Investment Executive | Insurers urged to embrace technology
As clients increasingly adopt mobile technology, they’re expecting insurers to do the same
Insurance companies should be investing in new technologies in order to improve the efficiency of the sales process for advisors, tap into new sales opportunities and keep up with changing consumer expectations, industry experts said on Thursday.
At Toronto-based Canadian Life Insurance Standards Association’s (CLIEDIS) annual seminar in Mississauga, Ont., Michael Williams, president of the Canadian Association of Independent Life Brokerage Agencies (CAILBA) and partner at BridgeForce Financial Group, called on industry members to embrace technology in their businesses.
“We all need to find more efficient and effective ways to run our business,” he said.
In particular, Williams is urging insurance companies to develop what he calls “smart electronic risk applications” – electronic life insurance applications to replace the antiquated paper-based applications that still prevail in the industry. This technology would allow advisors to submit insurance applications to both to managing general agencies (MGAs) and carriers using their tablets and smartphones directly from client meetings, making the process significantly faster and easier, according to Williams.