If you’ve been wondering when the mobile revolution will truly take hold in the life insurance business, get ready: it’s happening this very moment.
This may seem like hyperbole since, after all, we’ve had laptops for decades and smartphones have become increasingly prominent in our business lives. But it is the latest technology development — the tablet — that is as big and important as the futurists claim. This portable device is accelerating the mobile revolution. For those life agents who adopt and master it now, tablet use can provide a competitive advantage and a means to increase client satisfaction and sales in the near term.
Not quite convinced? Here’s some compelling data you won’t find anywhere else. In September 2011, the ING Life Companies (ING) conducted a survey of about 6,000 users of its ING Presents desktop software platform to assess their satisfaction with our illustration system. We also wanted to learn about the types of mobile devices they were using so we could better serve their needs. About 525 of these agents/users graciously answered the survey. Not surprisingly, about two-thirds of respondents said they used one form of smartphone or another. About one-third said they used laptops. What was a surprise — a real eye-opener — was that about 12% said they used tablets, primarily Apple’s iPad.
Consider that the iPad has only been available in the marketplace for about 18 months, and tablets, generally, for about two years, and you get some idea of the swift pace of adoption of this technology among insurance agents. Why the haste to get ahold of this technology? Because it can help enhance a wide range of activities that will make agents more effective.
Here are just a few areas where tablets, or smartphones in a pinch, can help you improve your business:
Better Client Connections
Clients are the center of your business, and the more you are in synch with them, the more ably you can connect and keep pace with the changes in their lives. Web-based client management systems are an ideal way to centralize all of the information you have on clients, continually update it, and then access it from anywhere. Your mobile device, properly used, gives you instantaneous information about your client, from specific financial information, to a spouse’s or child’s name, to the street where he or she lives. This kind of fluency with a client’s life lets you demonstrate, rather than merely say, “I really know you.”
More Agility as an Educator
Life insurance is a highly complex subject, wrapped inside a larger cipher known as financial services. Your clients all have different aptitudes for understanding life insurance concepts, which requires you to be very agile and responsive when you conduct assessments and explain certain topics. New mobile tools, particularly tablets, give you ready access to two types of information.
The first is your library of downloaded information, which might comprise a range of articles, PDFs, product summaries, educational materials and other resources that you can pull up and share with the client to reinforce a key point. Since you create this library, it can have anything you think you might need in a conversation, from simple illustrative graphics to full blown brochures on estate planning, business planning or retirement planning. Wherever your conversation with the client might lead, you’ll have the resources to follow it. If a particular article intrigues a client, email it right on the spot.
The second type of information available from your mobile device, more on-the-fly, is any web content that may be fluid or interactive, such as online calculators or Social Security administration information. While this second type of information is only helpful if you have a decent Internet connection, take heart: according to a report from the Wireless Broadband Alliance in November 2011, public wi-fi hotspots are set to grow in number globally from 1.3 million in 2011, to 5.8 million by 2015 — a 350% increase. For a small monthly fee, you can also have 3G or 4G access for times when you do not have access to a wireless connection.