#LIAM2020: The time for digital distribution is NOW
Prior to the pandemic, life insurance consumers largely had to accept that buying life insurance was a difficult and lengthy process. In fact, the cumbersome sales process is one of the main reasons that life insurance sales have been on the decline for the last few years. As the pandemic rages on, consumer interest in life insurance products has grown - as has the industry’s realization that traditional sales and distribution processes must change.
September is Life Insurance Awareness Month (LIAM) and this year’s LIAM theme is “Reality Check: The Time for Insurance is NOW.” LIAM is an educational campaign designed to generate consumer awareness and understanding of the need for life insurance products. As an InsurTech enabling the life insurance industry, we’ve adapted this year’s LIAM theme to educate life insurance carriers on the need to modernize - Reality Check: The time for digital distribution is NOW.
Many life insurance carriers have undertaken digital transformation projects over the past several years of varying scope and with varying degrees of success. Those that have digitally transformed sales and distribution processes are extremely well-positioned as we all transition to the “new normal” dictated by the pandemic.
A great example of success with digital distribution is Breathe Life client National Bank Insurance. Following the initial success of a Facebook campaign, National Bank Insurance realized that it’s not enough to simply reach consumers online, you have to be prepared to service them there, too, and in a timely manner. The insurer needed a platform that would enable them to quickly and effectively target and convert consumers online, and it worked with Breathe Life to make it happen.
By deploying the Breathe Life’s modern distribution platform, National Bank Insurance was able to:
Increase sales by an average of 23%,
Increase premiums by an average of 28%, and
Decrease the cost of customer acquisition by 33%.
Moreover, National Bank Insurance has also reduced its life insurance sales cycle from weeks to minutes with 44% of consumers approved instantly online.
Peter Thompson, President of National Bank Insurance recognized the value of partnering with an InsurTech to realize his company’s digital vision, noting: “We’re thrilled to team up with a market leader like Breathe Life to continue driving forward relevant and seamless solutions for our clients. We’re proud to offer the most differentiating life insurance product of this category in the market, which truly reflects consumer habits, preferences and needs.”
As we continue to celebrate #LIAM2020, Breathe Life will share inspirational stories that demonstrate why #lifeinsurancematters. Last week we posted an article about how one of our clients is “Empowering Producers to Sell More Policies.” Our COO, JN Hould, also shared his personal life insurance journey on our blog here: JN’s Story. This is a unique moment in history and we’re here to help life insurance carriers meet the needs of millions of new life insurance consumers, on their own terms.