Modernizing the Insurance Industry
Insurance is not generally known to be a technologically-savvy industry. Many carriers and individual agents have been slow to jump on the technology bandwagon. Our forum members shared their experiences with slow-moving systems, technology glitches, antiquated processes, and outdated methodologies. So, what improvements should be made, and are any of them being implemented?
One optimistic agent noted that his agency allows users to generate PDF applications from lead data with a Radius account. Others noted that online apps are on the rise, and systematic improvements are being made consistently, in order to simplify the online app process.
This article, by Sott Thiltgen, classifies life insurance as “still in the stone age.” Within, Thiltgen discusses how the marketing and presentation of the industry in general are red flags. He purports that, “Unlike the health insurance industry, the term insurance industry is behind the times in Internet marketing and do not have real-time rates available to let the public see how they can fill this need within a budget with instant rates.”
Do you think the insurance industry is behind the times? Are certain sectors more technologically up-to-date than others? Weigh in here.
- Political reaction: Republicans propose The American Health Care Act
- State Farm reports $1.2 billion pre-tax operating loss in 2016
- DOL aims for initial 60-day delay in fiduciary rule effective date
- Report aims to put a stop to ‘Use It and Lose It’ homeowner policies
- Most LTCI claims begin and end at home; insurers pay out $8.65 billion in 2016 claims, new data confirms
- Record-setting fixed, FIA sales in 2016 can’t keep overall annuity sales from 6% decline
- 2nd annual ‘Insurance Careers Month’ trumpets fact 93% are proud to work in the industry; rallies recruiting efforts
- MetLife annuity and life products officially rebranded under Brighthouse Financial name