Benefits of Digitization for Insurance Brokers
The pandemic has left insurance companies in a position to think quickly and act fast to stay afloat in the insurance industry. We have to start thinking about what the future will look like and today, we are living it. Today is the start of the future and the start of insurance digitization. According to The World InsurTech Report, 2020 found that 85% of InsurTechs want to partner with technology providers, while 83% want to collaborate with insurers
Today’s insurance market is more competitive, more demanding, and more accessible than it has been in the past. We are having to re-imagine the life insurance industry by adapting to the needs of clients.
Selling life insurance online can be intimidating to those who aren’t tech-savvy. There are insurtech companies like Finaeo that help a life insurance broker transition to digitization easily. Not only does Finaeo make the process seamless, but it also allows personalization for your business, quick life insurance quotes, and access to over 150 life insurance companies with an array of customized policies.
Insurance Digitization Overview
What is Insurance Digitization? In this case, It is the process of using insurance technology to sell life insurance. The role of the insurance industry is evolving with insurance digitization. Life insurance brokers can now take advantage of technology and optimize not only their business but their time as well.
Digital disruption is happening all over the financial industry. Confidential transactions can now be done online including personal documents, credit card information, personal data, etc. Digitization is an insurance trend of 2021 and will continue to influence the advancement of the life insurance industry.
What are the benefits of digital transformation for insurance advisors and brokers?
There are several benefits to consider when thinking about digitization. Life Insurance advisors and brokers can now reap the benefits of the digital world. There are long-term benefits to less human intervention. You can hold a great long-standing business and acquire more clients with a few clicks. Some benefits include:
- Access to faster life insurance quotes
- No more paperwork! Automate the process for a seamless experience for both you and your clients
- Transform the insurance experience with personalization at your fingertips
- Less overhead cost and time in business operations.
Digital transformation can help you spend more time selling life insurance and helping your clients reach their life insurance goals. Meeting your client’s needs is easier than ever with so many custom options available in seconds.
Insurtech Trends
Global insurance industry leaders are actively taking part in Insurtech trends. The future demands a new mindset for ways to sell life insurance. Life insurance brokers are seeking Insurtech knowledge to gain leverage in their businesses.
Automated processes, collaboration, and ecosystem partners like Finaeo are the future of insurance digitization.
Personalize the insurance experience
Just because we are going digital doesn’t mean we have to lose the human personal touch. Now more than ever, personal touch in communication through technology is crucial to building trustworthy relationships between client and broker. Client’s will continue to rely on virtual methods of interacting with clients and providing service. It is important to know how to communicate virtually and adapt quickly.
Build relationships virtually
In today’s world, you can reach anyone with a click of a button, a tap on a screen, or a dial away. There are many ways to communicate: email, text, phone call, etc. It’s all about preference. Each form of communication can vary and allow relationship-building to easily develop into a trustworthy relationship between client and life insurance broker. There is an essential need for cultural change and digital alignment within the insurance industry.
Keeping up with Insurtech innovations
Insurtech is a new term for a lot of insurance brokers. Let’s break down what Insurtech really means and how it can help grow your business.
Insurtech is a network that is customer-centric and provides collaboration between various life insurance companies and life insurance brokers. It’s like Netflix, completely customizable, fast, and reliable.
To understand the digital customer, you have to consider their demands which include efficiency of the process and the accuracy of their needs being met. Some of the pros in Insurtech innovations include:
- Competitive life insurance quotes that can be easily compared side-by-side
- Continuous updates within insurance technology ensuring the best available policies are accessible
- Digital signatures are now allowing a seamless online process while protecting the most important documents
- A full AI-enabled service provides an extra lift for life insurance brokers to ensure that each client has a personalized experience and settles on their ideal life insurance policy.
Insurance technology is rapidly growing with insurtech companies like Finaeo leading on top of the board with digital disruption and innovation in mind. Finaeo is a digital marketplace that helps brokers increase efficiency and take clients from prospect to policy. Efficient digital on-boarding processes support trust with clients. Finaeo uses a unique digital fact finder to seamlessly collect client data to offer a more personalized experience.
From start to finish Finaeo gives faster quotes, comparable rates, and closes with an e-application taking online payments. Go paperless and try out Finaeo for a seamless experience selling life insurance. Simplify your process and digitize your business to stay on top of the insurance industry trends.
Click HERE and Try Finaeo for free!
