TECHNOLOGY
Latest LIMRA research
Where is technology taking us ?
Nine in 10 life insurance executives predict consumers ’ appetite for digital solutions will increase postpandemic suggesting client engagement will become more digital in nature .
A few years ago , LIMRA research revealed that 66 % of independent insurance agents had never met with potential new clients through video communications , and of those that had , only 7 % said they did so frequently . That all changed with the onset of the pandemic . As communities implemented social distancing measures to slow the spread of COVID-19 , there was an immediate need for agents to adopt and utilize digital tools to enable them to engage new prospects and serve current clients .
Early fallout
LIMRA research shows in March 2020 , almost 9 in 10 independent agencies with more than one employee moved to alternative work arrangements , impeding their ability to meet with prospects in their offices . Despite about three quarters of agents saying they were well prepared to use virtual communications , 65 % said that the pandemic was extremely disruptive to their business . Though macro-economic and health concerns caused disruption , nearly 8 in 10 independent agents felt prospecting within social distancing requirements was more difficult , and a quarter of independent agents said initial / planning conversations and product sales conversations with new clients were extremely challenging .
Now , with pre-pandemic activities resuming , identifying the technologies that were found to be effective technologies will be critical for adoption going forward .
Peter DeWitt , analyst for LIMRA Distribution Research , is responsible research focusing on insurance- and investment-focused distribution . He is currently pursuing his M . B . A . from Boston University Questrom School of Business and earned his B . S . in Finance from Central Connecticut State University .
Enhancing relationships
As agents better understood and adopted digital tools , some of the headwinds faced at the beginning of the pandemic were mitigated by summer . Most agents who adopted virtual meeting tools ( i . e . Microsoft Teams , Zoom , Webex ) said that many of their clients — including less tech savvy ones — fared well having virtual meetings . Some agents claimed that virtual meetings even helped to enhance relationships more than a phone conversation .
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30 Perspectives Q3 2021