Vive 5 trends webinar presentation

Editor's Notes

1. Hello Everyone and welcome to the 5 Major Life Insurance Industry Trends Webinar, brought to you by Vive. On todays webinar we will cover the 5 key trends and how they can have a positive impact on the way you do business, and share an exciting demonstration of Vive, the online term life insurance platform that will allow you to capitalize on some of these trends.
2. What does ‘big data’ really mean? It relates to the analysis of vast business, customer and geographic data to enhance the customer experience, policy turnaround and general business efficiency. This comes into play with the changes to the way products are built as well as the way advisors can mine their own client data to make smarter marketing choices and improve close rates. Technology and clients relationships goes beyond what might immediately come to mind as social media. From new Customer Relationship management tools, often available for free, like LeadIn, that allow you to track your clients online behavior and engagement with your website to apps that let you track you client text messages. In addition, technology and predictive analytics are changing the way you discuss health issues and underwriting with clients. Consumers now have similar expectations for life insurance as they do for P&C insurance. LIMRA recently published that 71% of consumers say they will price shop for term insurance online.
3. About 1 in 4 consumers say they have bought or have tried to buy life insurance online, with younger consumers more likely to shop online than older consumers. With less time spent getting from appointment to appointment, advisors and agents are now able to focus on getting clients the protection they need without having to worry if their time will be profitable.
4. 6 in 10 people own life insurance, and for those who don’t have it, many agree they need it.
5. It is well known that consumers are often put off by medical exams & paperwork, with new products coming to market that require, no exams or accelerated underwriting, this can ease conversations between clients and advisors and eliminate much of the complexity. The paperless application process and policy delivery further reduces the time needed from the advisor and the client to complete the transaction.
6. The financial services industry hasn’t traditionally been structured to accommodate do-it-yourselfers, the Affluent Millennials’ approach to financial management has caused quite a challenge for many traditional advisors Instead of the traditional approach, Millennials want financial advisors who are there to support and guide them, but ultimately allow them to make their own decisions and execute their own transactions. When it comes to life insurance, quoting power and comparisons are critical for Millennials to get as close to a purchase decision on their own as possible, yet many do still want to speak to an advisor, even if only by text message or email, to ensure they are making the correct choice.
7. Most of the industry changes underway aim to make the purchase of life insurance less cumbersome. To take advantage of them, be sure to brush up on your computer and technical skills.
8. Most of the industry changes underway aim to make the purchase of life insurance less cumbersome. To take advantage of them, be sure to brush up on your computer and technical skills.