4 Trends Transforming Life Insurance
As a result of the COVID-19 pandemic, there are now more individuals seeking life insurance than any other time in the last ten years according to a 2021 LIMRA study. The Life Insurance market is facing unprecedented challenges as they look to fulfill the higher demand and learn how to operate in the next new normal. The financial advisors’ inability to sell policies in a traditional face-to-face manner has pressured Insurers to accelerate their digital transformation strategies, including automation and optimization of core processes, advisor interactions and the end-to-end customer experience.
Going forward, competitive pressures will continue to mount, with new disruptive entrants continuing to emerge. All of these forces combined are leading Life Insurers to seek new and innovative ways to engage with their customers, especially across digital channels. Across all operations, including Product Development, Marketing, Distribution and Service, New Business, Underwriting, Client Services and Claims, sophisticated technology platforms can orchestrate an amazing customer experience and ultimately drive success for the business.