Not many of us know that banana industry in United States of America was once about to die completely.
The most commonly used banana in early twentieth Century was the Gross Michel Banana. But today around ninety nine percent bananas in USA are the Cavendish Bananas. Were they tastier than the Michel bananas? Were they easier to ship or travel? Did they have an easy access in all parts of America? The answer to all these questions is shockingly in negative. They were less tasty rather blander, difficult to grow and more fragile. They only replaced the famous Gros Michel because they were resistant to the blight. The whole country took many years to accept that from then to onwards, they had to have only one type of bananas. But it happened. An apparently impossible thing happened and today the whole America dotes on one type only, the blander and less tasty Cavendish Bananas.
Similar is the situation with the Insurance industry. The insurance agents are suffering somewhere near the bottom in the index of trust. They are the least trusted people of the United States of America. The situation of insurance companies is getting worse day by day. But there is still a silver lining in the dark clouds. A recent survey tells that around 93% of Americans believe that getting themselves insured for their loved ones is the best gift for them but only half of them have actually bought the policies. The rest are still in state of confusion whether to trust the insurance agents or not. For them insurance is important, but insurance agents are not trust worthy and this is the sole reason for the decline in the insurance industry.
Let’s go back to the banana industry in America. What made a simple thing popular among the mass? The answer is right kind of portrayal of the Cavendish Bananas through media and text books. Instead of apples, the importance of Bananas was being introduced in the nursery rhymes. More credible sources shook hand with Banana Industry and together they ventured to launch the only option for Americans. When American found no other option after the extinction of Gros Michel, they started having the Cavendish and relished it like anything. There was increased stress on using bananas with cereals. Doctors were hired who prescribed bananas for good health. The use of trustworthy partners with the falling industry did it all for them. And same is the need of the hour for Insurance Industry.
The industry must shake hands with the interested third parties who enjoy good credibility in the society. The aim of an insurance agent should not only be selling his product but helping the dependents of a deceased person. If this concept is transferred to the minds of the potential clients that insurance is for their own good, and not for the good of insurance agent only, the insurance industry will see a rise again. By combining with the community workers and organizations, the benefits of child care, health, old age care, residence and traveling companies, the insurance companies can be better in their approach of healing the society. The benefits which are directed towards the betterment of the nation are far more effective. The humanity is suffering all around the country. There are poor who need charity. There are senior citizens who need care and companionship. There are children who need education and grooming. There are women who need favorable medical facilities. The insurance companies can have a good deal of role for these people. And if these words are spoken by the popular media men, clergy, politicians and social workers, the industry will have the sunny days again.
The name can be rectified by proper advertisement and things can get better only if the portrayal of insurance companies get better. There is no blinking the fact that, even today, insurance is in popular demand. There is nothing wrong with the ultimate goal behind the insurance concept. The only thing which is wrong is the inability to promote the right kind of products for the right purpose and people at the right time. It is high time that we start realizing that insurance industry is in a great peril. We need to change the repute lest it should die completely. It may sound difficult, but it is not impossible as was the case of banana industry.