The new world of non-face-to-face

BY ANDREW STEWART

Is working remotely, playing, learning and buying online our new reality right now? Everyone it seems has shifted to almost doing everything exclusively online. It opened the chasm even greater between those with connectivity and technology jobs skills and those who are unable to connect or adapt.

It will be the responsibility and number one priority of every company, small business, professionals, students and yes family members to make the transition to this remote world as quickly and seamless as possible. When this pandemic concludes, we will be in a new world and we won’t be going back. The world of insurance was already on a slow path of change into a more technical future. Here are just some of the ways things have changed.

1. Insurance will take on a bigger role. Businesses and families often viewed risk mitigation and insurance as boring areas that reflected overly pessimistic views. This incredible unimaginable crisis has done tremendous damage to every sector everywhere in the world. Business and families will actively look for a way to mitigate the loss of business and income and insurance services is the main way to do that.
2. How advisors interact with the public and clients. Individuals will want to protect their health and the health of their employees and family. Social distancing has made us more accustomed to interacting online using programs like Zoom. The need and option to complete business interactions remotely and still have that personal touch will be required.
3. Digital applications and signature. Life insurance applications and registered investment products can now be completed fully online and non-face-to-face. Restrictions of having to physically view identification and wet signatures are a thing of the past.
4. Increased No-Fluid/Non-Medical coverage limit to $1 million for individual life products. This No Fluid/Non-Medical limit increase is being implemented on a temporary basis in response to the impact of COVID-19 on the life insurance industry’s ability to submit and process applications. The maximum NFTF coverage limit has also been increased to $10 million.

Okay, so we’ve covered the insurance industry. Here are some other areas that I believe have been changed forever.

Retailers with physical stores were already struggling to compete with online shopping and companies like Amazon and Shopify. The nationwide lockdowns have forced the last online laggards to adjust to online commerce, they will likely not go back. So, in-store shopping and commercial real estate will take a hit in the long run.

Telehealth may change healthcare forever. Telehealth services that enables you to connect with a board-certified medical provider and be provided medical care for relatively benign conditions, so patients don’t have to go out to a hospital or see a doctor. Video conferencing combined with diagnostic kits can be a game-changer for delivering care to vulnerable populations.

Family and community are more important. A positive from this tragedy is we are spending quality time with those who matter most. We are taking walks, making meals together and saying hi to strangers on the street. Tragedy has always brought people closer together, maybe this will also stay.