For Life Insurance, Online Doesn’t Mean Cheaper
With Life Insurance Awareness Month well under way, it’s important for consumers to understand the effects underwriting can have on price. And it’s an area where awareness is lacking.
Here's What the Future of Life Insurance Distribution Might Look Like
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.
Meeting Millennials Where They Are
Millennials expect companies to enable them to interact and buy online, for their websites to make everything easy and convenient. Yet relatively few companies make it possible for them to complete the entire purchase process online. Further, only 46 percent of life and annuity companies provide electronic signatures for customer service transactions. It seems clear that in many cases, companies are not meeting Millennials’ expectations.