Despite the ongoing COVID-19 pandemic, consumers were not motivated to buy life insurance products throughout 2020, according to Deloitte. For the vast majority of consumers (79%), insurers were to blame “due to a combination of infrequent client communications” and their widespread perception of “transaction complexity,” among other issues.
Fortunately, new digital tools make it easier for financial advisors to compare products and accelerate application processes, saving time and simplifying experiences for their clients. Specifically:
- product comparison reports, which allow advisors to save time by comparing multiple policies at once online.
- electronic applications, which allow advisors to access policy applications and then connect insurance carriers, advisors, and clients directly through a fully integrated experience.
Streamlining these processes through digitization saves time and improves experiences for all parties. Financial advisors can focus on their own and their clients’ goals instead of manual processes. In time, advisors can build closer relationships with their clients through the more efficient, value-added experiences these capabilities support.
Why Streamline With Digital?
The largest focus among many insurers has become the “implementation of technology to enhance efficiency,” Deloitte reports. As we found previously, digitally enabled applications can take roughly 10 minutes, as opposed to 45 days, to approve, and they can reduce the time advisors spend managing documents dramatically.
Advisors can streamline their entire workflows by digitizing end-to-end advisor-client experiences—that is, from prospect to policy. Their new capabilities may include:
- identifying the right selection of products for clients in real time
- quoting products instantly for a better client experience
- accelerating key insurance application processes
- saving time when preparing, signing, and managing documents
Here is a closer look at how digitized product comparison reports and electronic applications contribute to more efficient collaboration and closer relationships among financial advisors and their clients.
Become More Personalized and Proactive With Product Comparison Reports
Product comparison reports allow advisors to greatly simplify the decision-making process for clients. But digitizing product comparison reports—as opposed to manually comparing products—is where this capability truly shines.
With digital solutions, advisors can provide clients with a more efficient response to their queries, as well as a more refined selection of products and services. Advisors can instantly optimize and adjust reports based on the unique needs of each client. Clients decide which products are best suited for them by outlining core benefits, prices, and features—all in a single document within a shared digital space.
Technologies of this kind are quickly becoming differentiators among competing advisors. In time, innovations that improve both experiences and product presentation will change the entire market, Financial Advisor predicts.
Provide a Simpler and Faster Client Experience With Electronic Applications
In addition to personalizing and proactively curating products, financial advisors can offer a simpler application process with electronic applications. The use of e-signatures alone increases efficiency by roughly 25 times. Complete “e-applications” for all insurance products add even greater efficiency, especially when applied alongside digitized product comparison reports.
In this way, advisors can digitize both buying and application processes in a single environment, centralizing their workflows to boost productivity and improve experiences for their clients. Advisors can reallocate time saved on manual processes for both themselves and their clients in any number of ways—adding more value for those clients, for example, or improving their own marketing, branding, or sales initiatives.
Don’t Get Caught in a Competitive Disadvantage
As clients become accustomed to working with financial advisors remotely, the efficiency gap between digital and manual processes will only become bigger. Creating a strong digital ecosystem that is efficient, user-friendly, and secure is essential.
Finaeo marketplace is an end-to-end solution that helps financial advisors become more efficient, providing product comparison tools, electronic applications, and other features. We digitize every aspect of the advisor’s workflow—from onboarding new customers through our digital FNA to streamlining the application process.