NAILBA Perspectives Virtual Symposium Special Edition | Page 3

CONTENTS Features 4 EDITOR’S NOTE: Game ON! Changing processes to re-engage customers By Pam Sheehan, NAILBA Senior Director, ID Media Network 4 What consumers think of us now Results from a May 2020 survey by LIMRA show how COVID-19 is impacting consumer sentiments for insurance and financial services. 5 Concerns about personal impact and necessities from COVID-19 6 Predicted impact of recession and purchasing insurance 8 Predicted impact on being able to pay insurance and invest 16 Attitude changing about working from home New independent agent study by Channel Harvest Research shows a shift in thinking about the remote work environment. By Charles K. Hirsch, CLU 10 Consumer confidence in financial services and insurance companies and professionals 12 First quarter 2020 U.S. life sales results 14 Consumer satisfaction and confidence with industry during pandemic 20 22 From paper to digital Key features to consider when creating a complete digital sales process. By Katherine Dease The art of underwriting advocacy Following Winston Churchill’s advice of “Never let a good crisis go to waste,” underwriting is being redefined. By Christopher Bottaro 24 26 Annuities and portfolio management Estimating downside risk effectively. By Joe Elsasser, CFP Trust me With only about half of our nation having life insurance and half of those being underinsured, here are tips for educating and building consumer trust. By Sheryl Moore Perspectives magazine is published quarterly by NAILBA, the National Association of Independent Life Brokerage Agencies, as a resource to the insurance and financial services industry. It is distributed both in print and digitally to NAILBA members, industry professionals, and attendees of the NAILBA annual meeting. 11325 Random Hills Road, Suite 110 Fairfax, VA 22030 • [phone] www.nailba.org NAILBA BOARD OF DIRECTORS Seixas “Chad” Milner III, Chair Jason E. Lea, Chair-Elect John Gilbert, Treasurer Victoria Van Dusen-Roos, Secretary Myra Palmer, Immediate Past Chair Andrea Caruso Jason Grover Debbie Hannam Luke Ramsey Malcolm Sklar James Wong NAILBA STAFF Daniel LaBert Chief Executive Officer Pam Sheehan Senior Director, Strategic Partnerships & ID Media Network Joangel Concepcion Director, Membership & Digital Engagement Kelly Gormley Director, Exhibits & Sponsorship Sales Katie Holder Executive Assistant Ellen Toups, CMP Director, NAILBA Charitable Foundation Shara Wells Director, Annual Meeting Q3 2020 Volume 13, No. 3 PERSPECTIVES TEAM EDITORIAL CONTENT AND SALES: Pam Sheehan • [email protected] LAYOUT AND DESIGN: Tim Ingersoll • [email protected] PRINTING AND DISTRIBUTION: OneTouchPoint • www.1touchpoint.com ISSN 2639-9784 (PRINT) ISSN 2639-9806 (ONLINE) Copyright is reserved throughout Perspectives. No part of this publication may be reproduced or reprinted without the expressed written consent of NAILBA. The views expressed in Perspectives are those of the authors and are not intended to represent the views of NAILBA. SPECIAL EDITION POSTMASTER: Please send change of address notices to Perspectives magazine, c/o NAILBA, 11325 Random Hill Road, Suite #110, Fairfax, VA 22030. AUTHORS AND INTERESTED WRITERS: Perspectives welcomes comments and feedback on articles and content. Visit NAILBA.org/ Perspectives for content submission guidelines and schedule, or to submit your article for consideration. Contact Pam Sheehan at [email protected] with further questions. ADVERTISING: Please visit NAILBA.org/ Perspectives for 2019 Media Kit, ad rates, and terms. To learn more about additional opportunities to partner with NAILBA, contact Pam Sheehan at [email protected].