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COVID has changed the life insurance selling procedure

During the period from March to May 2020, the number of “life insurance” queries on Google has increased by 50%. This has led to a profound change in the way policies are sold, given that medical examinations have become impossible, writes Advisor Perspectives.
COVID has changed the life insurance selling procedure

The healthcare industry has been overwhelmed for the past year and governments have imposed strict restrictions to stop the spread of COVID-19. In the face of death, the topic of sudden death became popular and made most people think about life insurance.

Financial advisors were receiving thousands of inquiries on life insurance products every day, but these applications were either rejected due to congested clinics or remained in limbo for significant periods of time. The situation disappointed everyone. As a result, instant issue policies began to be in demand. This solution seemed tempting in the face of the lockdown.

The problem of traditional AU and Instant-Issue products is solved with tools and processes that use data science and deep analytics to gather information and make quick and efficient decisions.

The survey conducted by LIMRA and Boston Consulting Group showed that almost 40% of consumers purchased life insurance with a hybrid approach using both online sources and consultations. According to the same survey, about a quarter of respondents found that face-to-face meeting made it easier to make the purchase.

Source: https://www.advisorperspectives.com/articles/2021/09/06/covid-changed-how-life-insurance-is-sold

Photos are from open sources. 

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