COVID-19 “accelerated the inevitable shift” towards utilizing digital instruments within the life insurance coverage trade, mentioned Susan Neely, CEO of the American Council of Life Insurers. Neely spoke through the Nationwide Affiliation of Insurance coverage and Monetary Advisors’ Advocacy In Motion Day on Wednesday.
The pandemic is forcing everybody to take stock of what wants to alter and what wants to remain the identical, Neely mentioned. As for the life insurance coverage trade, the most important change coming from COVID-19 can be a extra subtle use of know-how.
“The world was headed toward pervasive e-signatures, e-notaries, online exams and CE,” she mentioned. ACLI is advocating to make these momentary technological advances everlasting, describing the present interval as “a modernization phase of our regulatory environment.”
These advances “will bring more products to more people,” Neely mentioned.
Regardless of the technological shift in an trade that was identified for being gradual to alter, Neely mentioned some issues in regards to the life insurance coverage trade gained’t change within the COVID-19 world.
“We will still be a people business,” she mentioned. “And the battles will continue – we need to tell our story to policymakers to keep negative and onerous things from being laid on our industry.”
Households and people want the life insurance coverage trade and its brokers greater than ever as they take care of financial uncertainty, Neely mentioned. She pointed to a variety of methods wherein the trade is “meeting the moment” by doing issues equivalent to extending grace durations on paying premiums for these affected by the COVID-19 downturn, in addition to supporting the CARES Act.
She urged NAIFA members to “create our own echo chamber of stories and make sure policymakers know what our value proposition is and continues to be.”