TECHNOLOGY
LIMRA Research from page 30
72 %
72 % of carriers and distributors recognize they must offer an improved suite of technology solutions to their sales professionals .
Success and liklyhood to use virtual meeting when prospecting new clients
MORE SUCCESFUL
Success with using virtual meetings to prospect new clients |
Unsuccesful agents |
Moderately succesful agents |
Very succesful agents |
LESS SUCCESFUL LESS LIKELY TO USE
Likelyhood of using virtual meetings to prospect clients in 2021
MORE LIKELY TO USE
But despite the ease of use , virtual meetings proved to have some disadvantages compared with face-to-face conversations . Some clients felt unsure about sharing personal and financial information over these mediums and obtaining a wet signature proved to be top of mind for independent agents in the first half of 2020 . The switch from paper to digital fulfillment helped ease this challenge , with 86 % of independent agents saying this was a valued change . LIMRA research found 86 % of agents with limited or no access to digital fulfillment options were less satisfied .
Embracing the possibilities
By late summer of 2020 , independent agents became more comfortable with virtual meetings and the processing of onboarding and completing new sales documents electronically . The outlook on bringing in new clients was positive , with 59 % believing the second half of 2020 would be a favorable experience .
Independent agents were able to reflect on what tools helped them best bring in new clients at the end of 2020 . According to LIMRA research , 43 % of independent agents said using virtual meeting tools was successful while 31 % indicated it was unsuccessful . Other digital tools such as social media engagement or virtual seminars fared significantly worse .
From an independent agent ’ s point of view , success in 2020 with digital communication tools is highly correlated with the likelihood for agents to continue to use them throughout 2021 . Those who found success with virtual meetings in 2020 are very likely to continue to use these tools going forward and a large portion of independent agents plan on adopting the use of these technologies long term .
Time to virtually expand
Other LIMRA research suggests carriers and distributors recognize they must offer an improved suite of technology solutions to their sales professionals . In fact , 72 % say they plan to expand virtual sales capabilities for agents and brokers .
The pandemic upended much of our lives , it forced our industry to embrace digital tools that allow greater efficiencies and productivity . Nine in 10 life insurance executives predict consumers ’ appetite for digital solutions will increase postpandemic suggesting client engagement will become more digital in nature , with advisors adopting digital tools to seamlessly source , service and engage with clients .
32 Perspectives Q3 2021