At NAILBA 36, this week, there’s been buzz about technology, distribution, and the middle market, among other topics.
ThinkAdvisor sat down with William J. Shelow, president and chief executive officer of LifeMark Partners, and asked him five questions about the industry and National Association of Insurance Life Brokerage Agencies.
1. TA: What are your thoughts about the efforts and success of more advanced digital systems and digital processes in the life insurance industry?
William J. Shelow: As an industry, our adoption of the digital transformation process has been relatively slow.
I see most of the focus on the application and underwriting process side of things, as opposed to the sales and marketing side.
I have seen some firms trying to more in digital marketing but i think regardless of how fast and easy and attractive the application process is, people still need to be given a reason to buy life insurance, and have that motivation and inspiration to buy it and I don’t know if that digital transformation has met that part of the need yet.
2. TA: How is the industry addressing the middle market consumer?
WJS: It’s no secret that the middle market is underserved. We have to make life insurance more prevalent in the eyes and minds of the middle market.
That will take better focus on marketing by both carriers and distributors.
We see organizations in the fintech arena working hard to get access to that middle-market consumer.
We also see organizations and associations like NAILBA and Life Happens with initiatives to reach the middle market.
But there is no doubt that we, as an industry, need to continue on that path to help them get better educated about the products and the need for the products.
3. TA: We’ve heard so much about change in the industry this week at NAILBA. From your perspective what is the biggest change taking place and how can insurance professionals adapt to this new environment?
WJS: We see lot of change in the forefront on the application and underwriting process.
(Image: Bram Janssens/Hemera)