{"id":3156,"date":"2020-03-09T13:44:50","date_gmt":"2020-03-09T10:44:50","guid":{"rendered":"https:\/\/chatzistefanou.gr\/three-ways-the-life-insurance-industry-can-better-serve-customers-this-decade\/"},"modified":"2020-03-09T13:44:50","modified_gmt":"2020-03-09T10:44:50","slug":"three-ways-the-life-insurance-industry-can-better-serve-customers-this-decade","status":"publish","type":"post","link":"https:\/\/chatzistefanou.gr\/en\/three-ways-the-life-insurance-industry-can-better-serve-customers-this-decade\/","title":{"rendered":"Three Ways The Life Insurance Industry Can Better Serve Customers This Decade"},"content":{"rendered":"
 This evolution is invigorating. Not just for me as the co-founder of a life insurance startup, but also as someone who came to the industry as a confused shopper first. These rapid changes leave me optimistic about the future of life insurance, yet there\u2019s still work to do to keep the positive momentum for the people we serve. As we head into this new decade, the following are three consumer-centric changes I look forward to seeing from our industry.<\/div>\n
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Solving For Data And Privacy Challenges Created By AI<\/strong><\/div>\n
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There is more health information available than ever before. Not only can people\u2019s devices measure the number of steps they take, how well they sleep and their every heartbeat, there\u2019s also myriad direct-to-consumer offerings that even analyze a person\u2019s DNA. Furthermore, electronic medical records have become the norm, making vast amounts of specific health information and trends more verifiable. And all of this data can now be easily processed and analyzed by artificial intelligence.<\/div>\n
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Our industry isn\u2019t questioning whether to use AI to streamline the purchasing experience. The benefit to insurers and customers has already been proven. The good news for consumers is the industry and its regulators are quite good at ensuring the data utilized in risk models is intentionally gathered and actually useful for measuring the risks we are seeking to quantify during underwriting.<\/div>\n
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Instead, the questions for this new decade will be around how we can best remain transparent and give customers better visibility into what data is being used and how can we ensure responsible use of this data, especially given the proliferation of new data sets like electronic medical records.<\/div>\n
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Expanding Products, Especially To Address The Shrinking Middle Class<\/strong><\/div>\n
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There\u2019s no question that income inequality is growing. According to 2018 data from the U.S. Census Bureau, the gap between the richest and poorest Americans is the largest it\u2019s been in 50 years.<\/div>\n
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There are many societal issues in play that contribute to income inequality \u2014 everything from wages, to economic policies to rising healthcare costs. Regardless of what we believe to be the root cause, a shrinking middle class leads to less discretionary income for financial protection programs of all kinds, including life insurance.<\/div>\n
 <\/div>\n
Traditional protection products sold in traditional ways won\u2019t be enough to serve the customers who arguably need it most. Therefore, those of us in the life insurance industry can do one of two things. First, we could be OK with a smaller pool of applicants who can afford financial protection. Or, second, we\u2019ll need to get more creative in designing products that reach underserved audiences.<\/div>\n
 <\/div>\n
Designing new types of products that serve audiences in historically higher-risk pools is no simple task. It will require pushing existing boundaries in product design and close collaboration with reinsurers and regulators.<\/div>\n
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Thinking Bigger About How We Can Serve Customers<\/strong><\/div>\n
 <\/div>\n
The life insurance industry is unique, because we have a relationship with our customers that lasts anywhere from 10 years to the rest of their life. Yet little has been done to foster that relationship and create value beyond the point of sale. We surveyed individuals with some type of life insurance coverage and found that half didn\u2019t even know the name of their life insurance company.<\/div>\n
 <\/div>\n
There have been a few small, yet encouraging steps forward. Life insurers are adding value to existing policies through services like free will creation and access to fitness training, which increase touchpoints beyond the application process. Some are providing fitness trackers to policyholders and incentivizing them to improve their health. These solutions are in the right direction and show the potential for relationship building post purchase.<\/div>\n
 <\/div>\n
Additionally, we can get more creative about how we reach and serve customers in ways that are convenient. By embedding our products and services into other financial or wellness ecosystems, we can meet customers where they already are and actually try to increase demand \u2014 a problem the industry has been facing for decades. Most importantly, we can help more families get the financial protection they need.<\/div>\n
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Good Things To Come<\/strong><\/div>\n
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We made a lot of progress in the past decade, and I\u2019m enthused for all the ways we can make customers feel good about their life insurance purchase in the years ahead. We can be an industry driven by tech while showing empathy and compassion. Adapting to new technologies will be integral to our future, but we must also remember that we are providing an important financial tool for our customers to protect their families.<\/div>\n
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https:\/\/www.forbes.com<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"
The life insurance ecosystem was very different when I first launched my agency nearly five years ago. The term \u201cinsurtech\u201d had yet to be coined, startups in the insurance industry weren\u2019t receiving billions of dollars in funding, and it wasn\u2019t as easy for customers to purchase quality life insurance products online. Today, there are dozens of new life insurance agencies, technology solutions and consumer products that are disrupting traditional life insurance and the way we serve customers.<\/div>\n
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