Perspectives Q4 2021 Perspectives Q4 2021 | Page 22

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LIFE
Lessons Learned from page 20
Focusing on the protection gap
According to LIMRA ’ s Insurance Barometer study , misconceptions may be making consumers hesitant to purchase life insurance . The study found that like cost , many of the reasons consumers provide for not purchasing coverage point to a lack of knowledge about the basics of life insurance .
Financial professionals must impart a common understanding for each type of life insurance to their clients , align on their clients ’ specific needs , and create a plan for the best path forward .
Educating our younger generation on the importance of planning properly for the future , and teaching them the basics of how to do so , may help close the protection gap . Since millennials tend to prefer sourcing information on products digitally and adapt to new technology quickly , use digital tools to your advantage when speaking to them about life insurance . Educate them using online calculators , checklists and quoting tools , and guide them through the process to ensure they are using the correct instruments and looking in the right places .
The financial professional of the future
The financial professional of the future is a proactive advisor , navigating a digital world with less paperwork , better sales tools , simpler processes , and the capability of building relationships in a virtual environment . Trusted advisors who skillfully use digital tools are better equipped to build trusted relationships and boost consumer confidence in purchasing life insurance .
Just as technology has evolved , client ’ s expectations have as well . It is no longer enough to just deliver an extraordinary product — a customer ’ s experience is just as important . For example , clients expect to interact with trusted advisors in any media , anywhere , any time . If hosting a client meeting virtually , opt for a video call instead of a phone call . Even if the client can ’ t , or chooses not to , turn on their video , allow them to see you . Seeing someone ’ s face and their environment rather than just hearing their voice helps foster a deeper connection .
While hoping 2022 will be a much healthier and happier year , it ’ s important to continue to harness the momentum and sense of educational urgency that the industry has seen in 2021 .

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22 Perspectives Q4 2021
M A X I M I Z I N G H U M A N C A P I T A L
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