ID 20 WINNERS — Q&A
Three-part Q&A from page 14
Orestis: Among the biggest challenges facing the industry is
how do you attract Millennials to look at insurance as both a
necessary part of their financial lives, and, an area they would
want to make a career in.
Another major challenge is how do we address the lack of
planning for senior years and the eventuality so many will face
when it comes to the impact of long-term care.
Pate: The persistence of misinformation and confusion about
long-term care — specifically, what it is, and the risks associated
with not planning for it, is one of our biggest challenges.
Most still do not realize that those hardest hit by long-term
care (what we also refer to as “extended care”) will be family
members and friends trying to balance their lives and needs
with providing care to a loved one. Given this, opportunity
comes when planners and advisors have conversations with
clients about expected longevity, the likelihood of needing care
in later years and frank discussions about who and how that
care could be provided.
Leibow: There are opportunities to sell simplified term products
with predictive model underwriting. Consumer facing quoting
and eApp tools for maintaining the Agent echo system allow
alternative products to be sold to those clients that don’t qualify.
Staying relevant and delivering value
Ross: Our biggest challenge is that we sell life insurance policies
that lapse, and therefore we are progressively losing all trust that
consumers place in us, our products and our industry. Brilliant
actuaries are doing everything possible to create illustrations
that win the sale. But, what about which product is best? That’s
irrelevant. It’s all about which illustration is best. Clients buy the
policies based on those illustrations, and when the optimistic
illustrated assumptions don’t hold up, the policies lapse.
Our biggest opportunity is to stop selling policies based on
unrealistic illustrated expectations. The people that buy our
products count on our experience and professionalism. Families
depend on us selling polices that will be there at the worst
times in their lives… when someone dies unexpectedly. And we
continue to let them down.
Levyne: We are continuing to obsess about the customer,
policyholders and distributors. Whether that be through
addressing regulation changes or providing innovative product
solutions, this year is about adapting to what’s good for the
industry and the customers.
Three-part Q&A continued on page 18
Sheryl J. Moore
2019 NAILBA ID Twenty
Award Winner
Way to go Rockstar! You make your
team proud.