DI
Income Insurance
4 ways to make DI sales easier
By positioning this product as income protection when they are unable to work , you ’ re articulating what this product will do in a worst-case scenario rather than focusing on the negative .
Hadi Radwan is a serial entrepreneur , venture builder , and insurtech expert . He is the Co-Founder of Asteya , an insurtech that aims to make Income Insurance accessible to everyone regardless of gender , income , or age .
It ’ s no surprise to anyone reading this that the DI market is 10x smaller than the life insurance market even though a person is 3.5x more likely to need disability insurance . How can we fix this ? Here are four recommendations for increasing sales :
1 . Education . Both the agent and the consumer need a clearer understanding of what and how DI can help them . Most people tend to think a horrific accident must occur with loss of a limb to qualify for a DI claim , when in fact , 90 % of disabilities are due to illness , not injury . These products are available when a person is too hurt or ill to work , which could be due to something as common as a back issue .
2 . Call it Income Insurance instead of DI . By positioning this product as something that ’ s there to protect someone ’ s income when they are unable to work , you ’ re articulating to people what this product will do for them in a worst-case scenario rather than just focusing on the negative . Consider what will happen if your client can ’ t work and is unable to pay for their life insurance premiums . This product is there to help clients maintain their lifestyle and take care of themselves and their family how they want .
3 . Sell more inclusive products . Historically most Income Insurance policy holders were doctors , dentists , and lawyers which hasn ’ t put a ton of pressure on the market to design more inclusive products . However , as more people become aware of Income Insurance , the demand for more flexibility with regards to income , occupation , and the purchasing process has increased . This has resulted in products for people making $ 20k annually , or products that can be layered on top of existing policies .
4 . Work with more tech forward companies . It ’ s time to embrace how technology is making income insurance sales and case management easier . From instant underwriting to digital medical applications , and online case management , technology has made it more seamless than ever to purchase and sell insurance . Gone are the days of chasing down clients to book their physicals or finish their application Now , they can fill out the application on their phones and you can see exactly where they left off in their application if they do happen to get distracted .
All in all , Income Insurance , or DI , is primed and ready for major growth since it ’ s now a more inclusive product for mid-market , with less backend work for case managers to handle . It ’ s a win-win . www . nailba . org 45