Face mask on open bookEventually, we will move past the pandemic and enter a "Wild West"scenario due to the hit to the industry's in-force book ofbusiness.

In the first month of the COVID-19 outbreak, more than 26million U.S. workers lost their jobs and filed for unemploymentbenefits; that equates to about 1 in 6 American employees. To givea parallel, COVID-19 accomplished in 30 days what took a year toreach in terms of job losses during the 2008 recession. And thingshave only gotten worse from there. If your revenue collectionmethod is payroll deduction—as is voluntary benefits—this is alife-changing event as a producer, broker or carrier.

When there is a "new normal," business models must change. Thelast example of this was 9/11. Although we eventually re-enteredskyscrapers and started flying on planes again, some changes thatarose during that time became permanent. Today, we still have clearplastic bags at sporting events, metal detectors everywhere, andemployee ID badges—none of which were mandated prior to that event19 years ago.

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