Looking Forward to 2018: Life Insurance Trends

It’s the time of year where friends are gathering to pop the champagne, set off fireworks, and look forward to a rewarding new year. For the insurance industry, it’s the time when we seek the growing trends that will help our business reach new heights. Lucky for you, we’ve compiled our top three industry trends we predict will continue to grow in 2018.

1. Digitalization - Things like smartphones, tablets, and free wi-fi are creating a population that is more connected than ever. Clients can gain access to financial education easily. In 2016, people searching “retirement” online went up by almost 50%. Online access is leading to a smoother application process for clients, as well. With e-apps and digital client presentations, agents are surely benefitting from the digitalization of the industry. Keep on eye out for more carriers to offer e-apps and digital sales tools.

1. Automation - Underwriting procedures are becoming more streamlined, while turnaround times are going from weeks to minutes. This is a huge accomplishment for the insurance industry which is trying to keep up with other fast-paced services available to clients like online streaming and ride sharing. Clients expect fast results and life insurance carriers are starting to deliver.

1. Engagement - One hurdle that financial advisors often face is getting clients to connect with insurance products. Let’s face it: insurance policies don’t usually offer instant-gratification. However, with the growing popularity of wearable technology (along with the ingenuity of some insurance carriers) there’s a way for clients to get the best of both worlds. Wearable technology that tracks health stats can help clients receive discounts on their monthly premiums and receive a more customized underwriting experience. Expect to see more options available to clients who take advantage of wearable technology in the upcoming year.

Brokers Alliance is here to provide agents and financial planners access to only the most competitive and cutting-edge insurance products available. Please give Brokers Alliance a call at 480.296.0169 to learn more.