The life insurance industry has hardly changed in the past few decades. However, with the increase in digital demand, insurance-based technology (or insurtech) is changing that. With insurtech, everything about life insurance and how it’s sold is changing.
New products, processes and platforms are being developed to sell insurance to clients in their homes. For licensed life insurance agents, this means a complete transformation in how they sell life insurance because they are no longer limited by physical boundaries. As a result, life insurance agents are now going remote for the first time in the history of life insurance. With remote work or telecommuting, agents can sustain a work-life balance and see more productivity all from the comfort of their home office. Insurtech has also streamlined the process of purchasing a life insurance policy, improving the experience for clients as well.
Here we’ll discuss what selling life insurance in 2022 looks like and the benefits that life insurance agents can expect. Whether it’s a seamless way to sell life insurance that gives time back to agents or the keys to achieving a work-life balance by working remotely, insurtech is benefiting agents and clients alike.
The emergence of insurtech is a result of a digital revolution that has been brewing since the invention of the mobile phone in the 1980s. Since then, consumers have begun to appreciate and demand digital solutions for their purchases. Everything from carsharing to streaming seasons of their favorite episodes is evidence of this demand.
With the continuous demand for digital-first experiences, the introduction of insurtech in the life insurance industry feels inevitable. However, the recent pandemic really brought a need for digital solutions to the insurance industry. Agents were unable to help clients in person, but the technology to meet with clients virtually already existed, making the switch to virtual appointments easy. Applications like Zoom made it possible for agents to meet with their clients in person. However, that was just the beginning. Creating a digital space for clients to complete their application for life insurance completely online became just as important.
Very quickly, the world began to see insurtech solutions for an industry that had for so long depended on in-person meetings. Products that can be applied for and approved online, underwriting software that allowed agents to write policies from the comfort of their home office and platforms that allowed it all to be done online exemplify the digital demand expedited by the pandemic.
The impact of insurtech for agents has been transformative. What was initially a hurdle for many veterans of the industry is now considered a boon to productivity, convenience and a true work-life balance. While insurance sales used to be done solely face-to-face and with agents traveling all over the country to write policies, insurtech has allowed insurance agents to set up their office at home or wherever they feel most productive.
With that kind of freedom of location, insurance agents are unburdened by restraints like mileage, gas prices, automotive maintenance and any other travel expenses they needed to continue working. Working from home means agents are only limited by the placement of their keyboard and a strong enough WiFi connection to meet with their clients over video calls.
What’s more, with the ability to work from home, life insurance agents are now able to make more time in their lives for the things that matter to them personally. Agents can fit more appointments in a week over video calls than they could previously and still have more time to be present for their family and accomplish personal goals. Without being in a car or hotel for an entire weekend, life insurance agents can now fit in time for personal health like meditation, yoga or even just walks around the block. The amount of time that is freed up by insurtech is helping life insurance agents achieve a work-life balance that was previously hard to accomplish.
Life insurance agents aren’t the only ones who are reaping the benefits of insurtech. Clients are now able to meet with an agent, secure their policy and schedule regular policy checkups all without ever leaving their home.
Health apps like digital pedometers and apps that track a client’s heart rate are making processes like underwriting much more accessible for agents and clients alike. Information that had previously been a hassle and sometimes an invasion of privacy to collect can now all be done virtually. To some extent, advances like these are making insurance rates cheaper for clients . Encouraging the adoption of fitness and lifestyle tracking apps is a great way to help clients find discounts within their policies by developing fitness goals that can earn them rewards for health living. It is a win-win for all parties involved.
At Symmetry, we believe in creating the best possible experience for agents. Our digital platform provides the processes and products agents need to obtain the best work-life balance. That’s why we’ve dedicated our efforts to expanding what insurtech can do and how it can best benefit our sales force. Technology is always improving and perfecting how insurance is sold, which is why we strive to keep our agents up-to- date with every improvement.
The future of the insurance industry is a bright one, and 2022 is a great year to experience what insurtech can accomplish for you and your clients.
As a Symmetry agent, you will have access to high-quality life insurance, disability income insurance, critical illness insurance, and annuity products from more than 30 well-known insurance companies. This gives you the flexibility and reach you need to tailor plans to meet clients' individual coverage needs.
To learn more about how to begin a fulfilling career as a life insurance agent, contact us today .