Executives from Globe Life Inc. say COVID-19-related unemployment has helped the company recruit new agents, but that disruptions in state licensing exam programs slowed efforts to put the new agents to work.
Larry Hutchison, Globe Life’s co-chief executive officer, talked about the licensing delays Thursday, during a conference call the company held to go over first-quarter earnings with securities analysts.
Globe Life is a McKinney, Texas-based company that sells protection life insurance and supplemental health insurance to moderate-income families.
Hutchison said that, when the work-at-home orders began rolling in, only four states provided temporary licenses for new agents who were unable to complete the usual licensing requirements, due to the COVID-19-related lockdowns.
“Now over 20 states have temporary licenses, and the testing centers are starting to reopen,” Hutchison said.
- A recording of Globe Life’s first quarter conference call is available here.
- An article about Globe Life’s first quarter numbers is available here.
Hutchison also talked about the need for agents at Globe Life’s traditional agencies to learn how to sell online, rather than face-to-face.
At one of the agencies, American Income, sales were down 20% from what they were in the comparable period in 2019, but now sales are only about 10% lower, Hutchison said.
Sales are still down 30% at the Liberty National agency, but “the agencies in the field are very quickly adapting to the virtual sales process,” Hutchison said.
Sales are also down 30% at the Family Heritage agency, Hutchison said.