With
technology at its par and playing a giant role in various sectors globally such
as economic, political, social etc. you should be aware of several significant
changes in store for the life insurance industry as well. Many of these changes are proving a boon for
both agents and their customers, though there are some pitfalls that can be
avoided at times. Technology has played a big part in many of the new trends,
and the industry has been adapting and moving quicker to meet the needs of
consumers as new technologies become mainstays in the insurance sector.
However, many clients still stay little reluctant with the adoption of policies
due to complications and perceived drawn-out process associated with it.
The
article will guide through some great opportunities for you to offer your
clients along with easier, less expensive and quicker life insurance options.
As
insurance advisors, we see that most of the clients are reluctant and feel
unsettled towards a medical examination process. Different people have
different reasons while some have difficulties due to tight working schedules,
some have a fear of needles and others simply don’t want to go through the
hassling process. However, with the introduction of a simple online medical
test and then buying of insurance policy has proven to be an extremely
successful product for insurance companies. Consumers have overwhelmingly opted
for online medical exam options when given the choice thus proving that tech
efficiency plays a vital role in the mindsets of people as well.
Secondly,
competition among insurance companies has been increasing every year. With so
many websites offering price comparison engines listing all the available life
insurance companies in order by premium cost, discounts, and customized
policies, companies are now competing neck to neck on cost and benefits. This
indicates that the insurance advisor should be well versed with the needs and
requirements of the clients to surely bank their insurance account and generate
business for the company. Direct
competition is only one factor in this trend. Other elements are lower
administrative costs due to new technology that are being passed on to
consumers, and the facts that people are simply living longer.
Many
life
insurance policies offer unique riders that allow the insured to use the
death benefit while they are still living. We’ve already seen the growing death
benefit rider that offers access to a policy's death benefit when the insured
is terminally ill. Now, we have options to add chronic care and critical
illness riders to policies that aim to aid in long term care and medical
expenses from sudden illnesses. The critical illness rider also allows the
insured to use the death benefit of their policy in the case of critical health
conditions such as cancer, heart attack, stroke, a major organ transplant,
end-stage renal failure, blindness or paralysis of two or more limbs. These are
just few beneficiary rider options. With the growing popularity of these
policies; we can surely expect to see more. From an agent’s perspective, this
is a great span of long term care benefits that can be provided to clients
without having to sell a separate policy. Additionally, clients will also like
to take the advantage of their life policies while they are still living.
Conclusion
2015
aims to be the year for lesser paper and more work for selling out policies.
Many of the top insurance companies have adopted online medical examination
making things simpler and even easier for clients and advisor which is great
success for out of track insurance industry. Agents can now provide clients
policies online and almost completely avoid traditional snail-mail. All this
convenience means faster policy procurement to your customers. To take
advantage of all these new changes, it’s a great idea to brush up on your
computer and technical skills. Most of the changes are aimed at making the
purchase of life insurance a less cumbersome process.
[Source:https://storify.com/Mihir2014/an-opportunity-for-advisor-to-seal-the-insurance-d#publicize]
