COVID-19 Pandemic Drives Surge In Life Insurance Virtual Sales Meetings
Insurtech Leader Ensight Tracks A 155% Rise in Virtual Life Insurance Sales Meetings Beginning in March and April
San Diego, CA, June 10, 2020 – Ensight, a leading life and annuity digital sales platform, today released the latest findings from its quarterly Trends Report which highlights a dramatic shift in life insurance interest due to the COVID-19 pandemic. As shelter-in-place orders forced life insurance agents to work from home, remote selling utilization increased by 155% in just eight weeks. Social distancing restrictions were among the biggest drivers of a transformation towards digital life insurance sales in more than 20 years.
During April’s nationwide shutdown, the Ensight Platform created over 31,000 digital illustrations for remote sales engagements by agencies, producers, and financial advisors. The insurtech company also reported a dramatic increase in the number of agency users of its interactive virtual sales platform – from 84 to 215 between January and May of 2020.
“Life insurance has always been a relationship-based business. It’s about connecting with clients and understanding their personal financial protection objectives, and the need for controlled risk that insurance products can offer amidst market volatility. The COVID-19 pandemic has not only re-catalyzed awareness of the need for financial protection, but also ignited a shift to digital client engagement, such as remote discussions over virtual meeting platforms,” said John “Hutch” Hutchinson, Founder of BankingTruths.com. “For years we’ve been working to train our clients to meet virtually, but over the past eight weeks, we’ve found the world is now leaning into a virtual way of doing business. The life insurance sector has realized that a virtual discussion is so much more flexible for the client, but also more productive for our business model. Ensight’s interactive presentations have been instrumental in elevating our virtual professionalism, and the interactive visual experience transforms mundane granular product data into a more tangible digital presentation that a client can understand and act upon.”
The company, whose interactive virtual sales platform supports life insurance quoting with an easy-to-use, intuitive platform notes guaranteed universal life insurance (GUL) protection-oriented quoting maintained strong activity of nearly 39% in April 2020. In contrast, indexed universal life insurance (IUL) grew from 30% earlier in the year to an average 35% in six weeks. The company’s life agency base supports tens of thousands of life agents, producers, financial advisors and financial services firms with digital interactive presentations for remote sales.
“The response to the coronavirus has created a broadscale shift to a virtual sales model and is reinvigorating the traditional way life insurance agents conduct business,” says CEO Bill Unrue. “These changes were already taking form as the growth of the gig economy, remote working, and virtual financial advice increased; what we’re seeing now is how the pandemic has accelerated the industry’s digital transformation.”
Learn more about Ensight at https://www.ensightcloud.com/.
Ensight™ is the leading cloud-based insurance sales acceleration platform for more than 500 Life and Annuity distributors, thousands of financial professionals, as well as many of the largest North American insurance carriers. Headquartered in San Diego, California, Ensight helps drive sales growth and productivity, while addressing the entire sales lifecycle experience – from prospect to policy holder, new business to inforce.