10 ID Trends NAILBA
Technology Trends
Sales and marketing amidst tech changes
Digital transformation within the industry is a process . It has been accelerated by pandemic pressures — but is not yet complete . And for most , it is unlikely that all workflows are fully optimized . Nor is it likely that any of those workflows are fully automated — yet .
When we look at the experiences many advisors have as they interact with distributors and carriers , we see that at times , inefficiencies and frustration are being created by processes that are neither fully digital nor fully analog . Many involve sales and marketing workflows that are still a mix of new digital technology and old poorly designed tools , with phone calls , emails — even paper , ink and fax machines .
In times of change , creating a digitally enabled sales process can reduce frustration and increase an ability to market and sell more effectively .
Working with all situations
Charles Pedneault , Vice President , Insurance Distribution Solutions at Equisoft has over 10 years of life insurance , supporting dozens of BGAs and FMOs in their digital transformation by illustrating how technology can be used to solve challenges in the independent distribution channel .
The pandemic has altered buying habits for many consumers . In particular , younger buyers such as Generation Z or millennials , have had some exposure to the risk of mortality somewhere in their cohort and now have a better understanding of the need for protection products than they did before . They are increasingly looking for simple , flexible solutions that lend themselves to direct digital sales channels .
The reality , however , of many direct to consumer ( D2C ) offerings is that the ‘ front-end ’ portal is an effective digital entry into the sale , but in many cases — when guaranteed issue is not possible because of consumer issues that place them outside underwriting parameters ( like weight or smoking ) — the sales process takes a detour into more traditional , twisting avenues . Old secure email servers come into play , documents must be printed , signed and scanned . Medicals need to be scheduled and conducted . And in this much more manual workflow , we see many consumers abandoning their application . The promise of a quick , hassle-free purchase is not fulfilled .
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The reality of many direct to consumer ( D2C ) offerings is that the ‘ front-end ’ portal is an effective digital entry into the sale , but when guaranteed issue is not possible ... The close rate for consumers can be dramatically increased if an advisor is available to help .