Because both local and global economies are now so huge, there are dozens of commercial insurance companies to choose from. Needless to say, each and every insurance company is vying for your attentions. But much of the marketing and advertising work is now being done by your mutual agencies. In previous years, it could be said that making a living from selling insurance could be quite easy and turn out to be quite lucrative for the willing seller.
Because of course, most of you reading this cannot afford to go without insurance. And indeed, the willing seller was able to pander to the willing buyer who, in actual fact, turned out to be the unwitting buyer. Many of the insurance products sold were ineffective for the clients’ direct needs. They were being sold insurance products that they had no need for and would not be serving their direct commercial interests.
In the last twenty years or so, at least, the insurance markets have become quite regulated, much to the advantage of the insureds. But the market remains competitive. That in itself is still healthy. Vying for the clients’ interests, insurance companies and their licensed agents would be putting forward unique brands. One North American brand, by way of example, goes by the name of unifor alberta.
Its product uniqueness is not confined to a branding exercise so as to be easily identifiable to the consumer market. It perhaps has more to do with what unique set of services and products it can now offer its clients, insurance models that rival underwriters would, for good reason, not be prepared to rate and risk. Also, economies of scale and business markets have changed quite drastically over the last few years, and insurance markets simply have to adapt to these.