Just like most industries, we’ve seen exponential growth of technology in the life insurance workplace. Technology is becoming an indispensable aspect of the insurance industry, and the benefits are becoming harder to ignore. Technology in the insurance world will result in immense growth in the coming years, and insurance agents who don’t create a digital life insurance agency will be left in the dust.
Here are some examples of technology advances that have a significant impact on the insurance industry.
- Artificial Intelligence
Every business and individual agent has different needs and requirements when it comes to success in this industry. Use of Artificial Intelligence (AI) is becoming more commonplace. AI can learn and automate specific business tasks, such as determining the best policy for an individual based on simple inputs. Life insurance agents will be able to transform the insurance underwriting process and claims cycle by letting AI interpret, process, and direct huge amounts of data almost instantaneously. A process that might take an insurance agent minutes or even hours is reduced to milliseconds.
- Predictive Analysis
In today’s world, we collect a lot of data. Technology can take that data and make predictions for your business. This can have both operational and marketing benefits for life insurance agents. For example, you can make predictions on the likelihood of where your next client will come from based on statistical analysis predictions. A thorough approach to predictive analysis will allow life insurance agents to better plan and take proactive steps towards business growth.
- SaaS Products
SaaS stands for ‘Software as a Service’, which provide specific solutions to businesses and individuals. A key SaaS product for life insurance agents is a client management system (CMS). CMS software allows better control over the management of clients and their information over time. You’ll likely see a significant improvement in efficiencies in client management by utilizing a SaaS CMS.
- Digital Marketing
Digital marketing can be daunting, but it’s important to invest time in learning how best to market online. Choosing a single social media outlet to start helps you focus without getting overwhelmed. It’s best to choose the one you feel most comfortable with and with which you have the most followers.
- Chat Bots
You can’t be sitting at your computer 24/7 – but you can utilize a chat bot. It’s estimated that by 2025 more than 90% of customer communications will be handled by chat bots. These chatbots can answer common customer questions, book meetings, and allow you to chat directly with prospects on your website.
By implementing analytics, you can see where prospects are coming from, how long they engage in your website, how far they get in the application, and what percentage become paying clients. Reviewing analytics can help you focus on the areas that need the most attention.
With iLife Technologies, you can easily transform you digital life insurance agency with no coding and minimal training. With our software, you can brand a microsite, deliver life insurance quotes in real time, and have access to CRM functionalities. To learn more, reach out to our team today!