Prognosticating the “New Normal”

16 Changes That May Happen in the Near Future

By Bob Herum, MSFS, CLU, ChFC, RHU, REBC, Ameritas.

Getting tired of hearing the term “new normal,” or other permutations out there? I am, but it does force you to think about how different life will look moving forward, past the changes COVID-19 created. I think it’s natural to want to return to how things were before, but I wonder if that is reasonable or even likely. It’s caused me to think not only about the disability industry, but also a broader view of what day-to-day life will entail.

Here are some of my thoughts for you to consider:

Businesses and office buildings will likely restrict employee populations and slowly increase over the next several months or years.

Many employees will likely not want to return to the workplace – if required by their employer – and will consider moving to firms that allow them to continue to work

Wearing protective masks may become a new normal and be required for months, and maybe even for the next couple of years, particularly in more populated areas and on public transportation.

It will take time for business travel to return to anything resembling the past and may not fully resume to the level it was prior to COVID-19. The convenience of online calls or other digital face- to-face meetings are likely to be preferred.

Some fast-food restaurants may expand to include a more robust drive-through service.

Other restaurants will reconfigure inside seating arrangements, provide for greater separation, alcove seating, add drive-thru lanes, and create or expand outdoor seating, semi-covered and heated eating areas for general use and for customers who are reluctant to eat inside their restaurants.

Sporting events, movie theaters and concerts will slowly increase the audience size and likely not allow full occupancy during 2021 and well into 2022.

There may be a small, but vocal number of employees who will refuse to be vaccinated. Many employers may require them to either work remotely and/or sever their employment if remote work is not available.

Buildings (new and existing) will reconfigure to allow greater spacing and will have high-end air filtration systems installed. This could also occur over the next couple of years to planes, trains, buses, and other public transportation. Many will require immediate testing upon entering to ensure a person is not contagious.

Property casualty carriers will likely add or strengthen business interruption policy language to exclude pandemics.

New types of business insurance plans will likely be created to cover potential future pandemics or be added as an optional rider to existing business interruption policies.

Older citizens will be reluctant to return to their houses of worship, and will join online services, if available.

There will be fewer physical banks, credit unions, government offices, and general business offices. These establishments will start providing their services virtually.

Grocery chains may offer more ready-to-serve entree options to support individuals reluctant to eat out.

While already started, the delivery of day-to-day meals, personal items, prescriptions, etc., will grow significantly.

Entirely new businesses and industries will come into existence that you and I can’t even imagine.

About Bob Herum

Bob Herum has written 14 posts in this blog.

Bob Herum, MSFS, CLU, ChFC, RHU, REBC, DIA, DIF, LTCP CDA President. Bob has over 30 years of experience in the insurance industry and has demonstrated success as a producer, a wholesaler and as a manager. Bob has been published in such magazines as The American College’s Wealth Magazine, National Underwriter, Life Insurance Selling, Broker’s World, NAIFA’s Advisor Today and Health Insurance Underwriters (HIU). Additionally, he has spoken at national, regional and state forums on a variety of disability and worksite sales topics and is a recipient of the W. Harold Peterson Lifetime Achievement Award by the International Disability Income Society (IDIS). Bob retired as a Colonel from the Army Reserves. He is a past President of the Columbus, Ohio NAIFA chapter, a two-time past President with the International Disability Society, past-chair of the NAHU’s Disability Insurance Advisory Group, and past-President for the Cincinnati Society of Financial Service Professionals (FSP). Bob is married to Teri and has one son, Nick.