LTC
LTC: Keeping the
conversation going
COVID-19 may have
changed how we
have conversations,
it hasn’t replaced
the need for a
conversation.
Ken Herlihy has worked to grow the
Care Solutions product line since
coming to OneAmerica in 2015. Herlihy
has specialized in the LTC market for
more than 30 years.
Jeff Levin leads a team of Care
Solutions regional sales directors and is
a 25-year veteran of the long-term care
(LTC) industry.
We are living in a world of palpable change. Many of us wonder how much more change
could take place so quickly. COVID-19 has interrupted our personal and professional lives.
Personally, we are separated from friends and family, social gatherings, and vacation travel sites.
Professionally, it’s stopped us from going to an office, meeting with our clients in person and
seeing our colleagues. However, regardless of setting or environment, the need for conversation
and contact has not changed. Now, more than ever, we need to stay in touch with loved ones
and clients—even if that means replacing a hug or handshake with technology.
For years, successful financial professionals have been using technology to sell remotely.
Leads, referrals, or existing clients are accessible via a phone call or video conference. While
the concept of virtual selling isn’t new, it’s new to many of us. COVID-19 has accelerated our
need to adapt and embrace technology. To meet this demand, carriers are improving their
platforms, and we are becoming more proficient with these technical tools. Five months ago,
we would have had to decide between meeting a client in our office, over lunch, or at their
home, whereas today we consider the phone, WebEx, Skype, Zoom and numerous other
platforms. Each of these platforms enables a conversation, but technology reaches far beyond
enabling a conversation.
From application to commission
Today, carriers have significant e-platforms. Often, these platforms provide the functionality
to complete an application electronically. This includes signature solutions for both the client
and producer, and it enables an issued policy to be delivered via email. In addition, there are
reflexive underwriting questions where the answer to one question generates the need to
answer additional questions or bypass follow-up questions. Electronic applications also offer
the significant advantage to ensure the submitted app is IGO (In Good Order) with all details
included. Perhaps, most importantly, electronic platforms enable a faster cycle time from
application to commission. All of this is done without ever meeting a client face to face but
rather over an electronic medium. It’s the technological version of social distancing.
LIMRA recently published an article entitled “New Industry Study: Social Distancing
Measures Challenge Advisors’ Practices 1 ,” in which the following quote appears: “Even
under normal conditions, consumers worry about making the right financial decisions,” said
Wayne Chopus, IRI president and chief executive officer. “These are extraordinary times and
consumers need the support and guidance of their financial advisors to help them make
sound choices about their investments and take steps to protect their families. As advisors
communicate more with clients, they can help alleviate anxiety by reinforcing the benefits of a
comprehensive financial plan that includes products providing guaranteed lifetime income and
financial protection.”
No one saw this coming. While COVID-19 may have changed how we have conversations,
it hasn’t replaced the need for a conversation, nor has it replaced the need for long-term
care (LTC) planning. Similarly, no one expects to have an LTC event — just ask them. As things
continue to change, they also remain the same. Nothing starts without a conversation.
1 “New Industry Study: Social Distance Measures Challenge Advisors’ Practices” LIMRA, July 8, 2020, https://www.limra.com/en/newsroom/newsreleases/2020/new-industry-study-social-distancing-measures-challenge-advisors-practices/.
Press release.
www.nailba.org 35