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The Three Types of Risk That Most Concern Your Clients

by Precise Leads

November 17, 2017

Fortunately, there’s an insurance product to mitigate each of those fears.

The 2017 Travelers Risk Index revealed that while only half of consumers and business leaders perceive the world as a risky place, they’re nevertheless concerned by disruptive undercurrents in today’s marketplace. Conducted by Hart Research, the fifth annual survey polled more than 1,200 business decision makers and 1,000 consumers between the ages of 18 and 69 regarding their greatest worries and their overall assessment of risk.

Both groups said they believe that the world harbors fewer hazards today than it did in previous years, with 52% of consumers and 37% of responding business executives that the world is becoming increasingly risky. These percentages respectively declined from 56% and 41% last year. Despite these results, however, consumers and business leaders still point to three common risk exposures that could impact their lives and livelihoods. As an insurance agent, understanding these concerns will help you find the right products and services for your clients.

Financial Uncertainty

Financial worries were the greatest source of concern for consumers, with more than 60% of consumers naming “financial concerns and risks” their top fear. Doubts about job security, debt, ability to pay living expenses, and the ability to retire caused the most apprehension. Similarly, 61% of business owners singled out spiraling medical costs as their top financial concern.

Cyber (In)Security

Consumers and business leaders agreed that cyber security breaches posed a looming threat to their personal accounts and business operations. More than half (56%) of business owners said that cyber security was a major concern, with breaches (50%), computer lockdowns (48%), and infiltration of a company’s bank accounts or financial networks (47%) ranking as the top three risks. Likewise, 55% of consumers worried about identity theft or having their personal data stolen during a cyber attack.

Car Safety

70% of consumers worried that a distracted driver might cause an accident when they take to the road, with 78% pointing to the use of technology as the source of that distraction. For 42% of business owners, employees using their personal vehicles for business purposes is a potential liability. Like consumers, a third of business owners were uneasy about distracted drivers harming their workers.

A Guide for Agents

The Travelers survey serves as a roadmap which insurance agents can use to help their clients mitigate their most worrisome risks. Life insurance and annuities, for example, can offer your clients the financial security their families need and ensure a steady stream of income during retirement. Similarly, agents can find businesses the most affordable health coverage for their employees. In addition, as your clients see their auto insurance rates rise due to an increase in distracted driving, discuss installing telematic devices in their personal or company vehicles to monitor driving patterns. Doing so may persuade whoever is behind the wheel to practice safe road habits, such as logging off personal technology.

While your clients worry about certain risks, you can ease those concerns as their insurance advisor. Staying mindful of their fears helps you provide the most effective solutions for them whenever they need them.

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