Insurance Is a People Business: MassMutual’s John Vaccaro

Insurance is a people business. It’s always been this way, and always will be.

It is intangible until customers need it most, when benefits are paid, months, years or decades into the future.

3. What forces out there are helping, and what forces are hurting?

Not surprising, the pandemic shined a light on one’s health and mortality.

In fact, according to recent MassMutual research, just over 4 in 10 people thought about life insurance, purchased additional life insurance, or purchased it for the first time during the pandemic.

Add to this the uncertainty of the market and tax changes, people are seeking professional advice and strategies to mitigate their exposure and provide some level of guarantee in an uncertain world.

And they’re looking to do this with companies with strong track records of delivering on their commitments through pandemics, global unrest, and recessions.

And then there are headwinds facing many industries, including insurance.

In fact, in recent MassMutual research, almost half of Americans said they think the current geopolitical environment will impact their spending and lifestyle in the coming months, with finances already strained by inflation.

4. What do you think your market (or your specialty, or the world) will look like five years from now?

I’ve said this before and it is worth repeating. The pandemic didn’t change what we do. It changed how we do it.

Insurance is a people business. It’s always been this way, and always will be.

As my grandfather always said, if you’re in the business of helping people, business will always be booming.

John Vaccaro (Photo: MassMutual)