20 ID Trends NAILBA
Sales Technology Trends
Shaping the digital sales landscape
Millennials demand a more visual , interactive , and intuitive way to sell life and annuity products that matches their every-day personal fintech experiences .
Bill Unrue Prior to Ensight , Bill was a leader in the San Diego venture capital ( VC ) community with Tech Coast Angels , acting as an investor , board member , and advisor for several businesses in the cyber security , consumer product , and communications technology sectors .
The digital landscape continues to rapidly evolve .
What have we learned in the past two years from this growth ? Broadly , our learnings fall into four areas . And , for Life BGAs especially , these lessons are key for the decade ahead .
Millennials are literally starving for Life & Annuity digital sales and training tools .
Millennials now age-up to 40 years old . As they surge into the ranks of wholesalers , financial advisors and insurance agents , millennials are demanding that insurance carriers , BGAs and FMOs “ up their game .” They are not only the first truly digital generation but also the first “ app-centric ” generation .
Millennials are using Robinhood , Acorns , Betterment , and other interactive fintech apps daily and are naturally conditioned to expect a similar digital experience in the workplace , including an advanced digital sales toolset for life , LTC and annuities .
A consistent refrain that we hear is : “ I am tired of trying to explain and sell life and annuity products using PowerPoints and PDF brochures . Every other financial services experience is application-based . Even my 401K experience is interactive now .”
In other words , Millennials demand a more visual , interactive , and intuitive way to sell life and annuity products that matches their every-day personal fintech experiences .
Financial advisors expect a “ digital experience ,” and greater Life & Annuity adoption depends on it .
Financial advisors today have already completed the shift to digital financial planning platforms .
Whether it is EnvestNet™ Money Guide Pro ( MGP ), eMoney™ , RightCapital™ , AssetMap™ , or RetireUp™ , the financial planning experience today is managed through the medium of a fintech platform . These platforms have simplified the discussion and engagement between the financial advisor and the client , making it easier to understand financial options and their impact / benefits for the overall financial plan . This is the expectation – digital , visual , interactive , and easy to understand . For BGAs focused on servicing the financial advisor market space , recognize that it is now critical to “ speak the language ” of the market ; and enable financial advisors to engage clients with a modern digital life and annuity product sales experience .