TECHNOLOGY
BGA growth through digital
“ Digital natives know no world other than a digital-first one … To digital natives , adapting to the evolution of technology is inherent .”
Norton . com
We are now several years down the road into the broad Fintech transformation era . The scale of the digital shift only continues to grow . Indeed , over $ 44 billion was spent on Fintech in 2020 alone according to Finextra .
There is no doubt that insurtech and fintech platforms are now inspiring more financial advisors and consumers to consider and adopt life insurance . New online digital distributors — such as HavenLife™ , Ladder™ , and Ethos Life™ — deliver experiences that help more and more middle-market consumers quickly and easily purchase term life insurance . So much so that Ethos Life ’ s tagline is “ Life insurance made easy .”
The same growth opportunity exists for the BGA community if they direct their focus towards adopting and delivering new digital experiences where it matters most , at the Point-of-Sale ( PoS ).
For permanent life insurance , annuities , and long-term care , new easy-to-understand , visually intuitive digital experiences can help make these products more accessible and adoptable to a wider range of agents , financial advisors , and consumers .
A bright future is on the horizon .
Driving greater adoption
Matt Essick is Chief Marketing Officer for Ensight™ , a leading L & A insurtech firm focusing on sales and data acceleration for insurance carriers , national distributors and BGAs . Prior to Ensight™ , Matt led marketing divisions and innovation for Zurich Insurance . Messick @ ensightcloud . com
Transforming the digital sales and marketing experience of the permanent life product suite ( as well as hybrid LTC and annuities ) may ignite the spark to returning the sector to strong growth in the years ahead .
Why ? Let ’ s look at a few key market opportunity growth trends now in play which underpin this emerging landscape , if US life and annuity distribution shift with the times :
A complete shift by financial advisors to digital planning and product experiences Millennials now aging up to 42 and entering prime retirement planning years New agents ( Millennials , GenZ ) looking to learn and sell product on digital platforms The emergence of field-oriented sales enablement platforms with “ producer stickiness ”
The scale of fintech and digital platform innovation in the financial advisor space is staggering . Over 200 digital financial planning , analytics and practice marketing platforms now support US financial advisors to transform and run their business and client engagements in the digital age .
This trend has been underway for over a decade — and , to maintain and grow the scale of your financial advisor producer base and policy sales , delivery of a digital experience is a critical success factor .
28 Perspectives Q3 2021