Thanks to COVID-19, Consumers interest in Life Insurance grows and Digital tools are needed to meet the demand

Due to COVID-19, consumers are thinking about their life insurance protection and may be considering purchasing new coverage or increasing existing coverage. A recent survey reports that consumers interested in buying life insurance are more likely to use digital tool and processes to make this purchase. The survey shows that consumers are not likely to go to an advisor’s office to perform the transaction.

Customer willingness to purchase life insurance using digital tools and techniques will clearly benefit some life insurance companies and advisors. Companies with a full digital platform that can do end-to-end processing of an electronic life insurance application and complete the cycle with an electronic policy delivery are in a great position to capture sales in the current market environment. Advisors must be, or quickly become, familiar with the digital platforms and comfortable using them in order to assist their clients throughout the purchase process.

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