3 Ways COVID-19 Has Challenged the Life Insurance Market for Seniors

While COVID-19 has had a substantial impact on nearly every sector of the insurance industry, agents and brokers in the senior life and long-term care insurance markets have faced particularly difficult challenges. A recent survey by New Horizons looks at the unique issues agents in the senior life insurance market are up against and considerations moving forward.

Agents are not able to meet with prospects face-to-face. The single largest pandemic-related challenge agents in the senior market said they have faced was the inability to meet with clients in person. In fact, 47% of agents surveyed cited that meeting with prospects over the phone or via Zoom hasn’t been effective in making a personal connection and forming that all-important initial bond with new clients.

Prospecting abruptly came to a standstill. According to the research, 6% of agents surveyed said that the ability to market to senior life insurance prospects during the pandemic was basically nil. With sales opportunities such as life insurance presentations at community centers and educational long-term care seminars and workshops being canceled indefinitely due to COVID-19, lead generation efforts continue to be extremely difficult.    

Many seniors aren’t comfortable using the technology needed to close the deal. More agents and brokers are using digital resources to their advantage to make the quoting, writing and policy issuance process easier and more streamlined. But for seniors who struggle with technology, things such as carrier eApps and obtaining online signatures can be a deal-breaker. Plus, some people may simply not feel safe providing their personal information over a computer or phone.

Moving forward

While pointing out sales and marketing shortcomings due to the pandemic may not seem particularly helpful, identifying and understanding them allows you to take proactive steps toward finding solutions and to be better prepared in the event of a future crisis.

For example, as the country begins to reopen:

  • Are there ways your agency can better adapt to the needs of clients and prospects who continue to remain cautious about meeting in person? How can you reassure them that the necessary precautions are being taken?
  • Are you using your website as a communication tool to help keep clients and visitors to the site informed about safety measures your agency has implemented?
  • Is it worth the investment of time and money to create a more user-friendly digital environment for things such as quotes, policy changes and finalizing policies?
  • Are there alternatives to in-person prospecting and lead generation when networking opportunities aren’t possible?  

Necessity is the mother of invention — particularly in the midst of a pandemic. Having to think outside the box a bit can often bring about new ways to reach your prospecting and retention goals.

About FastrackCE

Need to complete your insurance continuing education credits? Let FastrackCE help you get all your life and health and property and casualty continuing education credits done in one place and at your convenience.  We offer online courses in most states covering a broad range of topics, including most of the state-mandated courses such as ethics, flood, long-term care and annuity training.

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