NAILBA Perspectives Virtual Symposium Special Edition | Page 4

EDITOR’S NOTE Game ON! Changing processes to re-engage customers Pam Sheehan Senior Director, Strategic Partnerships & ID Media Network NAILBA [email protected] As we have worked our way through the past several months, new business challenges have emerged; and unique consumer sentiment developed. These unprecedented times have required the industry to revisit long-standing processes and ways of engagement. The industry has stepped up and successfully faced the challenges: a recent LIMRA survey found consumer confidence in our industry at an all-time high with 7 in 10 life insurers reporting an increase in virtual applications by mid-April. Term life also rose to the occasion, offering an ease to underwriting. LIMRA Insurance Research reported, “Term product sales recorded the largest absolute dollar increase over the first quarter in 2019 with new annualized premium reaching an increased 8%, the highest percent growth for term sales in 50 quarters (since second quarter 2007). In Addition, six in 10 term writers reported positive growth, with 4 in 10 experiencing double-digit growth.” To further support growth and efficiencies, NAILBA recently held a virtual event on July 14 to share ideas on how to continue moving forward in a more touchless sales environment. Thanks to our sponsors, Insurance Technologies, LexisNexis Risk Solutions, Care Value, Inc., and Pacific Life, as well as the panels of industry experts, the virtual symposium was recorded and can be watched on NAILBA.org as a service to the independent insurance community. This special edition of Perspectives magazine has been written to compliment the symposium, offering additional advice on embracing the move from paper to digital, and efficiencies in the sales and underwriting processes. You will also find results from LIMRA’s survey on consumer sentiments in hopes of shedding additional light on the marketplace for furthering your business success. All the best! Consumer sentiments vary The survey: Consumer Sentiment in the Time of COVID-19 was performed by LIMRA in May 2020. The following graphs and charts illustrate the results, including respondents’ views on the insurance and financial services industries. 1/3 of respondents commented — Most were upset, but varying reasons as to why… “I’m very concerned that most places are in some stage of re-opening, against all advice from the medical and scientific communities... that is insanity to me!” “Will be glad when restaurants open back up, kids get back to school, and things get back to normal.” “I’m over it and I am sick of wearing masks.” “I’m appalled by the amount of people who decided the pandemic is over because they got bored. These awful people are valuing the economy over human lives.” 4 Perspectives Q3 Special Edition 2020 “I am worried if we are going to do this again in the winter.” “I think we’re seeing a flattening of the curve because people are doing what they have been asked to do. I hope everyone will continue to do that as long as they are asked.” “I feel that the worst is over and we need to get the economy going now.”