LIFE INSURANCE
Setting the bar high
Meeting consumer expectations
In the modern life insurance buyer ’ s journey , we ’ re all digital consumers .
A LinkedIn survey was recently conducted by Breathe Life to better understand how life insurance advisors perceive and use technology in sales and distribution . The results showed more than half of the respondents reported technology as having a positive impact on the industry .
This endorsement of technology marks a shift from the old perception that technology is disruptive ( i . e ., “ bad ”) to the realization that technology can be an enabler ( i . e ., “ good ”) in the life insurance industry . A sentiment that seems to be shared by today ’ s consumers who expect a modern purchasing experience .
Being replaced by a button ?
Ian Jeffrey is CEO of Breathe Life , an enterprise Software-as-a-Service ( SaaS ) platform for the life insurance industry . He ’ s an entrepreneur with 20 years of experience in Montreal and Silicon Valley and an advisor and Angel Investor to early-stage startups . Contact : Ian @ breathelife . com
40 Perspectives Q3 2021
Purchasing life insurance remains a major decision for many consumers . They need help assessing their needs and understanding the differences between policies and coverage , so it ’ s unlikely life insurance advisors will be replaced with a “ buy now ” button anytime soon .
That said , every consumer is different , and there is no one-size-fits-all purchasing journey . The modern purchasing experience needs to be flexible and collaborative , enabling the customer to engage on their own terms .
Today ’ s consumers need to be empowered to research products on their own terms and ask for help when they need it . Likewise , today ’ s advisors need to be empowered to monitor each consumer ’ s purchasing journey in real time , to easily check in and offer support , and to reduce points of friction throughout the buying process . The best way to empower both parties ? Embrace digital by delivering a buyer ’ s journey that is flexible and can be driven by advisors , consumers , or a hybrid of both .
Digital is fundamentally a different experience . It ’ s not enough to make product information available via pdf on a website . In this format , the information is overwhelming for consumers and they will leave in search of an easier experience . Similarly , offering an application via pdf or other static format takes too much of both the consumer and advisors ’ time to complete , respond to questions , present options via email , and track all versions accurately to ensure the client receives the product that best suits them .
The tools exist to deliver an easy , intuitive , and collaborative purchasing experience where both parties know exactly where they are and what ’ s next . It ’ s a hybrid approach that ’ s collaborative , and transparent for all parties .