President, Agent Support Group
At the beginning of this year we all believed that we had a clear vision for 2020. Then came Covid-19, which required us all to change the way we conducted our day to day business. The life insurance industry rallied to the cause with new expanded underwriting systems and procedures in an effort to accommodate advisors and their clients in a way never seen before. We should all applaud our insurance companies for the rapidity in which they responded to this world changing event.
During this time, Agent Support Group reached out to advisors to educate and train them in the use of automated e-application processing systems, e-delivery and e-signatures. Suddenly, a new world was thrust upon us and we all needed to speedily adjust to our new environment. Perhaps the only thing lacking was creating public awareness to the fact that the life insurance industry was here to help provide needed financial protection for families and businesses.
Historically, the life insurance industry has been like a snail in adopting technological advances similar to those we have all witnessed in the financial services industry. However, in 2020 the industry came to the rescue of Americans that were concerned about the financial needs of their families and businesses. This presented an amazing opportunity for advisors to engage their clients and a reason to reach out. Just a simple act of calling to check in on the status of a client and letting them know that you are here to help.
Covid-19 may be just a warning shot to let us know that technology, while bringing many benefits, does not replace human compassion. We have quantified every element of our lives by comparing costs, but maybe not the product we are selling. How many of you are selling the first product on a term spreadsheet, not knowing that the conversion feature may have limitations that are important to your client. Is “cheap” always good? We all know the answer, but do we make it part of our practice.
Hopefully, everything that has occurred in 2020 will bring some good. Whether it be a speedy discovery of a safe vaccine or just a change in the way we conduct our day to day lives. Remember, we are selling financial security that will be here for your client when needed.