Chat windows, faster policy statements, intuitive agent portals and robotic technologies are among the new generation of weapons insurers intend to use to compete with “born-digital” companies.
What do life insurance product developers have on their minds? A recent study group gave us some clues.
Accelerated underwriting began breaking down the remaining barriers to a digital world of life insurance distribution last year thanks to new technologies and services provided by large insurers and start-ups alike, according to a new report.
The Canadian life insurance industry is seeing a wave of innovation across multiple fronts. Evolving customer expectations, shifts in distribution, emerging technologies, big data, and the threat of nontraditional entrants have insurers looking to drastically change the way they do business.
The digital economy is rapidly changing the way life insurers market and sell their products and services. Already some companies are successfully adapting to the new demands of the marketplace. These are the Digital Transformers. They are moving quickly to find new customers, deliver new products and open new markets.
The impact of digital technologies on insurance products, customer expectations and distribution networks is driving rapidly accelerating change in the insurance industry. Determining your distribution strategy in an omnichannel world requires consideration of new alternatives along with traditional channels. Insurers need new insights into familiar challenges when deciding how sales teams will evolve, how processes will adapt and how key supporting technologies will be selected. The challenge is to cut through the noise and develop innovative strategies that integrate your proven traditional distribution approaches (e.g., personal interaction, phone) with new customer demands and new technology.
This is part two of research by guest author Amy Radin on the Life Insurance business. In Part 1 last week, Amy outlined the fundamental business issues behind the decline in Life Insurance and the white space opportunities this opens up for entrepreneurs. In today’s research note, Amy looks at 8 startups aiming at the white spaces.
Enter Haven Life. A wholly owned subsidiary of MassMutual, the one-year-old company aims to transform the buying process for consumers, especially young millennials who have little patience for the industry’s traditional methods. To learn more about the company’s innovative digital rollout, LifeHealthPro Senior Editor Warren S. Hersch spoke with Haven Life Co-founder and CEO Yaron Ben-Zvi.
Ron Herrmann, CFP, executive vice president, distribution and sales at Prudential Individual Life in Newark, New Jersey, says that roughly 75 percent of buyers are doing online research prior to purchasing; almost half of that research is being conducted on mobile devices.
In the 15 years since India reprivatised its insurance industry, several models have been developed to optimise operations, distribution, and suitability. Mr. Amit Punchhi of RGA examines the three elements that are contributing to the slowing down of the life market’s growth.