After six years of selling health and life insurance plans, Boise, Idaho, based agent Patricia Somers decided she was sick and tired of the insurance business.
She says she had had enough of the ever-questionable future of the insurance business, the shrinking commissions and the lack of interest in benefits plans from consumers.
Though brokers’ concerns over their future have been widely reported, albeit anecdotally, Aflac’s survey of more than 300 brokers offered a clearer picture of how many are thinking about leaving the business.
Unsurprisingly, the unrest is rooted in a number of wide-ranging changes in health care — notably the Patient Protection and Affordable Care Act.
The problem with Aflac’s survey suggestion, industry insiders say, is that it comes at a time when workers and employers say they want more help from brokers and benefits experts as they try to make sense of health care changes — especially as PPACA goes into effect.
Brokers leaving may not be the worst thing for the business, Ramsay says. Some of the pessimism needed to be washed away.