An opportunity for advisor to seal the insurance deal

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]