Have you struggled to adapt your business amid the COVID-19 pandemic because of subpar technology or your own technophobia?
While most insurance and retirement planning professionals used some form of technology pre-pandemic, the necessity of it during the pandemic has highlighted its many benefits and possibly cemented its role in how the industry will operate moving forward.
“The pandemic showed that the industry can adapt quickly and that advisors with the right technology could keep operating and even grow their businesses,” said Bill Kauffman, Vice President of Financial Solutions at Senior Market Sales® (SMS). “As a leader in technology solutions that support advisors, SMS was positioned to provide the necessary support for every challenge of this pandemic, even for advisors with little tech knowledge. Technology innovation is part of our DNA, so we will continue to lead with technology.”
Whether you’ve been slow to jump on the technology bandwagon or are unhappy with your current technology, the pandemic can be the necessary push to adopt technology in your practice or find a better fit, Kauffman said.
For many advisors, the pandemic already is causing them to look.
In a recent survey by Fidelty, about 65% of advisors believe that digitally innovative firms have become more attractive destinations amid the pandemic. Although advisors are not likely to make a final decision to switch firms primarily based on better technology, it has grown in importance as advisors have come to recognize the benefits of digital empowerment, according to the survey.
For advisors not yet using technology or using minimal technology, Kauffman and other industry leaders expect an accelerated adoption of technology.
In March 2020, lockdowns and social distancing abruptly stripped advisors of their ability to meet face-to-face with clients and conduct business, whether showing clients illustrations or signing documents to close sales. As advisors switched to virtual client meetings and prospecting, many large insurers rolled out technology to keep business flowing. But for advisors working with minimal or subpar technology, business slowed and in some cases halted.
“SMS advisors didn’t have to wait for some of the technology to be developed – we already offered it,” Kauffman said.
Annuity producers were able to access SMS’ e-App platform powered by FireLight’s e-App process. It provides one place for advisors to submit all their annuity business, eliminating the need to navigate different carrier websites. SMS advisors also can gather a few basic pieces of information and submit term life applications with multiple carriers online in less than 10 minutes via the e-Ticket online portal, and the carrier follows up with the client.
Usage of e-Apps for SMS-offered financial products surged to more than 75% in 2020, Kauffman said.
“Advisors discovered that e-Apps are quicker, easier and more accurate, so we fully expect usage to increase moving forward,” he said.
Those are just a few of the tools that SMS offered at the beginning of the pandemic to help advisors pivot to technology and that can help advisors continue to work in a virtual environment. SMS produced articles to help advisors navigate the new world of working virtually, a virtual agent web page and a guide, “The Ultimate Guide to Virtual Workshops.”
The virtual workshop guide walks advisors through everything from picking an online meeting technology to successfully converting prospects to clients. White Glove, an industry leader in the workshop space and an SMS partner, quickly pivoted to online workshops at the beginning of the pandemic and has helped advisors find success with prospecting virtually. It reports an average attendance rate of 44%, with 60 to 70% of those attendees expressing interest in booking appointments.
“Technology is at the heart of working virtually, and working virtually will be the preferred method of doing business for many advisors moving forward as they see the efficiencies,” said Chris McDonald, Assistant Vice President, Director, Annuity and Institutional Sales at SMS. “More importantly, it may be how consumers prefer to do business moving forward. Advisors who don’t adopt technology will fall behind.”
Technology is necessary not only to reach new clients in a pandemic environment but also to engage them. SMS’ Client Stream client-acquisition program features the scripted presentations and other materials to help you attract prospects, but it also includes access to proprietary technology that helps advisors show their value to clients immediately in that first post-workshop appointment.
Only SMS offers an entire suite of web-based tools powered by financial technology pioneer Covisum® that position you to be an expert on popular retirement planning topics:
Social Security planning
Long-term care planning
Understanding Medicare
Taxes in retirement
Understanding annuities
Core retirement decisions
Whatever stage of technology adoption you’re in, SMS can help. Whether you need help from the ground up or are unhappy with your current technology, call SMS at 1.800.786.5566 to explore the best technology offering in the industry.