4 Life Insurance Industry Trends to Watch in 2021

Life insurance tends to make people crawl back into their skin and shy away from the inevitable truth. We tend to invest in our homes, our cars, and our wardrobe, but why is that we find the topic of life insurance to be so hard? 

In 2020, the pandemic was tough on everyone. According to Johns Hopkins University Center for Systems Science and Engineering, the death toll for COVID-19 reached over 3 million people. So many lost their loved ones and many were hit hard financially. Mortality protection has become a priority for many in unforeseeable times.

So, what does this mean for the industry in it self? It means that more people are actually looking into what life insurance is and how it can help their family but this can be an overwhelming task for one person to take on. There are endless options, price ranges, and types of benefits out there to browse through. 

As we close the first quarter of the year, let’s take a look at what is trending down the road for the next months ahead.

Less In-Person Interaction

Life insurance brokers are still needed to help families understand what they are investing in. It just looks a little different now! Questions will still need answers, empathy is still a thing of the present and future, and so is the need for guidance on such a sensitive topic. Still hesitant about the evolution of the Life Insurance industry?

Let’s take a quick look at how digital platforms like Finaeo can help you.

Technology transforming the industry

The desire to see people in person has become…well, dramatically less than any previous year, but, this doesn’t mean you can’t still help your clients. The latest question has been, “How do I help my clients if they don’t want to meet me in the office?” The world is evolving into a digital world and that includes the life insurance industry. It’s way easier than you think and here’s why.

      • You don’t have to reinvent the wheel here. There are platforms that can provide you the space to customize and cater to your business needs.
      • Going digital means you can help more people, reach more people, and provide even more options than ever before.
      • Learn it once and repeat. Once you get the digital lifestyle down, you’ll be an insurance tech pro. Not to mention, less paper so you are saving the world at the same time. 

A need for Speed

There are now many ways for an applicant to purchase a policy such as in person, online, and even over the phone with a life insurance broker. These options can be very overwhelming when you are considering life after the death of a loved one. Not only is this a financial stress, but also an emotional stress as well. 

The quicker your processes are to sell life insurance to families in need, the more families you can help. A higher demand for life insurance policies means more people needing your services. Efficiency is crucial to maintaining your business in a high tech world. 

Many applicants are using a more hybrid approach to purchasing life insurance policies. This entails an online service with a broker. There are many online resources for an applicant to navigate on their own but this can be overwhelming to the majority; many still need that personal touch of a broker. This is a crucial decision that can change their life and having someone like you to help alleviate that financial and emotional stress.

Customer-Focused Solutions

Digitizing your processes isn’t just for you but it’s also extremely beneficial to your clients as well. You have instant access to over 150 companies and can provide side by side comparisons to highlight the best policy match for your client. That’s a lot of options that you can provide to a client. Here’s how you can really focus on your client and meet their needs:

      • Instant access to multiple companies
      • Life insurance quotes with details in seconds
      • A variety of policy benefits to meet the needs of a client
      • Client access to more information about their policies

As far as 2021 trends go, this one is going to be the biggest one yet. The more resources that are available to clients the more they are seeking customized policies and processes to meet their needs specifically. Now more than ever, life insurance companies are keeping up with the demand for flexible policies, quick processes, and access to their life insurance policies.

There’s still plenty of time to incorporate these trends into your business. There is an all-in-one solution to stay on top of selling life insurance and providing the best customer experience for your clients. If you got this far, you must be interested in maintaining success in the life insurance industry.

Finaeo is the solution to simplifying the way you sell life insurance. From easy client onboarding processes to a digital application and payment, Finaeo can make your transition from traditional services into digitalization a breeze. You’ll be running an online office in no time.