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Redefining Your Life Insurance Business Post-COVID

Are you starting to think about what your life insurance business will look like in a post-COVID world? Well, maybe you should.

If you never stopped, then you’re ahead of the game. You're likely aware of outside forces, both economic and industry-related, that will continue to change right before your eyes, and are thinking of ways to modify your business strategy.

But if business has fallen off for you, there’s no need to stay there. You CAN get business activity going again.

Regardless of the environment, as a life insurance producer, it’s crucial that you continue to sell and drive revenue into your insurance practice.

The time to prepare is NOW.

Follow these helpful guidelines to redefine your business and come out stronger than before.

The economy will reopen – then what? 

This crisis won’t last forever.

The economy will eventually reopen and you need to be ready to start re-integrating when it does.

But don’t expect things to automatically go back to the way they were before. 

It’s likely this re-awakening will look more like a crawl-out, with different waves of people easing back into their “new” normal routines.

  • The first wave will likely be consumers chomping at the bit to get back out there and start moving and shaking ASAP.
  • The next wave may be those who are more reluctant and want to reduce their exposure to a greater degree, and so they will wait a little longer than the first group.
  • The final batch of people to emerge from their Shelter-in-Place lifestyles are the ones who are so apprehensive that they will wait as long as possible to rejoin society.

Besides the gradual get-back-to-business-as-usual progression, the landscape for your business will have changed. In fact, it already has.

Here’s what “doing business” could look like for you

Before COVID, video conference call meetings were definitely not the norm. Now, everyone has probably joined at least one Zoom meeting  – even your Grandma.

As a result, customer behavior has changed and it will continue to change, based on new experiences.

The questions to ask yourself include the following:

  • How are you, as a life insurance producer, going to map this out with your business?
  • What will your strategy look like? 
  • What tactics will you use?
  • Are you prepared to use digital tools out of necessity for clients who won’t meet with you?

During COVID, did you notice that your prospects and clients were easier to get in touch with? That's because most everyone was at home! (Hopefully you didn't take their availability for granted!). 

Once COVID is over, at least where people can and want to leave their homes, you may find that everyone is going to be "on-the-go." 

And it's possible that some clients will insist on meeting virtually even after COVID. Besides getting back to their jobs, they may not want to spend time to meet you over coffee.

What will you do if going out to see your clients was your primary approach? What will your strategy be for touching base? Will you be prepared to facilitate more styles of digital communication – and thrive?

For example, during COVID, life insurance carriers did not want paper applications – nearly everything was marketed towards using a digital application and electronic delivery process. 

Most insurance producers were forced to adopt a digital application process if they wanted to safely and properly serve their clients.

So when COVID is over, why resort back to the old methods that require inefficient 25+ page paper applications?

Be ready to enter the “new normal”

If you want to be ready to handle what communicating and doing business with consumers will look like as everyone ventures back out into the world, we have a suggestion:

Get smart. Adopt technology.

Sell plain old, simple insurance and more of it.

With digital application processing tools and accelerated underwriting, healthy people can get life insurance in the most noninvasive way in the history of life insurance – with no exams, no labs, and no medical records.

It’s easier than ever before, for your clients and for you, the life insurance producer.

Steps to follow to "do business" post-COVID

Here are some simple but effective action steps you can take in this new normal of life insurance sales.

1. Check in with regular video calls

Whether it’s weekly, bi-weekly, or monthly, have a set time to check in with your clients. And use a video call.  

But it's not enough to simply hold a video conference: you need to learn how to use it, including screen-share features, recording the call, managing participants, and so forth. With practice, you’ll look like a pro!

Clients will appreciate the effort, too, and you’ll develop a greater bond of trust that will serve you both well for the long haul.

Check out these articles on how to use Zoom:

2. Send out an email newsletter on a regular basis

Keep your clients and prospects up-to-date on what’s happening in the life insurance industry, share helpful tips, and keep the lines of communication open.

Include links to helpful articles on the benefits of different types of life insurance, how to write a will, etc. 

Here are some helpful resources to get started:

3. Create a lead system

If you feel stumped and you’re wondering how to find business, share your expertise by getting published on a magazine website. 

Or submit articles to periodicals and journals. It’s a great way to bring in leads.

In addition to attending the usual mixers to get leads (some prospects may be reluctant to venture out to these any longer), use social media, emails, and newsletters to make connections. 

Great content encourages conversations – the kinds you want to have.

Start building your social media presence by using these tips:

Building your new normal

In a post-COVID world, things will look different.

Your job is to be agile and creative enough in your approach so you can continue bringing value to your clients and prospects.

Whether they’re ready to engage face-to-face or they’re more comfortable behind a screen or on the other end of a phone, it’s up to you to “meet” them where they are and use all the tools at your disposal to connect. And finding them is easier if you have a strategy and use intelligent tactics.

Also, If you’d like to learn about accelerated underwriting or need help using digital application tools, we’re here to help. Just give us a call!

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