Other articles in this series:
- Solving the Life Insurance Distribution Problem
- Solving the distribution problem by enabling online sales, directly to consumers
- Empowering Advisors to Efficiently Distribute Personal Insurance Products
The future of life insurance is digital. According to a report by Ernst and Young, the life insurance industry has lagged in adopting digital solutions and “insurers must be prepared to make potentially significant investments to create the quality digital experiences today’s tech-savvy customers expect.” It will not be possible to replace the vast number of insurance agents set to retire over the next few years, and in order to effectively market their products, insurance companies must refine their distribution networks and reach consumers more efficiently.
If you’ve been exploring how your company could enter the life insurance digital marketplace, you’ve probably realized that developing an in-house platform requires significant resources.
The IT departments of insurance companies might not have this type of expertise or resources to dedicate to building a proprietary platform. In the time it takes to bring on new developers and build a platform your competitor might have partnered with an InsurTech, launched and be selling products.
Breathe Life has built a robust platform which includes a module that sells directly to consumers online. It is white-labeled and integrates within your website so customers are always under the impression that they’re working directly with you, a partner they trust.
Our online application guides consumers through a series of easily navigable and simple questions on lifestyle and activities, coverage amount and term.
To begin an application, a client selects their age, gender and smoking habits. After this, they’re asked to pick a coverage amount and term, typically ten to twenty years. A rough estimate of the monthly premium is presented below the coverage and term information so that an applicant can adjust the slider to land on the desired premium amount. Eligibility and insurance information, aka legalese, pops up on the next screen. What follows are required questions about health and activity levels. The entire application process is painless and can take under 10 minutes.
No more paper and pen. No more picking up the phone to get an answer if a client forgot to complete a section. The ease of speed of the application process also cuts down on the number of clients who don’t complete their application. The personal touch in selling life insurance hasn’t disappeared. Agents can still answer questions over the phone or meet with clients in-person and then direct them to fill out an online application.
Here at Breathe Life, we believe that the future of the life insurance industry can be found not only in the faces of a young family but also online. We are bringing financial security to all people, whoever and wherever they are. Leveraging digital innovation for our partners ensures that future not just for customers but for the industry as a whole.