How to achieve buy-in for digital insurance

It’s an office scene everyone knows all too well: a co-worker hitting the “enter” button and double-clicking the mouse with a pleading look plastered on their tired face. Technology of all kinds can upset any generation, any profession and any industry. When faced with a conservative and calculated industry such as insurance, the concern about change is the right answer, especially if the profit is not properly raised.

And yet, we are in the 21st century, in a time when patients can see a doctor on their phone, to know that they have a disease and a medicine ready to take 15 minutes. Everyone loves technology when it works, but corner offices are hesitant to introduce technology like it’s not perfect, 100% of the time. So how can technical ideas get the necessary investment in insurance?

To achieve digital transformation support from the c-suite, it’s not just about looking for shiny new products around or trying to be vulnerable to what your competitors are showing. The key to reducing technical anxiety is to understand the needs of all of your audience and inform them of the best personal experience. In the life insurance industry, the three technical guards are the end users, consultants and the management team of agents who not only focus on their needs, but also those of the first two groups.

All three can benefit from learning how to make friends with new technologies, including more commissions and more time with family and friends.

End users
Leaning on the development of technology, carriers can take the latest laboratory results on behalf of a representative to the applicant’s home to search and extract fluid samples. A once confusing and time-consuming process becomes simple. Customers want less work to interrupt their busy days, and with digital advancements in life insurance, carriers can make the process seamless and create a policy in 24 hours or less.

The ability to submit applications at leisure, in bed, during leisure time is another way that insurance is removing barriers for applicants through technological advancements. When it comes to digital programs, many subscribers write more in the evening. The ability to meet users where they need to be is the most motivating factor in driving digital transformation from the internal strengths of content.

They are wise
Where policyholders often don’t want information, advisors still enjoy the control that comes with having fewer keys. They love to serve their customers and want to run a profitable business. Finding boundaries to meet their needs is not always easy but can be achieved through clear communication and demonstration of value.

These consultants are just reeling – seeing a list of new products doesn’t make them change the behaviors that have made them successful. Collaborating with them to create new solutions to the problems they once tolerated and working with them… now you’re getting somewhere.

There are only so many hours in the day and regardless of effort or hours spent, the commissions remain the same. With the ease and simplicity of the digital method, consultants can get more work, and commissions, completed in those hours than using analog. Although not all programs are digital, they can maximize their efforts to be more efficient, spending their time on the things that really need their skills instead of the administrative time that simple tasks can take.

Remember, advisors like to be on this journey with their clients and are used to having access to underwriters and contacts. Any digital transformation must also address that challenge. Like watching the pizza you ordered being assembled on an app, digitalized pickups give advisors an overview of each app’s status where they can reach out to their contacts when questions arise. This keeps a level of control in the instructor’s hands when it comes to project management.

Corner
Once you’ve clearly explained the benefits to your users of your digital transformation, it’s time to share it with the corner offices. They often face the pressures of their team, market fluctuations, honest reviews of family and friends about their products, they respond well to high level discussions and results.

Life insurance has often been a lucrative business that is often questioned due to the time and cost involved in setting up a policy. But investing in digital technology can change the script. By making life insurance more profitable for advisors to sell and easier for end users to sign up for, these two bases are satisfied and more business comes to the door.

This principle emphasizes the possibility of getting more people insured because no one knows how much time they have left or how they will be covered.