Myth 4 I can survive without it.
Fact: Competitors will use digital transformation to scale past you. Successful life insurance agents may wonder, why fix something that isn’t broken? Even if traditional methods continue to generate new business, finding a way to incorporate powerful new digital transformations in life insurance will position you to stay competitive in 2022 and beyond. After decades of attrition, the current industry sales outlook is buoyant. Annualized premium rose 15% and policy sales increased by 11% in 2020, but growth was concentrated among companies offering a seamless digital experience.¹ According to LIMRA, providers who offer accelerated underwriting, advanced technologies and customer-friendly processes are continuing to thrive.² A recent McKinsey report drives home the news: there’s no turning back. “Over the next decade, the fully tech-enabled insurer will bear little resemblance to today’s organization,” say the authors, pointing to applied AI and automation as the driving forces of future growth in personal life insurance. What to look for: customer-focused innovation. Today’s insuretechs offer powerful new solutions to two age-old problems — how to accurately assess risk and provide coverage in a timely manner. The best online providers apply AI and other technologies in new ways to solve these problems in record speed, saving agents time and making customers’ lives easier.
“Over the next decade, the fully tech-enabled insurer will bear little resemblance to today’s organization.”
McKinsey How top tech trends will transform insurance Sept. 2021
1 LIMRA, COVID-19 One Year Later: The Impact on Individual Life Insurance, June 2021 2 LIMRA, Studying Success, The Latest Factors Driving Life Insurance Sales, Nov. 2021 3 McKinsey, How top tech trends will transform insurance, Sept. 2021
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