Life insurance goes digital
Today’s online applications take 10 minutes.
A seismic shift has occurred since life insurance became viable over two centuries ago. Not so much in its core purpose, protecting an individual’s assets and loved ones, but in an individual’s expectations of application and delivery. Similar to financial services, the insurance industry is working to up its game to match the demand for digital.
“Just like Amazon, today’s consumer expects digital ease and convenience when buying life insurance,” explains Tom Kazar, group vice president/sales and business development for CUES Supplier member Franklin Madison, Franklin, Tennessee. “And the industry has spent a lot of energy improving the customer experience, most notably, digitizing the process, the approval and the delivery.”
While some things haven’t changed, such as the desire for a fully underwritten policy and the choice of coverage amount and lengths, Kazar notes that evolving consumer expectations and the promise of online enrollment are disrupting the industry.
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