Reflecting on the Future of the Insurance Industry

Reflection On Reclaim Retrain Recruit Retain From NAILBA 34 – December 1, 2015

These are my reflections on the future of the insurance industry, as a financial services business coach/values & behavioral analyst after attending and exhibiting at NAILBA 34 in Orlando, Florida from November 19-21.

In 2010, it was said that 50% will be out of the insurance distribution side of the business within 10 years. Whether or not that comes to be true, for one person in the insurance distribution business, this was a Head to Heart trigger event.

The brokerage distribution world will continue to change.

To continue to evolve, one must seek not to change the world but to change one’s mind about the world; to do this, one must Reclaim and think from the Inside Out (Heart) rather than from the Outside In (Head).

Many businesspeople start this process by defining their Vision, Purpose and Mission.

Vision, Purpose and Mission

• Vision is about what you see as possible.
• Purpose is how you are going to be, to further that possibility.
• Mission is what you are going to do, to make that vision happen.

Vision, Purpose and Mission only go skin deep if one doesn’t get past the Head-Based Outside Thinking.

Head-Based Outside Thinking sabotages the Vision, Purpose and Mission along with Retrain Recruit Retain.

One must Reclaim their Heart-Based Inside Thinking

Head-Based Outside In thinking relates to how you get your Needs met: the three lower levels of the hierarchy of needs, according to Maslow’s theory. These are Needs of approval, control, power, recognition, safety and worthiness.

Heart Based Inside Out thinking looks at how you add Value, in order to go beyond the very top level of Maslow’s hierarchy of needs, addressing Values of community, currency, listening, sense, teaching and wisdom, to name a few.

Behaviors are 10% of your success, the How and What to do.

Values are 90% of your success and failure, the Why underneath the How and What you do.

You and your company can have Drive and Ambition, and be Inspiring and Persuasive, but if you don’t get the Values right, you will have challenges with Advisors and Staff relating to Retrain Recruit Retain.

Instead of attracting Heart Based Inside Out thinking Advisors and Staff that think “how can I add Value”, your company will attract Head Based Advisors and Staff that think “how can I get my Needs met”.

Values-based people and companies believe they have more than enough value to add.

Needs-based people and companies seldom believe they have enough value to add and will never have enough approval, control, power, recognition, safety and worthiness. This is the primary reason why the Retrain Recruit Retain Cycle never ends with them.

The laws of attraction are absolute as you attract what you focus on. It is not a case of if you are attractive, but more a case of what exactly you are attracting.

There Is no (U)tilitarian or (I)ndividualistic in Team.

Successful Broker / Advisor Leaders are blessed with:

• High Behavior Scores in Dominance (Drive, Ambition) and Influence (Inspiring, Persuasive) – Behaviors are 10% of success, the How and What to do
• High Values Scores of Utilitarian (Capitalism ROI) and Individualistic (Inner Strength, Personal Power) – Values are 90% of success and failure, the Why underneath the skin of How and What you do.

There is a curse in the blessing of the High Values Scores of Utilitarian (Capitalism ROI) and Individualistic (Inner Strength, Personal Power). When the High Values Scores of Utilitarian (Capitalism ROI) and Individualistic (Inner Strength, Personal Power) become too high, Money and Power ultimately corrupt and in the pursuit of money and power, one attracts Advisors and Staff that will never feel like they have enough approval, control, power, recognition, safety and worthiness from you or your company. In essence, they become a draining and never ending struggle for money and power.

It doesn’t matter what value-add you give in the form of a back office system, commission, incentive trip, remuneration, sales technique or technology, it will never be enough.

What is worse, there will never be enough energy and time to manage it.

When you are Inside Out (Heart) Values-Based you attract Inside Out (Heart) Values-Based people, and there is more than enough.

When you are Outside In ( Head ) Needs-Based you attract Outside In ( Head ) Needs Based people and there will never be enough.

It is up to you to Reclaim your Inside Out (Heart) Values Based Operating System.

As they say “if it is going to be, it is up to me”.

Leading Advisor offers a unique approach to you and your business. 90% of success and failure are about understanding WHY we do what we do and 10% of success and failure are about understanding HOW and WHAT to do. That said, you can get the HOW and WHAT to do strategies for vision, planning, time management, delegation, recruiting, and hiring for free online. We help advisors and managers understand the WHY of their Values; the HOW and WHAT to do then fall into alignment.

Since 1997 Simon Reilly of Leading Advisor has been working with Financial Services Professionals, going beyond the mechanics of success. Leading Advisor’s coaching program pulls back the curtain and clients learn what holds back their greatest potential. Simon mentors clients to inspire themselves, thus transforming their businesses and creating fulfilling, rewarding, and sustainable success. Simon is a 2 x MDRT, 2 x TEDxTalks and NAIFA National and State Speaker.

Laura and I are looking forward to meeting you at NAILBA 35 in Dallas November 17-19, 2016.

Simon Reilly

Simon Reilly

International Values and Behavioral Analyst, Business Coach, Speaker and Author

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