ID 20 WINNERS - Q & A
ID 20 winners from page 12
Offering real time results
Ma : Customers want real-time access to their agents , immediate updates to claims filed online , and the ability to access policy information at the push of a button . As we continue to implement technology across all of our processes and platforms , these enhancements will raise our level of efficiency while enhancing company culture by strengthening the relationships between employees , suppliers , and customers .
Given the chatter about interest rate hikes , tax law changes , and inflation , these factors shine a light on risk management products as taxpreferential solutions for clients .
Don ’ t ignore the signs
Sorebo
Krishnan : Security threats are only going to increase as hackers get smarter , and launch attacks with faster and more sophisticated tools . As the industry continues to expand , organizations will face a delicate balancing act — tightening enterprise security controls against consumer behavior and ease of use and therefore degree of systems adoption , especially in the insurance industry .
Hughes : We ’ ve all seen and heard that traditional LTC sales are trending down , and some say in a death spiral . What is happening is that we aren ’ t selling LTC as intended . Rather , 86 % of chronic illness riders that are not premium charging riders are being sold that are either built in or additional riders without having a premium charge . This means that agents don ’ t want to take the LTC certification needed to sell LTC and that includes hybrids and linked benefits with true 7702 ( b ) riders with premium charges and a set amount / percentage paid out for claim and / or they don ’ t fully understand how a non-premium charging chronic illness rider works . This could certainly have some consequences to the family come claim time .
Just as technology has evolved , clients ’ expectations have as well . It ’ s no longer enough to just deliver an excellent product – the customer experience is just as important .
Ma
Evaluate and prioritize
Garofoli : Merger and acquisition activity seems to be occurring every day . We are continuing to evaluate and reconfigure how we engage distribution as this consolidation occurs . It has a direct impact on how we marshal technology and price compensation into our products .
Szychulski : This is a golden age for our industry — and I don ’ t say that lightly or without a genuine appreciation for all the hardship and loss people have experienced . But those challenges have increased awareness of the value of what life insurance offers , and that awareness is driving consumers to take action . They want to buy life insurance , and they also want to improve or maintain their baseline health . If you can offer them a life insurance option that can achieve both those objectives , then you can initiate relevant and meaningful sales conversations that hit at what ’ s most important to clients right now .
Hold on tight
Hughes : We like to “ put our money where our mouth is ” by supplying above average customer service . This is becoming increasingly more difficult in a virtual world and means that we ’ ve all had to accept less than satisfactory service , and that ’ s just not right . This is being felt everywhere , not just in the insurance industry . Go to the grocery store , the gas station , anywhere that customer service should be what sets you apart from your competition . When you find that person , hold on to them tightly because they will be your lifesaver when a case gets difficult .
Bellig : I am seeing business owners and executives very focused on recruiting , rewarding and retaining their key people . Last year many companies did well and are looking to deploy corporate dollars to enrich the benefit packages of their employees for retention .
We have to work proactively to ensure the existing digital tools don ’ t go back on the shelf and we continue to build new ones . We can ’ t return to our pre-pandemic ways .
Szychulski
14 Perspectives Q2 2022