COVID-19 Speeds Up The Modernizing Of The Life Insurance Industry

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By Susan GhaliliThe COVID-19 pandemic has put a spotlight on the significant role life insurance plays in the cycle of life, as well as the importance of modernizing the sales model to withstand dramatic disruptions to the ways the industry typically operates.The current situation has emphasized the fact that the future is unpredictable. This is one of the main drivers behind why people purchase life insurance – to hedge against some of that unpredictability. For distributors, the pandemic has not changed goals and objectives, and many distributors are still working to meet aggressive sales targets.For consumers, the uncertainty surrounding the pandemic, related to both health and financial well-being, has prompted them to assess their own preparedness and has made life insurance more top-of-mind. As an industry, we must continue to look forward and find innovative ways to work together to meet consumer needs, especially under challenging circumstances.Central to this transformation is modernizing the purchasing process for consumers. While we have seen an uptick in the number of individuals interested in purchasing life insurance throughout the pandemic, social distancing and safety measures have made traditional steps in the sales process impractical, if not impossible. These traditional steps include the …

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