Consumers now expect any and every buying experience to be digitally simple, fast and laser-focused on their needs.
In the past, “simple” and “fast,” let alone “digital,” haven’t typically been ways to describe buying life insurance.
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Indeed, the complexity of the process may be one of the reasons why 40% of Americans are without life insurance protection and 25% of those who have life insurance say they don’t have enough.
Today, many carriers are going through a digital transformation which will help change this reality by enhancing the overall purchasing experience.
With simplification and speed in mind, insurance companies have implemented tele-application “drop ticket” platforms that streamline the application process for both, advisors and customers.
Automated underwriting engines have helped reduce lengthy historical underwriting cycle times by eliminating the need for medical exams, labs, or APS’s for those who qualify. Voice/e-signature and eDelivery capabilities assist in speeding consumers through the purchasing process.
Customers also expect mobile services such as billing notifications via text messaging and the ability to “pay on the go” to further simplify how they interact with companies.
As the industry progresses into the future through digital transformation, you will find other companies catching up with the companies that have been at the forefront of digital innovation, the goal being to meet consumer needs while saving agencies time and money, so they can spend it doing what they do best: finding and serving the customers of tomorrow.
—Read Young Consumers Keep Buying Life Insurance: MIB on ThinkAdvisor.