This was a client query that kept most of our teams busy throughout a greater part of 2020. Though most organizations were fast enough to adopt the digital first approach to selling, concern related to the efficiency of the process remained to be an issue. This then led us to a six-month journey to identify the challenges in virtually selling financial products and how these specific areas can be addressed.
The silver lining of the new normal, if we can dare to call it that, is that 34% of customers surveyed in Asia responded positively, that they finally realized the importance of products like life and health insurance. While another 28% have stated that they have a better understanding of their personal financial goals and protection needs. So, we know the buyers are ready, but with the mandates of social distancing the challenges are as follows:
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