com: on a mission to make the insurance buying process more efficient.

It used to be that if you asked someone who they’re insured with, they’d give you their insurance agent’s name. Billions of dollars in advertising later, people now name their carrier and barely remember the agent that signed them on. Meanwhile, the brick and mortar agencies are waning in importance, and companies like Nationwide are moving to a virtual workforce model. In my role as a CEO overseeing an insurance-technology platform, I’ve observed one thing that remains the same despite all the confusing shifts over the past few decades: Insurance agents are still the primary sales channel for insurers.

Even though carriers can communicate directly with consumers at a lower cost, insurance agents who bring profitable business to carriers are a valued and integral part of the insurance distribution chain. Here’s how future

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The Role of a Personal Estate Representative

You’ll be asked to name a number of fiduciaries when you set up your estate plan, and one of these is your personal representative. This individual is more commonly called an executor or — if the person serving is a female — an executrix.

The Title Varies, but the Duties of a Personal Representative Are Virtually Identical

The term administrator is also used in some states, but while the duties and responsibilities of an administrator are virtually identical to those of a personal representative or executor, an administrator commonly settles intestate estates. These are estates where the decedent died without a will, left a will without naming a personal representative, or the individual he chose is unable or unwilling to serve for some reason. The court will appoint an administrator to handle probate of the estate in these situations.

Ideally, you’ll name a personal representative in your last will and

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