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