Summary
Many neighborhood hardware stores have disappeared, as "big box" home service centers expand across the US. Yet many consumers miss the professional, personal advice and convenience of the small, neighborhood stores. Similarly, one must wonder if consumers will soon bemoan the loss of the professional insurance agent. Although the value of professional, consultative advice to support important financial decisions seems obvious, might agent distribution undergo a change comparable to that of the local retailer? It is hard to predict the future of agent distribution, particularly when one considers the strong and contradictory forces of change at work. More than likely, a variety of successful distribution models will evolve - much as has occurred in the hardware business. The challenges for insurers, for distribution management and for agents are to understand the forces of change and competitive pressures; adapt their business strategies to the emerging market opportunities, and focus their efforts to execute flawlessly.
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Extract
In the Neighborhood
Remember the neighborhood hardware store? Its shelves were crammed with all manner of goods. The owner and his veteran staff knew most of their customers by name and could find what was needed in a moment while doling out practical couns...
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