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    Insurance | 2 min read

    It’s Official—Purchasing Life Insurance Has Gone Digital!

    We’ve been living through the digital transformation for years, but the COVID-19-related disruptions of 2020 really kicked it into overdrive. Millions of Americans had to adjust to working from home, learn how to navigate eLearning environments for their kids, figure out how to order groceries and food online, if they hadn’t before, and find new ways to interact with businesses digitally to perform daily tasks.

    As a result, even the most reluctant adopters of digital technology are now competently using video messaging platforms, mobile apps, and web services to communicate and transact business. Now more than ever, we expect to be able to access information, make decisions, and complete transactions with the click of a button.

    Digital quotes for life insurance have been around for a while, but now, online purchasing is more common, providing a convenient, modern approach to protecting your loved ones. In this blog post, we’ll discuss how digital accessibility is transforming the consumer acquisition process for life insurance.

    The Digital Quoting Experience

    In recent years, life insurance providers have been stepping up their game when it comes to implementing comprehensive digital communication and distribution strategies. This has resulted in an even greater rise in digital comparisons and quoting services, with a significant increase in the ability to complete the entire purchase online. A consumer may shop around for a quote, apply for a policy, receive an immediate decision through the use of data analytics and AI technology, and complete their purchase—often in minutes.

    How Has Insurtech Helped?

    One of the most significant factors that has made digital purchasing of life insurance widely accessible is the rise of “insurtech.” According to Investopedia, “Insurtech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model.” Insurtech capitalizes on technology innovations such as artificial intelligence (AI) and big data to drive efficiency within the insurance industry marketplace. 

    According to Forbes, “Insurtech companies are often great at generating quotes in terms of convenience, speed and accuracy. These companies work with insurers and can offer quotes based on basic information customers enter on their websites. Their use of AI often enables them to gather driving records and other data that may be valuable to carriers.”

    Replacing In-Person Medical Exams with AI & Data Analysis

    What does the use of AI and big data mean for consumers? For one thing, companies offering purchase opportunities for term life insurance can now do so without the standard in-person medical exam that has typically been required to get a life insurance policy.

    A medical exam traditionally helps an insurance company confirm your overall health. Now, underwriting engines can assess your health and determine your risk and eligibility within minutes using big data and technology. This means you can receive your actual insurance offer and purchase the coverage on the spot—all online.

    What Information Will I Need to Get an Online Offer for Term Life Insurance?

    Digital platforms simplify the application process for obtaining life insurance. You’ll just need the following information to get started:

    1. Basic identification information (name, email, Social Security Number, driver’s license number)

    2. Lifestyle information, including citizenship status, medical history, prescription medication information, and hobbies

    3. Beneficiary information

    4. Desired policy details (coverage amount and term length)

    No one wants to be left to figure out the details of settling their loved ones’ affairs immediately after losing them. If you spend a few minutes attending to these details now, everyone can enjoy the peace of mind that comes from knowing you're prepared.

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    Joan Cleveland, CLU, ChFC, REBC

    Joan Cleveland, CLU, ChFC, REBC leads SWBC Life Insurance Company as President and CEO. With more than 30 years of experience in the life insurance industry. She holds her Agent licenses for Life, Accident, Health Insurance, and has multiple FINRA securities Licenses. Joan is a frequent industry speaker and media spokesperson. She is a member of the Board of Directors of the Consumer Credit Insurance Association, the Texas Association of Life and Health Insurers, as well as the Life Insurers Council. In addition, she is chair of LIMRA’s Strategic Marketing Issues Committee.

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