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COVID-19 Forced Advisors To Adapt In The Midst Of Disruption The COVID-19 pandemic has caused dramatic changes to the practices of advisors and agents. As with all change, however, there is an opportunity to adopt and implement new processes to help drive business. LIMRA research shows the many ways advisors and agents have adapted throughout the pandemic. On average, our research shows the pandemic caused a high level of disruption of 5.8 (out of 10) on the practices of advisors and agents. With a rebound in equity markets, broker-dealers’ and registered investment advisors’ sales, on average, fell below the overall average, and insurance agents found the pandemic to be more disruptive. Based on a subgroup of advisors who responded in March and October 2020, the average level of disruption has decreased by 14%, primarily driven by a 30% decrease for RIAs. ....
Insurers ‘Coming Together’ To Tackle Diversity And Inclusion Goals The insurance industry faced a racial reckoning of sorts following the May 25 death of George Floyd at the hands of Minneapolis police. The Black Lives Matter movement was growing and clashes with police were becoming weekly news items. Following Floyd s death, mass protests erupted across the nation. Big insurers, with an unfortunate racial history of their own, could have laid low and avoided the simmering controversy. Instead, leading insurance CEOs released an extraordinary statement of support for the Black community. It read, in part: “We stand committed to sustained partnership in the community to drive solutions to address systemic inequality. And we stand committed to fostering diversity and inclusion for our employees and the workforce.” ....