Recently, CNNMoney.com published a list of the 10 most hateable companies (apart from BP, who undoubtedly holds the No. 1 spot right now). These are the companies that Americans love to make fun of, to talk bad about, to boycott. The companies on the list were varied. They included retailers such as Walmart, tech companies like Microsoft – even social media giant Facebook made the list, no doubt thanks to their recent slackening of privacy policies. But no industry was hit harder than the financial industry, which claimed 40 percent of the list – including the No. 1 spot, held by Goldman Sachs – and half of those spots were held by insurers.
The anger over AIG has definitely died down some since the government bailed the company out. Still, AIG owes the taxpayers enough to give them the No. 5 position on this list. And even though the tides are definitely changing for life insurers in general, they’re not out of the water yet – one slip-up by a major company or group of companies could cause the industry to fall right back down again. What’s more, AIG and big insurers like it have become the symbol for what it means to be too big to fail. It’s no wonder that consumers feel wary of the company, and the agents who back it, even after all this time.
And WellPoint, who holds the No. 4 position, is not doing anything good for health insurers. In California, the company attempted to increase premiums by up to 34 percent. Then there are the allegations that they investigate every case of breast cancer trying to find a case of fraud. Indeed, other health insurers have recently made headlines for rescission practices, or otherwise troubling business methods. None of these instill confidence in the consumer, which is worrisome at a time when health reform was swooping in promising to fix everything.
But whether or not one or two bad companies can really change a nation’s view of the insurance industry isn’t the question. The question is – what are you, as an insurance agent, doing to make sure that your industry remains respected? Are you making every effort you can to show that you’re honest? Do you admit when you make a mistake? Do you ease your client’s concerns in the best way possible?
How is the overall animosity toward the financial industry affecting your practice on a day-to-day basis? Comment below and let us know!
