I hear that AGLA let go all career agents, in the magnitude of 5000 people. That's not actuarial, but 5000 people chopped in the industry, that's pretty substantial. It's also a good way to turn sales into 'no sales'.
I was once told by a VP of sales at a larger insurer (I paraphrase) "You know that all lifeco's will get rid of all agents as soon as they possibly can".
I see a bit of this attitude creeping into the industry. Un/fortunately there's not a lot of viable alternatives to someone force-selling insurance products to consumers. So the human sales channels remain.
I was once told by a VP of sales at a larger insurer (I paraphrase) "You know that all lifeco's will get rid of all agents as soon as they possibly can".
I see a bit of this attitude creeping into the industry. Un/fortunately there's not a lot of viable alternatives to someone force-selling insurance products to consumers. So the human sales channels remain.
AGLA fires 5000 agents