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Library : Forbes – Digitisation Of Life Insurance Industry In Surprising Ways

Executive summary

In the ever-changing post-pandemic world, the digital transformation of various legacy industries continues to evolve at a faster pace. Traditionally slow-moving industries such as life insurance make for fascinating examples, where technology startups are tackling well known and age-old problems, such as poor customer experience, in innovative ways.

 The Digital Insurer reviews Forbes’s Report on Digitisation Of Life Insurance Industry In Surprising Ways

Life insurance is increasingly being influenced by insurtech 

To find out more about what’s happening within the life insurtech industry, we spoke with Nelson Lee, the founder of iLife Technologies, a B2B insurtech SaaS (software-as-a-Service) startup whose product allows life insurance brokers to build interactive client experiences that involve zero coding.

The company launched its product in mid-2021 and has over 1000 insurance brokers as users after four short months.

Gary Drenik: What trends have you noticed around life insurance during and post pandemic? Are more people buying life insurance these days?

Nelson Lee: Life insurance as a financial product has definitely been trending upwards in awareness. A recent Prosper Insights & Analytics survey shows that on average 8.6% of adults in the US indicate they are considering buying or switching a life insurance policy in the next 6 months, with over half of that group being millennials or younger, debunking that stereotype that life insurance buyers are typically seniors.

On a broader scope, fintech as an overall landscape is quickly expanding, with over 49.1% of smartphone users engaged in mobile banking, 23.9% making direct payments to another, both of which, according to Prosper Insights & Analytics, are up year over year. This indicates an overall accelerated migration towards digital experiences and transactions in the world of financial services, insurance included.

Drenik: On-demand insurance options have been the norm for a while now in areas like auto and home, so why hasn’t the life insurance space been transformed yet?

Lee: I think the answer to that really starts with the actual concept of “on-demand” itself, in that an on-demand offering is only feasible and valuable if it’s actively in demand without another human being involved in the transaction process.

Classic consumer on-demand makes the most sense when consumers are both well-educated on a simple product, as well as proactively looking for it.

We see that auto and home are classic examples of consumers demanding products without necessarily needing context built by human professionals, the same way we want video content on demand, and therefore an on-demand offering there makes a lot of sense.

In the life space, products are neither simple nor very well understood by the average consumer, and therefore the need and desire for a human expert to provide guidance essentially changes what on-demand really is in that vertical context.

In life insurance, most consumers don’t wake up suddenly wanting a life policy, they slowly build awareness and contextual background on why a policy may financially make sense via a human professional such as a financial advisor or insurance agent, and therefore the demand generation comes from human context and interaction, not from spontaneous desires. This explains why despite all the D2C innovations going on in the P&C space with home and auto, over 95% of life Insurance premiums are still distributed in some way via a human being.

See the full report for more…

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