Selling Life Insurance in a New World
Selling Life Insurance Today and Tomorrow in the New COVID-19 World
JD Moya has been in the insurance industry for over 45 years. Growing from a single producer to an IMO brokerage over this time, he still sells Life Insurance and annuities every day, every week. His love for this industry has kept him plugged into what agents across the country experience daily.
Experiencing the highs and the lows of the industry has taught him how to be nimble and change rapidly. Today, we are facing another great, and rapid change during the COVID-19 Crisis. The COVID-19 pandemic will fundamentally change the way we all will do insurance business…FOREVER. This is not an event that will pass us by quickly and we as agents must adapt to the change in how we do business. We must Pivot our business model, or our business will die.
One truth you can count on is that you must start planning for life “post-pandemic” right now. Consumers fear the unknown. Will they remain unemployed after this, will their hours resume after states re-open, will they have to look for a new job and if so, where will this new job come from? We have seen families start to move in together once more which is bringing about new problems and stress. That is the new reality for the consumer that we are trying to market and sell insurance to.
This change has forced insurance carriers to finally catch up with technology. This pandemic forced them to take advantage of the technology that has been in front of them for years. Insurance carriers are now telling us that the majority of applications being submitted today are coming from eApplications. We expect that the paper applications we use today, could eventually disappear in the future. EApplications, eDeliveries, and digital signatures will become the new norm. Face-to-Face selling over the kitchen table will shrink, but digital face-to-face meetings will continue. Consumer’s are learning to do everything digitally, shopping for groceries, buying everyday necessities, banking and keeping in touch with their family digitally.
Your business plan must change to adapt to this time, and you must be able to answer these 4 questions to continue to thrive.
1. What do you sell?
2. Who do you sell it to?
3. How do you sell it?
4. How do you deliver it?
These are the questions that are most important, and you must be able to answer now.
JD has changed his business model by adapting the products and systems that we have in place to meet consumers needs and budget. Here is how he is answering these 4 questions today.
What Does He Sell?
He sells Life Insurance and Income & Growth Annuities. Life Insurance is sold from ages 0-85 protecting the client’s family and business needs for future income. Annuities are sold if the client is looking for immediate income today and/or growth of funds for tomorrow, plus protecting the current investment from market volatility that we are seeing in today’s market.
One product that JD is currently marketing to clients is an Annual Renewable Term (ART) policy. This policy offers a client the ability to obtain life insurance at incredibly low rates to start, with the ability to convert to a longer Term or Permanent policy in the first 5 years. ARTs are a great product that can protect the client and provide income to their family in the event of death, while protecting their insurability for tomorrow. This also solves the fear in the client’s mind about the ability to keep up with premiums tomorrow. This also opens up your sales pipeline for future sales as you come back in the future to convert the policy.
This is just one product that we are using, for more examples contact Pegasus and speak with JD or Justin.
Who Does He Sell It To?
JD’s target market has not changed. He is promoting his products to the Hispanic family and the Hispanic Business owner. All his materials, illustrations and concepts are geared toward this market. The Hispanic consumer is the Middle Class consumer, if you are selling to Middle America, then these concepts will work for you as well!
How Does He Sell It?
This is something that you should already have answered by now. DIGITALLY!!! (Do you see the theme here). You must be able to market and sell from your home or office without the need to see the client in person. There are several tools that are available to you to prospect, schedule an appointment, take the application and deliver the policy, all without seeing the client.
If you need more information on the tools that are available, contact Pegasus and speak to JD and Justin.
How Does He Deliver It?
The carriers are helping this with this today. Most carriers have implemented eDelivery or mailing it directly to your client. This option is speeding up the delivery process for the client, and the electronic delivery method speeds up the first month’s premium payment and commissions to you!
Call Pegasus today to learn what your carrier’s guidelines are when it comes to the different delivery methods.
For more information on this and any other questions you have contact Pegasus and we can assist you in pulling through this pandemic and adjusting your sales techniques today.