Technology – help or a hindrance?
For adviser use only
No matter where we are or what we do, technology plays an ever-increasing role in our day-to-day lives. From controlling our heating via our smartphones, buying a coffee via contactless payments to monitoring and tracking our health and fitness via mobile apps – we live in a digital world.
However, it could be argued the protection industry has been a bit slow on the uptake of technology – but that’s now changing.
What has technology done for you?
Depending on your perspective, technology has either helped or hindered our lives. However, the introduction of comparison engines – such as The Exchange, Assureweb and Webline – have completely revolutionised how you quote, compare and advise on protection products.
The automation of quote and apply services lets you offer your customers a quicker and more efficient service. You can:
- apply for protection products online;
- get decisions at the point of sale;
- save applications to allow you to speak to your customers if necessary, and
- track your applications using, in some cases, real-time new business tracking services.
And with the advent of UnderwriteMe, you now have the ability to quote, underwrite and buy multiple protection products from a range of providers – in one single process.
Adviser back-office systems have also developed in line with technological improvements providing operational efficiencies. From providing a single view of customer details and products to managing all processes from lead generation to marketing. And let’s not forget the ability to store large amounts of paperwork online – or in the cloud!
Life offices have gone some way to automating their back-office systems too – allowing decisions to be made quicker, faster communication between insurer and adviser and ultimately better outcomes and decisions for your customer.
Advances in technology have helped to increase efficiency and cut down on the time spent doing basic administration. So, whether you see it as a positive or a negative, there can be no doubt – technology has allowed the protection industry to streamline its processes and be more efficient.
It needs to be quick and simple
Many customers are time poor, so they’re looking for convenience and a process that’s quick and simple. Fortunately, the speed at which you can satisfy customers’ needs – is quicker than it’s ever been.
Comparison engines allow you to assess multiple products, features and benefits and apply for quotes quickly. Online underwriting engines support setting customer expectations at the outset and can result in acceptance terms being offered immediately. The time lag between point-of-sale to completion has been dramatically reduced – thanks to online acceptances and underwriting engines.
Technological advances in the protection industry mean you can offer customers a truly personalised customer experience. Many adviser back-office systems now allow you to segment customer data – letting you target groups or individuals in a personal way.
The ease of comparison and the ability to compare multiple products and features quickly has created competition in the price of protection products too. Ultimately, advances in technology allow you to offer your customers better quality products at competitive prices.
Listen to me talk about how technology in the protection industry has changed over time in the video below.