Technology is making its way into every aspect of our lives. The life insurance sectors have been jumping onto the bandwagon and revolutionizing the industry. Tim Rozar, Senior VP, and Head of Global Research and Technology state that the influence of technology on the insurance industry will be huge and that the race has already begun between companies around the world.
- Customer Engagement-Health is a big factor in determining a life insurance policy. Companies have been using this sector of business to engage more with their customers. Health and fitness incentives are given to policyholders and are tracked through computers. Riders are added to the policy and if the terms are met, and verified through the data, the discounts that have been offered will be given. The increase of hand devices to track fitness is an easy way for the customer to be tracked. Insurance agencies are scrambling to be the first to enlist the help of these production companies by offering their software. The software will connect the consumers with the insurers. The hope in this is that the insurer will have the ability to give more accurate ratings, and the policyholder will get cheaper premium rates.
- Social Media-With the use of social media platforms insurance agents can reach billions of potential buyers. Marketing efforts are more accurate and specific policies can be offered. As you know the internet tracks where you go and what you do. This data makes insurance advertising more cost-effective because they can send specific offers to set people. This increases the sales percentage with a lot less time and effort having to be put into it.
- Comparison Sites-Comparison sites like life insurance Australia at iselect make it easy and convenient for consumers. You no longer must spend hours on the phone getting details about policies. You simply type in where you are and what you want. The online sites do the rest by giving you detailed information about numerous life insurance policies from various companies.
- Automation-Automation of simple, everyday tasks allows the agent time for more meaningful things. Chatbots, for instance, answer basic questions on policies and stipulations. If the consumer wants to continue and discuss more in-depth questions, and possibly buy a policy, the bot will transfer the person to a live agent. Filing and storing information is also a task that is easier and more time-efficient. The information is typed into a computer and then the files are stored offsite in a virtualized server.
- Data-When the original data is typed into the computer system it will be analyzed and a risk rating will appear for the agent. The insurers no longer must write everything down and spend hours going over the details. In a matter of minutes, a risk number is set and the policy that can be offered to the consumer will be displayed. The programs installed on the computer can also run scenarios of different events and give them a risk assessment number.
New technology on the horizon will not only make it easier for the insurance agent, but it will make things more straightforward for the policyholder. The time that the agent saves will be handed down to the consumer by decreasing the cost of premiums. Each individual person will be able to get a more accurate risk assessment done because of electronic data and the evolution of programs and applications.