Article Abstract:
The life insurance industry needs a new style of leadership to revitalize its marketing employees and agency managers. Managers need to replace transactional leadership, which focuses solely on results, with transformative leadership. Transformative leadership includes participation, inclusion and affirmation. Subordinates are made to feel important, feel in harmony with management, feel enthusiasm for corporate goals. Managers who adopt this methodology will see increases in employee retention and greater customer loyalty, which will improve bottom-line results.
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Article Abstract:
The life insurance industry has grown stronger in the 1990s; however there is always room for improvement. Confidence in the insurance industry has dropped, despite the fact that income and profits of many insurance companies have risen. Life insurance companies are working hard to be leaders in the financial world and to hold on to their share of retirement funds and financial holdings for businesses and families alike.
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Article Abstract:
Historically, the formula for success in the life insurance industry was to keep non-renewals to an absolute minimum. Today, however, higher retention rates means losses for the company. When the actual lapse rate hits levels which are substantially lower than when pricing decisions were made. Lapse- supported policies may be discovered by either actuarial reverse engineering or calculating the performance quotient.
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