The weekly bulletin informs members recent initiatives, campaigns and more, so check it consistently to stay up-to-date with ways to grow your business.
COVID-19 Update
As per the notice last week, the office continues to monitor the situation of COVID-19 as well as advice of the Government and health officials. Social distancing is being practiced and members are reminded of the following:
- All in-person meetings/discussions are discontinued. Training sessions will be convened via webinars or video conference. Staff will be working from home where possible, supporting members via the telephone, instant messengers and e-mails. Adjustments to the in-person service hours will be made and announced following Government’s advice.
- Documents can be scanned and sent to:
- process@wayfinancial.ca (for business related matters)
- account@wayfinancial.ca (for compensation related matters)
- admin@wayfinancial.ca (for licensing, E&O and other matters)
- Visitors to the office are asked to sanitize their hands and put on a face mask. Advisors with clients visiting are asked to inform their clients of the same in advance.
Doing Business Amidst COVID-19: Non-Face-to-Face, Underwriting Updates, etc
Review the updates by carriers below and attached to stay informed of business processing during the pandemic and how to make use of opportunities available:
Paramedical Companies
While Dynacare has suspended its services, ExamOne is currently still providing paramedical visits. Pay attention to carriers’ updates on non-medical limits to insurance coverage.
Canada Life
Insurance business can be done non-face-to-face (web application and simple protect) and delivery of the policy does not need to be in person, and can be done via courier/mail. You only need to scan the signed delivery receipt back to Processing. Below is CL’s non-medical limits by product line:
Life Insurance => Up to $1M of death benefit for anyone ages 18 to 45
Critical illness => Up to $100,000 of coverage for ages 18 to 50
Equitable Life
Insurance business can be done non-face-to-face using EZComplete. See here for more information: https://advisor.equitable.ca/advisor/en/news/can%E2%80%99t-meet-in-person-ezcomplete-is-an-ez-way-to-me?mc_cid=e908b98ed3&mc_eid=455db21731
E-delivery options may be available over the next couple of weeks.
iA
iA just announced some changes to their underwriting, including raising the limit for non-face-to-face Critical Illness business to $2.5 million. Register for the webinar at 10am, this Wednesday (March 25th) on the guidelines and e-applications. https://cc.callinfo.com/registration/#/?meeting=1wbcyzcv7tbim&campaign=1st818cseiyaw
For investment business, it is important to maintain contact with your clients. Warren Buffet has once said, “Be fearful when others are greedy. Be greedy when others are fearful.”
Feel free to utilize the attached template and marketing piece in connecting with and reassuring your clients during this time:
- Client Letter Template – Keeping the Right Perspective
- The Cycle of Investor Emotions
A guide on videoconferencing tips is also attached.
Manulife
Review the attached E-Business Handbook on how to do e-apps and e-delivery for Manulife insurance business.
RBC
RBC has updated its e-signature guidelines and now allows non face-to-face business for registered accounts. Please see the attached. This should help facilitate your investment business and get you to your target for the RBC PAC $2,000 Campaign.
Upcoming Virtual Trainings
Non Face-to-Face Guidelines & Signature Process — IA Rishu Bains
10am, Wednesday, March 25th
Join Rishu Bains for up-to-date Critical Illness changes for non face-to-face application, new limits, new underwriting and delivery requirements to make an impact with your clients in the times they need coverage most.
Click on the link below to register:
https://cc.callinfo.com/registration/#/?meeting=1wbcyzcv7tbim&campaign=1st818cseiyaw
Role Play 2nd Solution and Closing – 3 RRSP mistakes and 9 solutions (#8 Interest Deduction) – Simon Mok
11am, Wednesday, March 25th
Click on the link below to see top sales, Simon Mok, has to share with you this month on creating needs for clients and closing the sale:
https://hangouts.google.com/call/yh7ki2RZluSvmPRFylKjAEEE
Recent Market Changes: What You Need to Know — CL Tajammul Pannun & Chris Lane
11am, Friday, March 27th
Taj’s presentation will feature GLC Chris, on the recent market update & fund resources overview
Click on the link below to join:
News from the Insurance Council of British Columbia
Preparing for Annual Filing 2020
This year’s process for Annual Filing will be conducted online, and ICBC will be providing instructions and information to licensees in the weeks to come. Licensees are encouraged to update their contact information via the online portal so that they can receive annual filing communication from Council.