5 Trends That Are Changing the Way We Sell Life Insurance
Aug 10, 2016
The life insurance industry is going through some long-anticipated and somewhat overdue changes. Unless you keep up with the trends, it will be hard to keep up with your competition. Below, we discuss five major changes we’re seeing in the way life insurance is marketed and sold.
Digital Sales Growth
From consumer electronics to groceries, people are buying everything online these days. Life insurance seems to be no exception. Ads marketing term insurance and other lower-cost products that can be purchased online are growing increasingly common, and so is response to these ads. While some consumers may still prefer to make major life insurance buying decisions in person, there is evidence that even affluent consumers looking into pricier insurance products would like to be able to buy them online easily.
Data Security Enhancement
Data security breaches and isolated cases of insurance theft are major concerns facing consumers today. By improving your cyber security strategy and marketing the security of your products to consumers, you can allay consumers’ security concerns.
Emergence of New Distribution Models
Technological advances and their embrace by consumers has rendered “old school” methods of insurance marketing and sales antiquated. From conducting basic research to obtaining assistance from advisors to purchasing products, just about every service brokers provide can be distributed in digital form. To stay on top of your competition, embrace digital distribution models.
Improved Back Office Efficiency
According to LifeHealthPro Senior Editor Warren S. Hirsch, back office processes at most insurance offices are seriously outdated. By adopting new technology and evolving business processes, brokers can reduce costs and achieve greater efficiency.
Proactively Addressing Economic Uncertainty
The last trend is not as inextricably technological as the first four, but it also stems from modernization in a globalizing work. A changing regulatory environment and fiscal uncertainty make consumers nervous about retirement planning and financial planning more generally. By addressing this uncertainty in content that breaks down regulatory changes and addresses the impact of geopolitical events like Brexit, you may find it easier to attract and retain customers.
Are you an independent broker committed to maximizing product sales and satisfying customers? By connecting with Brokers Alliance, a network of industry professionals that is committed to helping independent brokers thrive, you can be sure no important insurance trends pass you by. Call (800) 290-7226 to speak with a friendly advisor about our tools and services.