COVID-19 is transforming the life insurance and financial planning industries in astounding ways. Ours is a business where new clients are almost entirely gained through in-person meetings, and shelter in place orders are creating waves of change that seemed impossible just weeks ago.
Brokers International provides solutions and support for 5,000 independent agents nationwide. Three weeks ago, most carriers required agents to work face to face. They would not allow a policy to be sold or signed online. Today they all are.
This change has opened a new way to do business. More customers and brokers are using video conferencing technology to conduct annual reviews and hold meetings than at any point in the past. From grandmothers using Facebook Live for the first time to moms and dads meeting with their insurance agent over a video call, people are using technology that they never have before.
The longer this crisis continues, the more ingrained these new technology habits will be to all of us. One of the aftereffects will likely be less travel.
Instead of spending $3,000 on a business trip to meet with clients, a video call may be arranged. As augmented and virtual reality technologies become more advanced and widespread, virtual meetings will feel more and more like the real thing.
These changes feel scary. Yet, we don’t have to be afraid. As these changes engulf us, we can instill confidence in our employees, customers and ourselves by making three critical decisions.
These survival tips apply to business owners as well as brokers and agents. We’re applying them at our company and as a result are seeing new business continue to come in every day.
We’re living in uncertain times, but we will survive them. If you told my father 50 years ago that he would be able to order his groceries online and have them delivered to his doorstep, he would have said you were crazy.
My father told me something else that brokers, business leaders and all of us, frankly, need to hear right now — this too shall pass. It doesn’t mean it’s not going to hurt, but at some point in time, the sun will come up again.
We will get through this and by doing the three steps outlined above, we can emerge victorious on the other side.
If you want help figuring out how to help your business survive this crisis, message me directly. Helping brokers and businesses is what I do best.Back to Blog