DISTRIBUTION
Profiles of distribution :
Keeping all the bricks in place — virtually
The following is an excerpt from LIMRA MarketFacts ® Number 3 , 2020 by Sherri K . Lindenberg , M . A ., Senior Vice President of Marketing for Crump Life Insurance Services .
With each passing week , it feels increasingly like insurance companies and financial professionals are playing a giant game of Jenga — required almost daily to pull out “ bricks ” of economic and regulatory hurdles and business process changes . The ongoing challenge is to keep our companies standing strong , as we continue to remove individual pieces such as :
Stay-at-home directives effectively shutting down many businesses Federal funds rate dropping to historical lows State restrictions , including face-to-face meetings ( Pennsylvania ) and telemarketing ( New York ) Restrictions on paramedical exams Increasingly restricted underwriting Limitations on face amounts Modifications to policy issuance and delivery procedures
Yet the resilience of leading companies , and forward thinking industry professionals — and the wisdom of local governments permitting certain insurance business functions to operate as essential services — continues to demonstrate the industry ’ s value to consumers and the country . In fact , over the past few months , each hypothetical Jenga brick we removed has been a catalyst for change in an industry not commonly known for innovation and fast movement :
Sherri K . Lindenberg , M . A ., is Senior Vice President of Marketing for Crump Life Insurance Services . She leads the company ’ s marketing , communications , and event management professionals to strategically design and deliver creative internal and external sales and marketing programs . Sherri . Lindenberg @ crump . com .
Increased acceptance of accelerated underwriting programs and higher face amounts Decreased reliance on in-person lab work Growing acceptance of electronically issued and delivered policies Rising acceptance of e-signatures
In addition to these procedural changes , what we have seen even more of is compassion — demonstrated by so many financial services companies doing the right thing for their customers :
Pausing cancellation for non-payment Extending grace periods for lapses Lengthening deadlines for receiving premiums after issuance Extending deadlines for receiving underwriting requirements on pending business Offering flexible premium payment options Preparing to support the CARES Act
42 Perspectives Q1 2021