18 ID Trends NAILBA
Underwriting Trends from page 16
Where companies are increasing their digital investments over the next 12 months
Virtual sales capacities for agents and advisors
72 %
Digital applications
69 %
Client decision support tools
E-delivery
64 %
63 %
Underwriting
60 %
Advisor / broker practice managemant tools
Source : Accelerated Digitization : Driving an Industry in Transition ( 2021 ), LIMRA , McKinsey & Co .
56 %
Specific to financial professionals , while face-to-face channels will continue to thrive , they are expected to become more digital in nature . It is clear that technology tools ( such as video conferencing and social media ) have played a critical role in engaging clients throughout the pandemic . The 2021 Insurance Barometer study finds half of Americans use social media to gather information on financial topics , companies , or advisors . Moving forward , advisors are likely to continue to use digital platforms to seamlessly source , service , and engage with their clients .
Investment in virtual capabilities
There is strong evidence that carriers are on board to support financial professionals in these efforts . When companies were asked where they intend to increase digital investments over the next 12 months , their top response was to provide virtual sales capabilities for agents and brokers ( 72 percent ). Other focus areas that will support financial professionals include digital applications ( 69 percent ), e-delivery ( 63 percent ), and practice management tools ( 56 percent ).
The 102 million underinsured and uninsured Americans present a tremendous responsibility and opportunity for our industry . To shrink the life insurance coverage gap quickly , successful companies and financial professionals will have to leverage technology to reach existing customers and new prospects . And , the sooner we do this , the better prepared all of us will be to deal with the next significant event to come our way .
The 102 million underinsured and uninsured Americans present a tremendous responsibility and opportunity for our industry .
David Levenson is president and CEO of LL Global , LIMRA , LOMA and Secure Retirement Institute . He is responsible for leading one of the world ’ s largest associations of life insurance and financial services companies , representing more than 1200 financial services companies across 71 countries .