July 6, 2018 07:00
General agents need to see to assist the advisor in the growth of its business. This is one of the key roles they should play, believes Phil Marsillo president of the general agent IDC Worldsource.
Mr. Marsillo was elected to the presidency of IDC Worldsource at the beginning of April. The Journal of insurance and spoke with him following this appointment, he was previously senior vice-president, distribution at Canada Life.
In Canada, if some advisors have the staff and experience necessary to build a strong business, the majority wants to find an agent who will help them to know what it takes to act in accordance with the rules in place and to advise them on the products, follow-up, methods of solicitation, and technology, believes Mr. Marsillo. «There’s a lot of value to offer, and our role, our task, is to prove to the advisors that we are actually of value on the table. «
Requested assistance in the face of changes
Mr. Marsillo says that the speed at which changes are made to the regulations is a reality that grows counsellors to seek help. «There are more and more regulations. Advisors need help, » he says, adding that they are not the only ones. General agents need help, the insurers need help… there are lots of new things going on, and everything is going really fast. «
What would you say to advisers who find themselves in front of all of these changes ? « Welcome the change. It is there for good. «
He recalls that he has been working in this industry for 35 years. Each year, it is said to new that there has never been a better time to take his first step, he noted.
«What should we understand ? First of all, that we have gone through many changes in 35 years, and each has been beneficial for those who have seen opportunities to succeed. They have accepted it and have benefited from it to work even better, in their business as for their customers. Some will rather be scared and decide to withdraw, to remain on the sidelines. Such an attitude does not serve anyone. «
Treat the consumer fairly
Many of the new compliance requirements that are aimed at the » fair treatment of consumers «, he noted. «This single phrase could be translated as «make common sense». If you ask the acts that well serve the customer, you will be treated well you also. Don’t be afraid of the compliance requirements. Most people have nothing to fear in this respect. All that the regulatory authorities require, is to have a follow-up writing. Nothing else. Bad apples and problematic cases, there is not so much in our area, » says Mr. Marsillo.
It is estimated that the industry has a promising future. The products it offers to consumers are also excellent. The life insurance, he says, provides a way to » generate capital, protect capital and distributing capital ; there is no better product on the market ! «
Asked about the disruptions that could lead to the various tools of financial technology, Phil Marsillo noted that the insurance remains a product » that we buy and not to sell. Few people get up in the morning saying “Good, I buy insurance !” It will therefore be important to see how digital can contribute to the growth of advisors. The digital sector does it replace the sector-council ? I want to say that it is not. «
Promote the value of the industry : a lack !
One of the main challenges that he sees for the future is the lack of promotion of the value of the industry. «We happens to talk about the number of people that we do work, the amount of the death benefit that we pay each year, the amount of disability benefits that we pay each year, or the benefits of critical illness insurance we pay ? «
According to him, the best way to promote the insurance industry to the public would be talking about these things. «We don’t sell insurance based on the amount of the premium. We sell insurance in the thinking of the times when people need them the most. It must be said loud and clear. »