TECH: DIGITAL
The digital imperative
Many industries have adapted their business model to align with today’s tech-enabled consumer.
To meet the needs of current and future clients, independent insurance producers must likewise
adapt to this new consumer. Consider the following:
63
%
Almost
More than
4 10 7 10 4 10
in
in
in
of consumers millennials consumers consumers
expect to conduct more
of their financial
business online in the
next five years. prefer meeting with
an agent or advisor
virtually rather than
in person. indicate that they
would like to educate
themselves about
insurance on an agent’s
or advisor’s website. are likely to check an
agent’s or advisor’s
social media presence
and activities.
“Independent producers feel digital
solutions are most impactful for
marketing, client acquisition, and
ongoing client engagement.”
Patrick T. Leary, M.B.A., LLIF
Corporate Vice President,
Distribution Research, LIMRA
Patrick Leary leads LIMRA’s
Distribution Research program,
which focuses on the economics
of distribution, organizational
practices, and market trends. Leary
earned his bachelor’s degree from
Hartwick College and his M.B.A. from
the University of Connecticut. For
more information, please contact
[email protected]
20
Perspectives
Q3 2019
While a personal relationship with an agent or advisor is highly valued and not going away,
the nature of that relationship is changing, incorporating a digital element. Recent research
from LIMRA and EY shows that independent producers recognize this and are adapting their
practice models accordingly to become more digital. Our research also shows that while
the marketplace may seem saturated with myriad digital solutions, there is unmet demand
and opportunity for partners to provide leading-edge digital support to meet independent
producer needs. Identifying and providing solutions in support areas of most value helps
partners differentiate themselves in an increasingly competitive landscape.
Independent producers feel that digital solutions are most impactful for marketing, client
acquisition, and ongoing client engagement. Almost 8 in 10 promote their practice on a
website, and more than 7 in 10 use social media. More than half of independent producers
plan to use social networks, virtual meetings, and instant messaging more in the future as they
source and service their clients. Independent producers are not, however, replacing face-to-
face engagements but instead supplementing in-person meetings with a full range of digital
communication channels.
ARE YOU READY
TO DIGITALLY
TRANSFORM
YOUR BUSINESS?
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Digital imperative continued on page 24
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