It indeed sounds absurd when you hear someone planning for his death, particularly when that person has big dreams which need to be turned into reality. Nevertheless, the harsh truth is that death is inevitable and hence we have to make critical and crucial plans for it so that death doesn’t leave our near and dear ones in a state of helplessness both emotionally and financially. A study was done recently reveals that 60% of the respondents have shown enough importance on current financial matters apart from life insurance and another 65% claim that life insurance policies are a bit too costly.
As we’ve stepped on the 4th month of 2018, we can easily take a quick look at the few trends that will rule over the insurance industry and which will be of enough concern to both customers and insurers. Read on to know about them.
Trend #1: The benefit of the internet
20 years back, life insurance policies had to be bought only when the customer met the insurer face-to-face. Then, insurance agents came to your house to sell off insurance policies to you. Each and every step required a physical meeting. But times have changed now and everything has become online. Now you can opt for the best life insurance comparison online to check the quotes offered by different companies. Due to the internet, people have become financially educated and this has made more people understand what life insurance is. 93% of the millennials who lacked minimum life insurance coverage due to ignorance have now started getting it.
Trend #2: Utilization of cloud computing
One of the biggest reasons behind the majority of the Australians turning off from getting sufficient coverage on life insurance is the stress that they have to go through while getting the details of the insurer. There are several millennials who say that the process of underwriting is time-consuming and tedious and therefore there are large numbers of millennials who don’t have life insurance coverage. Insurers should have details of medical history, the status of health, smoking habits, occupation and information on family history before they decide your coverage you’ll qualify for. With the help of cloud computing, a majority of the information can be accessed via cloud computing.
Trend #3: Underwritings will become automated
Besides cloud computing, automation is one of the smartest ways of going through underwritings. The insurance market is getting competitive day by day and hence there will be an invention of too many automation tools which will let the insurers to keep pace with the changing preferences and needs. With automation, the insurers can easily shift the focus from calculating risks for evaluation of premiums to by utilizing real-time analytics for assisting customers in mitigating any kind of challenges. Automatically, there will be several who will get a life insurance plan which lets them reduce risks.
Therefore, when you’re all set to tread into the life insurance industry, you should take into account the above-mentioned trends.
Category: Sales & Marketing