Justin Taurog looks at the technological tools providers are using
We all use technology every day to make our lives easier, anything from sat navs, to Google searches and well there’s pretty much an app for everything now. But what about our working lives?
Does the same apply here, are providers doing enough to make your day easier?
It’s not that long ago that you’d have to complete a paper fact find with your client, then go back to the office to run the quotes. Those quotes would be printed and added to the rest of the paper in their file.
Then you’d type and print the recommendation letter, and add that to the ever increasing file. Then a paper application, with wet signatures, would go in to the envelope and be at the mercy of Royal Mail.
So, what’s changed? Yes, you can now run through an electronic fact find that you can instantly save as a soft copy.
Quote systems that enable you to have instant, indicative pricing. If the client likes your recommendation, you can complete an electronic application in 10 minutes and have that client covered.
Or it can go into underwriting where the system will give you real time updates on its status. The end to end process can be very quick.
This method has been around for some time now and was always the bare minimum that our industry required – a quick, signature free, paperless, end to end process.
But what next? Have we settled for the bare minimum or is there more to come?
Clever use of technology by providers can make it much easier to for advisers to service clients.
From improved underwriting technology to presenting client opportunities in a simple, easy to administer format.
For example, VitalityLife recently launched a new and improved online Adviser Hub, featuring an updated dashboard layout that also helps you identify opportunities in your book of customers, and the ability to more easily create a tailored solution for your clients by making multiple quotes on a single application.
Altogether meaning you can be far more efficient and effective.
Why should it end there though? We all know life insurance is sold, not bought, so what about tools to help make the sales process simpler and easier.
These tools need to fit in with your sales process, so you don’t have to rely on a brochure or leaflet and lengthy explanation. There is even scope for tools that make it fun and engaging for clients.
Life insurance doesn’t have to be boring. Are you using all the tools you have at your disposal?
A lot of providers are really thinking about the sales process and the tools you need to make your life easier.
Providers are constantly creating and improving tools that are more engaging for you and your clients. They’re easy to use with simple and effective outputs, and removing the need for those difficult conversations.
Explaining CIC or SIC isn’t always easy and providers are recognising this. There have been a couple of good tools launched recently to help you explain to your clients how it works. Some even let your clients themselves explore all the features and benefits.
The list of calculators and interactive tools that are available is never ending. Providers are always looking for the next way to improve the way you do business.
Calculators and tools help as there is no longer a ‘one size fits all’ approach.
They’re online, fast and intelligent. They can help explain products, provide you with quick numbers and simplify the way you do business so that it isn’t overwhelming for the client.
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