Technology Trends in Life Insurance

Life insurance, like most other industries, is trying to adapt to the age of big data. Technology is now part of how business is conducted, so keeping up with technological trends is necessary to maintain a large number of clients. Customers expect certain accommodations, employees deserve updated tools, and your business should be allowed to maximize its potential. Here are four trends the life insurance industry is following that will benefit your company and clients alike.

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Communication

The world is now constantly connected to media. This constant connectivity has changed the way the consumer absorbs information and the expectations they have in regards to services. Around 90 percent of youths use social media in some form. Keeping relevant and updated social media accounts allows your company to keep lines of communication open with a market that is otherwise inaccessible. Though it may seem like a trend to older generations, the dawn of social media has changed communication and advertisement for good. The consumer is more likely to see a Tweet about an upcoming deal on a policy than they are to see a commercial on television.

Mobility

Life insurance, like most industries, is becoming more accessible to mobile devices.  Finding time to actually sit down at a desktop computer and browse the Web has nearly become inconvenient. Smartphones are tools utilized by a huge percentage of Americans. The devices are constantly held by the public and allow them access to the Internet from almost anywhere. Rather than inconvenience your customers, creating an application that enables them to create or manage their policy while on the go will expand your market.

Automation

Because the Life Insurance industry is highly regulated by the government, filing processes can be tedious.  Automating the regulation processes alleviates a lot of the stress associated with documenting life insurance policies, licensing of sales associates, and consistency of process. Your company has to meet certain standards and automating certain processes helps you to ensure the quality of your work is always up to par. Automation documents how a process was completed and leaves a more traceable paper trail. A modern automated operation has an advantage over those that are using a classic filing system. A modern infrastructure is more easily changed than a system that depends on teaching each individual a new filing process each time new regulations are implemented. Automation reduces the likelihood of human error that will hinder your business.

The Cloud

Not only do cloud services make collaboration and mobility more accessible, they also provide an extra level of protection for the information your company is charged with maintaining. In the case of disaster, utilizing cloud based services for your information will save you from having to collect the information again and from having to redo work that was already completed. Cloud based services save your company on IT department expenses. The cloud increases collaboration and eases mobility. Due to the large amounts of data created by your life insurance company, it is fiscally irresponsible to manage all of it on your own. Your company can actually save a great deal of money by hiring cloud services.

The age of big data has greatly impacted the way business is conducted. If you are behind the times or are in the process of transitioning to a more tech savvy process, these four trends may help you to catch up. Modernization can be a scary ordeal. Try and not be afraid. Some of these technological tools can greatly impact your business for the better. Increasing quality of your process, security of your information, and increased productivity are all side effects of technological advancements. If you have any questions about technology trends in life insurance, contact us today.

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