The COVID-19 pandemic was a global aberration that had far-reaching consequences. Most importantly, it changed people’s attitudes and beliefs about money and life in general. The same can be said about insurance, particularly life and death benefits. According to Bill Schantz, health and financial stability issues such as inheritance have become top priorities for many people. This is a market trend that presents both a challenge and an opportunity.
Here are a few of the current market’s altering trends:
Bill Schantz Notes That There Are Unprecedented Levels of Uncertainty
The knowledge of how precarious life is arguably the most significant alteration brought about by the COVID-19 epidemic. Many people’s lives came to an end in an instant, even when there were no warning signs. Many families’ health deteriorated as a result of the disease’s aftereffects. People are no longer waiting for something to happen as a result of these conditions and happenings. They’re putting money into ways to protect particular areas of life, especially in times of crisis. Insurance, per Bill Schantz, assists people in doing so.
Bill Schantz Observes That Health Has Become a Top Priority
More than ever before, ensuring health and establishing ways to aid individuals with medical bills has become a top priority for them. The COVID-19 pandemic has highlighted the importance of life and health more than ever before. People are willing to make sacrifices in order to live a healthy lifestyle. People are eating better, exercising more, and investing in health insurance on a more regular basis.
People and Their Lives Have Become More Connected Than Ever Before
The digital transition was hastened through COVID-19. The entire world has just received a crash course in how to live in a connected environment. Working from home, my days are filled with virtual meetings using Zoom, Teams, and Google Meet. Food, clothing, and technology are all available for purchase online. Students can attend classes from home instead of going to school.
On-demand movies, yoga classes, and online workouts are becoming commonplace. Even at the most upscale eateries, digital ordering has become commonplace. People on Zoom are sharing drinks with their friends and even attending a funeral in real time via the internet. Bill Schantz asserts that these factors are influencing people’s attitudes toward insurance.
Increasing Empathy and Emotional Connections
People are growing increasingly compassionate toward others. Due to the uncertainty that has descended upon them, they are beginning to care more than usual. Most importantly, people today give a lot of thought to their families, friends, and loved ones. They want to provide them time, attention, and consistent money streams in the event that they are reliant on them. This has enabled consumers to consider various types of insurance on which they can rely to give specific rewards in the event of unforeseen situations.
According to Bill Schantz, the insurance sector and the clients it services are both changing at the same time. Individuals are growing concerned not only about themselves, but also about those around them, whether they are family members, friends, or neighbors. This is also causing significant changes in the insurance industry.