NAILBA Perspectives Spring 2020 | Page 21

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