Life insurance, in one shape or another, has been around for centuries. Believe it or not, the first polices were crafted by the Chinese. In the mid nineteenth century, life insurance polices emerged in the United States, slowly influencing Europe and South Africa towards the last quarter of the nineteen hundreds.
In the early days of insurance, most people were skeptical about this strange procedure. It wasn’t clearly understood or taken advantage of. Brokers worked closely with their few clients, slowly convincing more to join. People were drawn to having an investment that would protect their loved ones in the even of their passing.
By the twentieth century, insurance had started to grow into a demand. People wanted to get coverage, however there weren’t enough staff members to assist the demand. The offices were flooded and the insurance agents overwhelmed.
Insurance brokers started to spring up in every town. It was a good paying occupation and the majority of the public took a liking to these charismatic figures. Eventually the insurance broker became a well-respected and coveted job title, much like a doctor or lawyer.
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.
An insurance broker would never pass up the opportunity to discuss life insurance with an interested person. They would highlight the advantages and obligations of each policy.
Insurance brokers became friends and experts in the field of insurance. Their training and advice spoke for itself. They were objective and willing to listen to a person’s concerns. It’s no surprise that brokers became the primary source for insurance.
Because of their vast knowledge, brokers often become a part of a family. The father or mother, whoever handles the insurance duties forms a close bond with the broker. They discuss personal issues and concerns and trust the broker to handle their insurance with care.
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.
Graham McKenzie is the content Syndication Manager at insurance123.co.zaSouth Africa’s leading Life Insurance information portal
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