How Technology Has Changed Life Insurance

 

How Technology Has Changed Life Insurance

It has also changed the way life insurance companies do business. Thanks to these developments, insurance carriers are better able to serve customers and make life insurance coverage more readily available.

 

Online Marketing

 

The Internet has given insurance carriers the ability to reach potential policyholders online, rather than relying on direct mail, word of mouth, and other traditional forms of marketing. Through online marketing, insurers can reach a larger segment of the insurance buying public, including those who might not have considered purchasing life coverage otherwise. They can also use Internet resources and strategies to educate consumers about life insurance, such as:

 

·         earch engine optimization: Insurance companies can proactively reach consumers by optimizing online content based on predictive search patterns. Analyzing search trends also helps insurers determine what information consumers are looking for, allowing them to tailor educational and informational content.

·         Social media: Through social media, insurers have nearly endless opportunities to connect with potential and existing policyholders on a more intimate level. It allows insurance companies to developing affinity while building brand and product awareness. It also gives consumers the chance to ask questions that influence their life insurance purchasing decisions.

·         Paid ad placement: Insurers can quickly build their policyholder base by strategically placing paid ads on social media sites, search engine listings, and websites. Retargeting, the process of serving ads through these outlets to people who have previously visited insurance company sites, helps insurers increase conversions while minimizing acquisition costs.

 

Ease of Use

 

Technology has also made the life insurance purchasing process easier for potential policyholders. In past decades, consumers had to schedule an appointment and travel to a local agent’s office in order to learn about life insurance protects to protect their families’ financial stability. Although some agents were willing to travel to consumers’ homes or offices, they still had to take time away from work or family activities to spend hours with an agent.

 

Today, the Internet has made the process quicker and simpler for consumers. Instead of scheduling an appointment and meeting with an agent in person, potential policyholders can quickly obtain accurate life insurance quotes online. In some cases, particularly when consumers are looking for coverage that offers a low death benefit, they can even complete applications and bind coverage online.

 

Technology has also made comparing online life insurance quotes easy for consumers. Instead of visiting multiple insurer sites and going through the quoting process on each site, you can simply take advantage of a quoting engine’s services. This can save you significant time, because you can complete a single quote request and obtain rates from several insurance carriers. Depending on the type of life insurance coverage you want to buy, you might also receive quotes on several different policy types from each insurance company.

 

Typically, a quoting engine displays all of the coverage quotes on a single page, which allows you to find the most affordable rates for your desired coverage. Also, each quote links to a detailed policy description, so that you can make sure a policy offers the benefits and features to meet your needs.

 

Policy Maintenance

 

Many consumers assume that once they purchase life insurance coverage, they will not need to do anything but pay their premiums. In some cases, though, you might need to make adjustments to your policy after your application has been accepted. Depending on the type of coverage you buy, you might need to make changes as your circumstances change, such as:

 

·         ncreasing the amount of your premium paid into your cash value account;

·         Redistributing your cash value contributions across investment channels to maximize earnings;

·         Adjusting your death benefit amount; and;

·         Initiating cash value loans.

 

Online resources give policyholders the ability to make these adjustments from their homes and offices, instead of meeting with an agent. You can make policy changes quickly and conveniently, giving you more time to attend to other tasks.

 

In many cases, you can also make premium payments online instead of mailing a check to your agent or insurance carrier. In order to maximize convenience and ensure that your policy remains in force, you can even set up automatic payments that draft from your bank account or credit card on a specified day each month.

 

Of course, there are still policy changes that you might not be able to complete online. If you want to change a beneficiary, for example, you will need to submit a form signed by all affected parties to the insurance carrier. Still, online life insurance technology gives you greater flexibility to manage your policy without the hassles of scheduling an appointment with your insurance agent.

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