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How Technology Empowered Life Insurers to Respond to COVID-19

COVID-19 has changed the world in so many ways. The way we work and interact with each other has changed dramatically. It also changed the life insurance industry. Because of social distancing, companies had to adjust their day-to-day operations to continue to serve their current and potential customers.

COVID-19 Pandemic Adds Complexity to Insurers’ Compliance Efforts

Last week nearly 300 compliance professionals attended a virtual session about the new challenges they are confronting due to the COVID-19 pandemic. A panel of experts led by Skip Edmonds, head of LL Global’s Compliance and Regulatory Practice, discussed how their companies are adapting to the new environment.

Simplified Underwriting is One Way Life Insurers Can Reach the 19 Million 'Stuck Shoppers'

LIMRA research shows there are about 19 million “stuck shoppers” - potential life insurance buyers who start the process but never finish. To help combat this issue, many companies are implementing simplified underwriting processes to lower costs and improve customers’ buying experience.

Life Insurers Council: Final Expense and Preneed Life Insurance Sales Record Mixed Results in 2020

Total final expense life insurance premium was $480 million among the 19 companies providing sales for both 2020 and 2019 growth, a 9% increase compared with 2019 results. At the same time, 2020 annual preneed life insurance premium fell 10% year-over-year.

LIC — The Life Insurers Council

The Life Insurers Council is an add-on to LOMA Membership that meets the unique needs of small-to-midsize life insurance companies via a peer network of senior-level executives.

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