From the Front Lines: Life & Health
David Wasson
President
State College, Pennsylvania
How did you get started at your agency?
As a third-generation, family-owned agency owner, I grew up with the topic of insurance being present in our household. I graduated from Penn State University in 1991 with a Bachelor of Science in insurance, with an emphasis on accounting, and joined the family agency soon afterward. I worked as a producer and serviced new business for the agency until my father’s passing in 2010, after which I transitioned to a more administrative and mentorship role within the agency. In 2008, I served on the board of directors of the Insurance Agents & Brokers of Pennsylvania for 6 years until 2014.
Why offer life insurance?
For the family, it is the love letter that someone can leave to another member that protects and benefits them. It can be useful for everything from final expenses and loan protection to creating an estate. For business protection, key man and buy-sell agreements make business goals possible and allow more liquidity within the business community.
Changes in the life insurance market?
The biggest change for an old-school agent like me is the transition to online applications. I enjoy the process of getting to know a client and their goals for the future, and there was nothing like working through an application together to accomplish this. The biggest challenge today is an agent’s ability to get the message about the importance of life insurance across to future generations in an online world.
Future trends?
Streamlined underwriting will most likely expand as more sources of information are bundled and available for companies to get a complete picture of the risk the prospective client presents.
Advice for a fellow agent?
The best advice for agents offering life insurance is to work smart, efficiently and consistently. Also, remember the old adage that a “no” does not hurt. In fact, it is not a no, it is a “not now.” The challenge is to see if the prospect is just putting up objections that can or should be overcome, or realizing that the prospect was not properly vetted as a potential client and to walk away.
Olivia Overman is IA content editor.
