The issuers, distributors and agents in the life insurance industry need to make more and better use of social media to get people covered.
“Our goal is to one day see every adult covered by life insurance,” Feldman told attendees at a conference session.
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The way to reach consumers, and get information about life insurance in the hands of those who need it, has undergone a transformation, Feldman said.
“A few years ago, we looked at our initiatives,” Feldman said. “We were in print, period. That’s how we got our message out. At that point, we worked with an ad agency to help redefine how we would deliver our message and get these tools in the hands of agents and advisors.”
The National Association of Insurance Life Brokerage Agencies has an active technology committee, but Feldman, who attended NAILBA 36 with other Life Happens representatives, said the industry as a whole could do more.
“It’s true, our industry is slow to adopt new technology,” Feldman said. “In many ways, we’re tied to how things have been done, and we can be archaic in some processes, but we see the results when we embrace digital platforms and have a targeted social media presence.”
Two years ago, Life Happens rolled out Life Happens Pro, a platform Feldman calls, “an advisor’s personal marketing department. He talked about the application at a NAILBA 36 workshop.
The application “allows insurance agents and financial advisors to personalize insurance marketing materials, download or embed content, execute customized email marketing campaigns, and share pre-written social media content,” Feldman said. “The buying process for consumers has changed, and we have to change along with that. They don’t want 69-page applications any longer. They want things simplified and customized.
Feldman said most people understand the basic idea and benefit of life insurance, but they don’t understand how much coverage they truly need or how the policies work.
“With these customized tools in the hands of agents and advisors, it will help educate consumers and get life insurance policies in the hands of more Americans,” Feldman said.
—Read Preparing for the Worst: Disaster Planning 101 on ThinkAdvisor.