While we certainly do not want to minimize the suffering so many are dealing with right now — both from health or economic situations — times like these tend to illuminate the need for and value of the products we offer . Customers at all levels of the economic spectrum are realizing a renewed appreciation for life ( protection ), long-term care ( health ), disability insurance ( income protection ), and annuities ( retirement planning ). For the high-net-worth market , the focus seems to be on updating planning documents ; reviewing gifts , estates , and trusts ; looking at harvesting capital losses to offset capital gains ; reviewing variable life policies ; and discussing annuities for guaranteed income in times of market volatility .
Easy Decision — A Case Study of Industry Response
As a broad-based protection and retirement distribution company , Crump finds itself in the middle of this complex situation — surveying the economic and regulatory market to understand what is changing , working closely with carriers to understand their business responses , and supporting our agents to help sustain their businesses and serve their customers .
Tough times call for tough decisions , and so many in our industry have stepped up to make the right decisions . At Crump , we have made the easy decision to invest in our teammates and our clients . We also made quick decisions to purchase hundreds of laptops and monitors for teammates who did not previously own them , and special phones to support our call queue teams . Building on the strength of our business continuity plans , in 10 days we shifted from 80 percent of our 1,000 + teammates working in 20 + offices , to over 97 percent working remotely . Our remaining teammates continue to work in the office , practicing social distancing , of course , to support critical business needs like mail operations , policy issue , commissions , as well as preparing for a return to the office .
Like many others , we leveraged technology tools and developed training programs to help us quickly and effectively adapt to virtual working environments — including frequent video conferencing , as well as welcoming pets and kids into our workdays . We specifically have focused efforts and resources on our transaction center — where financial professionals can interact in a completely digital environment — and we are working closely with our carrier partners and vendors to further their use of digital interactions .
We have dedicated resources to stay on top of all the carrier and product changes to keep our clients in the know with what is changing for them and their customers . We are developing educational and sales ideas to help with the right products and concepts to address needs given the uncertain market conditions . We have a team on top of the regulatory and tax environment , and its impact on business owners .
Moving Forward
As we continue to reshape our businesses to operate in virtual environments , and consider what the new normal may look like for the future , we will strive toward strong growth paths in challenging times .
Where can we look to find a glimmer of hope in the middle of the pandemic ? One positive is that we may never put this digital and virtual genie back in the bottle , and we should not want to . While we anxiously await our return to brick-and-mortar facilities , business travel , and in-person meetings , we should remain keenly aware of how quickly this change occurred , and the uncertainty of when change may come again .
In addition , we are seeing incredible collaborative energy among people to do what we do best — connect and help others . Web conferences have become the new face-to-face , as we work daily to bring back the interactions we crave . While “ sweats and tees ’’ may have replaced “ shirts and ties ,” our commitment to client service will never be replaced and stands even stronger . The challenge of COVID-19 is unique in its global and far-reaching consequences . But , we are a resilient and resourceful nation ( and industry ), and I am confident that we will move toward an even “ newer ” normal , empowered by the skills and strengths we have acquired during this time . www . nailba . org 43