NAILBA Perspectives Fall 2020 | Page 44

WHOLESALE eWholesaling Next virtual reality Virtual urgent care visits at the NYU Langone health system grew by 683%, and nonurgent virtual-care visits grew by a staggering 4,345% between March 2 and April 14. Prior to Ensight™, Matt Essick spent a decade at Zurich Insurance leading marketing divisions and innovation programs. As the leading Life and Annuity sales platform, Ensight™ is focused on supporting the BGA community’s transition to virtual sales. [email protected]. It has been a long time coming, but the next virtual reality for the Life and Annuity sector is eWholesaling. Over a decade ago, during my time at Zurich Insurance Group, we were challenged to develop a new small business quoting platform. We identified over 25 critical success factors (CSF) across six major focus areas. Of course, “broker / agent servicing” was one. Our biggest innovation? Real-time virtual case design between the market underwriter and the broker. Market underwriters and point of sale brokers would have the ability to jointly view and discuss policy design in real-time on the platform. Proposals could be revised and finalized in one service discussion. A perfect fusion of human (underwriter; broker) and technology. I still can’t believe this is now not commonplace. However, over the next two years, the COVID-19 pandemic will accelerate the way that life and annuity insurance carriers and brokerage firms’ wholesale product — as well as service and support the financial professionals and producers at the point of sale. Let’s look at two relevant shifts underway as an example: the rise of telemedicine and virtual higher education. Age of telemedicine We are now rapidly entering the age of telemedicine, such as virtual diagnostic meetings with a general practitioner (GP) via Zoom. The convenience of meeting with a doctor virtually is now available through practically every major health insurer. The COVID-19 pandemic is driving a massive increase in telehealth consultations. The research agency Frost and Sullivan forecasts “a sevenfold growth in telehealth by 2025 — [and] a five-year compound annual growth rate of 38.2%.” A study published in the Journal of the American Informatics Association also cites virtual urgent care visits at the NYU Langone health system grew by 683%, and nonurgent virtual-care visits grew by a staggering 4,345% between March 2 and April 14. Through telemedicine, the healthcare system is more effectively scaling expertise at the frontline, far away from our hospitals and doctor’s offices. The healthcare model will not return to pre-COVID service delivery. eWholesaling continued on page 46 Over the last several months, Ensight ™ data shows a 155% increase in virtual life insurance sales meetings. 44 Perspectives Q3 2020