Data And Disruption In the Digital Age
December 13, 2019 by Greg Driscoll
Looking back on 2019, a couple of observations come into sharp focus. I believe the most significant developments in the life insurance industry during the past year have been the creation of more appealing digital experiences and the utilization of data to perform predictive analytics.
This is encouraging because our industry has historically wrapped itself in paper. Even after tremendous investment in recent decades, applicants must still typically fill out a paper application and undergo invasive medical testing in order to receive underwriting. You could even argue that life insurance has traditionally been one of the most difficult products to purchase in this country, typically taking over a month from purchase decision to acquisition. That’s a fundamental reason why so many Americans don’t currently own any.
It’s incumbent upon the life insurance industry to remove the friction from our application process and elevate the purchasing experience. Looking ahead to 2020, I believe the most significant developments will be a continued drive to engage consumers in their preferred medium, whether that be digital or paper, as well as utilizing data to help drive the risk classification decision and accelerate the process.
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