Customers increasingly expect their brokers (and insurers) to offer powerful digital capabilities. Technology already exists across multiple spectrums in financial services and is changing the customer experience beyond recognition and the insurance industry is now no stranger to this trend.
Online tools are now making it more convenient for advisers and clients to complete applications. Increasingly, providers offer systems allowing intermediaries to hand over parts of their application to the customer, giving clients the opportunity to complete more confidential health questions in their own time. Previously applicants would have to answer these very personal questions in front of their partner or another family member.
Research by Legal & General has found that 63% of women and 71% of men who did not have life insurance said their partner lacked it as well. Despite this, over half of parents without life insurance were unsure whether their family could afford mortgage or rental repayments should they die.
Consumers are aware of the financial pressures that their early death could bring to their loved ones, but in many cases having a discussion about protection can still be difficult. For many intermediaries, this often lies with getting a client to discuss their protection needs after a lengthy mortgage application.
Buying a home is often a great opportunity for advisers to hammer home the importance of protection. After all, would your client’s family be able to keep up mortgage repayments if they were to die prematurely?
Despite this, intermediaries are often left with little chance to talk about critical illness or life insurance at the end of a long-winded mortgage application, but this is exactly where technology can help.
Technology is the key, helping to create a more convenient application process that gives advisers more time to discuss protection with their clients, and customers the chance to complete applications at their convenience. That means more time for intermediaries to talk to more clients about protection and provide the advice that is so valuable to consumers.