The life insurance industry is reaping efficiency gains during the COVID-19 pandemic, making a return to the old methods less and less likely, MGA executives say.

Aurrea Signature CEO Christian Laroche thinks that teleworking has made his business much more efficient. “Post lockdown, the return to work will be gradual; we foresee a lot of remote work.”

He also says business is growing. “Our business is up 8% since March 15,” Laroche adds.

His client referral firm Pro Spect Insurance is also running at full speed. “I sent nearly 400 leads to advisors in one month. This is keeping them busy because 58% of these referrals can be handled remotely,” Laroche says.

For the other referrals, cases can be prepared ahead as lockdown measures are eased. He expects remote sales to expand even after the pandemic ends. Regarding his own business, he thinks that after the lockdown there will be a reflection on who will keep teleworking and who will return to the office. The rewards: sizable savings in rent and other expenses.

“When you travel around, you waste more time and blab with the customer. Software like Microsoft TEAMS, Webex and Zoom are excellent for contact work and document sharing. The quality of life we gain from these tools is also worth something.” for both advisors and his employees, he says.

Laroche admits that the remote approach will be more difficult with new clients, but this alternative method is excellent for reviewing existing customers’ files. Mortgage insurance is one example of a product that is easily sold remotely, he says.

CAILBA president agrees

Michael Williams, CEO of BridgeForce Financial Group and chair of the CAILBA board of directors, says there is no going back.

“Now I use Zoom every day. It’s $200 a year for an unlimited talk time license. That’s nothing!” he points out.

BridgeForce Financial Group is currently training its advisors in non-face-to-face sales, sharing documents onscreen, and making their customers feel comfortable in this environment. “Going back to the old way is not the way of the future. How many clients would like to welcome you inside their home like they do on Zoom?” Williams continues.

He adds that in this time of social distancing, customer relationship management software (CRM) has become more important than ever.