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THE INSURANCE INDUSTRY is in the midst of a crisis of confidence.
Consumer confidence has been shaken by the exaggerated attention given to the financial difficulties of a few companies. This concern about company solvency compounds the industry's image problem. In a 1990 NALU/LIMRA survey, only 52 percent of the producers surveyed felt that consumers had a favorable opinion of the industry, down from 78 percent in 1970.
But is the industry also suffering from a crisis of self-confidence? That same survey revealed that only 68 percent of the respondents agreed that "my career has prestige in the eyes of my friends," compared with 81 percent in 1970. A …