CHAIR COLUMN
Keeping our focus on the future
The first quarter has flown by , spring is finally here , and the days are getting warmer and longer . The sense of welcomed optimism I feel is palpable — we can all sense that normalcy is within reach . As I write this almost 110 million people have received at least 1 shot , and 70 million are fully vaccinated , and 4 million shots were given in 1 day recently for a new record — we are getting there ….
Jason E . Lea , CFP Board Chair President Brokers ’ Service Marketing Group Providence , RI
I am happy to report that business is up — 4 out of 6 reported business up more than 10 % YOY , 2 reported business up single digits and only one was flat or slightly down .
Q2 Perspective
From a business perspective , I have a few thoughts to share for Q2 . First , NAILBA is planning to host the annual meeting live in November , with a new format , a fresh approach and phenomenal content . We are very excited about this opportunity to finally get together and the response has been terrific from our sponsors and supporters .
Our industry is making it through this crisis despite ultra low interest rates that challenge product pricing , as well as COVID-related underwriting issues , yet we have carried on . Many millions of our fellow Americans can not say the same .
By the numbers
We are fortunate to be in an industry that could function during this crisis . LIMRA 2020 numbers are in and show Life premium down slightly ( -3 %) but policies up (+ 4 %)… driven mostly by gains in term , VUL and WL , which were offset by declines in GUL and IUL .
I recently reached out to several IMO leaders to see how they felt about sales momentum in Q1 — and I am happy to report that business is up — 4 out of 6 reported business up more than 10 % YOY , 2 reported business up single digits and only one was flat or slightly down . That is very good news . My hope is to engage these distribution leaders as a group in an effort to develop a connection between NAILBA and IMO leadership to discuss and tackle the big issues that we face in independent distribution — I think there is much to be gained by all in that arena .
As we look ahead to the middle of the year and summertime , remember that we have much to be grateful for , and to be proud of . Consumers are more concerned about risk today … We are a big part of addressing that concern . What we do matters , now more than ever — we help advisors to protect families and businesses . Let ’ s keep our focus there . On behalf of your NAILBA Board of Directors , you have our commitment that NAILBA will continue to innovate , expand , and be an ever-louder voice for independent distribution .
6 Perspectives Q2 2021