should be leveraged to allow salespeople to not only continue
(NAIC). Send emails, post on social media, write articles, but
doing business, but be more effective in their business, and
most importantly reach out to have conversations, whether
increase sales!
over the phone or video conferencing, which has become part
Orestis: As we all experience the rapidly unfolding
of the new normal.
events of the Coronavirus Pandemic, it is
The insurance companies and the
important to remember that insurance
Brokerage General Agencies have been
Pinney: I see today as
and financial advisors are in a unique
“bending the underwriting rules” and
being possibly the single best
position to provide solutions to
allowing underwriting requirements
moment to grow our businesses,
their clients designed to help them
to be satisfied in non-traditional
gain new clients, and take
address both the immediate and
ways. Furthermore, they have
advantage
of
the
present
long-term financial and emotional
accelerated technology initiatives
turmoil to redefine how
challenges that lay ahead. Because
to help reach consumers and
life insurance policies are uncorrelated
facilitate the purchase of insurance in
we do business...
to market and economic conditions, Life
a “socially distanced” world. Web-based
Settlements are a flight to safety as an asset
product education and needs analysis,
class during an economic crisis.
application fulfillment, non-invasive underwriting
Shelow: Advisors have a great opportunity to have discussions
requirements, big data, electronic medical records and
with clients about their fundamental planning needs and the
policy delivery will all need to be a much bigger part of our how.
amount of life insurance they should own to protect their
families and businesses. In many cases, their clients have little
Unique position to help
or no life insurance in place — and others need to review what
Haney: In whatever meaningful ways possible, come alongside
they have from an adequacy perspective. Moreover, investment
your clients and help them walk through this crisis together.
and accumulation portfolios are down significantly and assets
Put yourself in their shoes and think of what their needs might
that were intended to provide for their families are insufficient.
be. Go beyond good advice on weathering the market storm
This is the time to sure-up those values with life insurance until
and offer meaningful personal tips, order them food or takeout,
portfolios rebound.
and find ways to let them feel cared for.
Sladek: When you are talking with a client, find out what they
Changing perceptions
want and need to protect. Is it their home, business, wealth,
children, income, etc.? Some clients may tell you they just
Haney: We know this crisis means there will be claims… the best
want the cheapest product on the market but if you do a little
thing we can do is help the public make those claims easy. The
fact finding, you will uncover the cheapest product may not
industry has often been criticized for “not showing up when
be the best product for your client in the future.
people needed it most.” And while I recognize that
Make sure to review policies that have
as an unfair and untrue mischaracterization,
added benefits and living benefits such
there’s still a general uneasiness most
Verbos: In the blink
as an unemployment rider should
people have when it comes to accessing
of
an
eye,
we’ve
had
to
pivot
they find themselves as many are in
their insurance policies’ benefits. Start
our business and find new ways
with today’s pandemic. Our current
by offering quick online resource
to connect with our clients and
situation reminds all of us that things
guides or short video webinars as
may not go as we plan or expect it
FAQs
on coverage provisions, or the
in a time when they need our
to. It’s important to have safety nets
step-by-step process to file a claim.
advice the most.
in place. This is the reason why I am so
If the industry can equip producers
committed to this industry and the products
to take better care of their most affected
and services we offer to our clients.
clients, this will go a long way on picking up more
Moore: It is time for us to hunker down, pull-up our
coverage in the future. Nothing sells insurance
bootstraps, and remember that we are here to PROTECT
better than a good claims experience story!
American families. Insurance companies need to expand
their practices, to allow salespeople to use screen sharing
Why Factor Q&A continued on page 22
for life insurance and annuity sales. Technology such as
GoToWebinar, Zoom, Google Hangouts, Skype, and FaceTime
www.nailba.org
21