Company Insurance sector

Heath Ritenour on the Impact of Changes in the Insurance Industry

According to Heath Ritenour, times have changed. The extreme demographic changes of the last decade and the recent COVID-19 pandemic have created an unprecedented sense of insecurity in the health insurance market. The vast majority of workers are not covered at work, and many are looking for more competitive pricing, employee benefits, and flexible plans.

In any business where you sell a product or a service, it becomes an issue of supply and demand. More businesses become open to self-insuring and taking their chances with their funds. Or they’re forced to make the change as their companies are unable to handle the type of liability they’re incurring. Either way, it is a problem for insurance brokers and agency owners. In an increasingly competitive industry such as insurance, the amount of business a broker or agency can handle is directly tied to the number of people on staff.

Oftentimes, companies can’t afford to keep their employees on staff and must find temporary help. In this economy, temporary help is often a person that will go with the lowest bid. “The insurance industry faces numerous challenges – from the constant impact of change and uncertainty to reduced revenue and a minimized need for customer service,” noted Heath Ritenour.

These challenges come to a head at the same time as their complex nature creates inefficiencies and a need to adapt and upgrade in a hurry. Heath Ritenour says, “If there is one thing I’ve learned about the insurance industry, it’s that the quality of the people who are in it makes all the difference. Business is important, but the relationships between companies are even more so.”

Ritenour has a clear view of the threats to the insurance industry. “The environment is much more complicated than it has been in the past,” he says. “Regulators want to be sure that companies are putting customer interests at the forefront, particularly as it pertains to fraud. Insurance companies don’t want to be thought of as the bad guys, and the people who buy insurance need to understand the risks and what they’re paying.”

Gaining a customers’ trust and making them trust your product can be difficult, says Heath Ritenour, and it doesn’t seem that you can go wrong when you are an industry-recognized agent.

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