TECHNOLOGY
blueprint
Modern
We can buy stocks on our phones . The consumer expects this from all interactions . Life insurance is no different .
Katherine Dease holds over 20 years of product development and management , as well as business development within the financial services industry . As Chief Product Officer , Katherine is responsible for overall direction of Insurance Technologies solutions . Katherine is an enthusiastic marathon and triathlon athlete .
What does the “ right now ” consumer and agent want out of their life insurance sales experience ? How can we help them achieve the instant gratification they are demanding today ?
To answer these questions , we must rethink the blueprint for life insurance sales . To be successful , we need to look at the consumer and agent , evaluate their expectations and needs and use technology to solve their needs by removing the barriers to purchasing insurance .
Connecting the Dots for sales
First , let ’ s look at the consumer and agent . Today , we can track a pizza to our door or buy stocks on our phones . The consumer expects this from all interactions . Life insurance sales are no different . Consumers have a “ right now ” expectation for researching , selecting , and applying for insurance . If we miss the opportunity to immediately solve the consumer ’ s needs , we miss our opportunity to get them insured . This is true for both agent-driven workflows and consumer-driven workflows . Everything must be connected , streamlined , and included in one simple package with automated decisions upfront early in the process to provide the instant gratification they seek .
Next , let ’ s address technology . We are at a crossroads with technology and consumer demands . The technology solutions have been around for a while , but historically they have been disjointed point solutions , and connecting them had multiple hurdles . Additionally , life insurance sales are steeped in tradition and buried in required steps to complete the necessary paperwork and compliance . The result has further created disjointed processes with cobbled-together technology that does not appeal to today ’ s consumers .
Finally , let ’ s look at the massive underinsured and uninsured gap . There is a higher demand right now for life insurance than in years past . The industry reported an 11 percent jump in the first quarter of 2021 , compared with the first quarter in 2020 . That jump is spurred some by COVID-19 , the growing middle-aged population , Millennials who need insurance to protect their new families financially , and the growing global middle class with expanding incomes . LIMRA insurance statistics also reported that Millennials are 48 percent likely to purchase coverage in the next 12 months . Of all age groups , there is a 31 % increase in intent to purchase life insurance due to COVID-19 . With the increase in sales and the expected continued upward sales trend in the Millennial market and others spurred by COVID-19 , we need to deliver a technical sales experience that appeals to both consumers and agents . They need a simple , cohesive , and straightforward solution .
Blueprint continued on page 34
32 Perspectives Q4 2021