As the COVID-19 pandemic has evolved, consumers have been forced to change how they think about their everyday routines – everything from grocery shopping to doctors’ visits have adopted a virtual element – and that’s true for managing our finances too. In fact, for many people navigating the pandemic, finances have become even more top of mind. Recent New York Life data1 found that 60 percent of adults are thinking of their finances much more or somewhat more often as a result of the coronavirus. Additionally, LIMRA2 found that consumers’ top two concerns were stock market volatility and low interest rates, with job and income security close behind.
With such concerns weighing on consumers, it’s more important than ever that they have access to the guidance of a trusted professional to help them navigate finances and refine a strategy for the future. That’s why New York Life has ensured current and potential clients can get the guidance they need through video-conferencing, digital applications, e-signatures, and electronic policy delivery.
“Currently, about 95 percent of our life and annuity applications are digital, so we can see these options are resonating with how clients most want to engage in this climate. To make this possible, we have also introduced or expanded several programs that allow clients to obtain life insurance coverage when medical exams are unavailable, helping folks take the next step in purchasing a life insurance policy without leaving home,” said Steve Abramo, Senior Vice President, New York Life.
In an effort to ensure clients could get their questions answered and make changes to their accounts if needed while protecting the health and safety of our employees, New York Life transitioned more than 2,000 service professionals from fully working in an office location to working from home within two weeks. The company has also continued to enhance the digital service options available to clients on newyorklife.com.
“Our Service organization has seen a greater adoption of digital self-service, as well as an increase in requests from people who want to ensure their beneficiary information is up to date and that their policies are still active. This shows how many families are taking this time to reflect and ensure their coverage and accounts are in good standing,”-Jason Kary, Senior Vice President and Head of Service at New York Life.
“Our Service organization has seen a greater adoption of digital self-service, as well as an increase in requests from people who want to ensure their beneficiary information is up to date and that their policies are still active. This shows how many families are taking this time to reflect and ensure their coverage and accounts are in good standing,” said Jason Kary, Senior Vice President and Head of Service at New York Life. “And, because we know many clients are facing financial difficulties, the team has also been connecting with policy owners on the new accommodation programs designed to help them keep their valuable coverage while they weather the current environment.”
More virtual options fit into the widespread practice of remote working and increasingly efficient, virtual lifestyles – which almost half of adults who are able to work remotely, according to Morning Consult3, believe is at least as effective as in-person meetings – and allows families and their financial professional the ability to discuss options and make decisions where and when they’re most comfortable.
With ever-evolving technology and more options available to establish a protection-first financial strategy and secure peace of mind for yourself and your family, it’s more important than ever to seek guidance from a trusted professional – in person or on a screen.
1 The surveys were conducted among a national sample of 2,200 adults each. The surveys fielded first March 23-24, 2020, and again April 9-10, April 21-24, and May 29-June 1, 2020 were conducted online and the data were weighted to approximate a target sample of adults based on age, educational attainment, gender, race, and region. Results from the full survey have a margin of error of plus or minus 2 percentage points.
2 COVID-19 Social Distance and Distribution: Advisor Survey Summary of Results, was conducted by LIMRA, the Insured Retirement Institute (IRI), Oliver Wyman and the National Association of Insurance and Financial Advisors (NAIFA). In May 2020, more than 400 financial professionals in distribution (advisors, agents, RIAs, etc.) selling insurance, annuities and investment products were surveyed to determine the biggest challenges they face while adhering to social distancing guidelines during this pandemic. https://www.lifehealth.com/social-distancing-measures-challenge-advisors-practices/?utm_source=iContact&utm_medium=email&utm_campaign=advisor-e-newslink&utm_content=DMB-enL
3 THE FUTURE OF WORK - How the Pandemic Has Altered Expectations of Remote Work, Morning Consult. This survey was conducted June 16-20, 2020 among a national representative sample of 2,200 U.S. adults
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