Life insurance is a constantly evolving space that continues to grow as more seek out insurance as a means to protect themselves and their loved ones in the event that the unthinkable happens. As an insurance and retirement specialist with over two decades of experience helping individuals plan successful futures, Jeff Gurley of Goldsboro, NC recognizes that there are a lot of intricacies to insurance that a layman may not be aware of.
The past couple years have been an interesting time for the life insurance space, as the pandemic has had a lasting impact on offerings, specials, and consumer demand for coverage. Here, Jeff Gurley explores a few life insurance trends that consumers can expect to continue in 2022 and beyond.
Expansion of Digital Technologies
Digital solutions have been developing in the life insurance sector for quite some time, but the pandemic and the priority that it placed on innovative technologies has pushed the needle quickly. In Q2 of 2022 and the years that follow, insurers will continue to use digital technologies to streamline the process of accessing insurance products. For some companies, this will require investing in technologies that help make information on life insurance products quickly available, whether they be AI-enabled chatbots or portals for replies to common questions and requests.
Automation will continue to be a big driver for those seeking insurance as consumers prioritize convenience and simplicity in their life insurance offerings. While some may still prefer in person meetings, most have become accustomed to using their phones and computers to go through a streamlined, automated process to qualify for their policies.
Investments in Cyber Security and Consumer Protections
Across multiple industries, 2021 stood out for the increasing amount of cyberattacks and security breaches that threatened companies and their client lists. As we become more focused on digitization and invigorating our online platforms, naturally this will need to be paired with investment in protection measures to curb damage that hackers can cause.
Jeff Gurley of Goldsboro, NC recognizes that the savviest insurers in 2022 will take the appropriate steps to secure partnerships with cybersecurity experts to protect clients as they access digital resources for insurance solutions. Preventing breaches will remain paramount for insurers, however, our reliance on technology means that people should rethink their strategies for cybersecurity on an individual basis as well.
Data Paves Way for More Personalized Offerings
Digital technologies harnessed by insurance companies to address customer needs will also play an integral role in crafting more personalized offerings for consumers. Artificial intelligence and machine learning within digital platforms will help insurers paint complete pictures of their customers to address their needs for comprehensive solutions over time.
One of the benefits of utilizing consumer data to create complete personas is that customers have addressed a desire for more personalized experience during the insurance buying process. By refining the data acquisition process to provide innovative solutions for customers, insurers can improve customer satisfaction while expanding on their available turnkey solutions as well.
Growing Interest in Life Insurance Solutions Across Demographics
Jeff Gurley has spoken to how the average American has grown interested in becoming more knowledgeable on life insurance. One notable impact of the COVID pandemic is that it caused many people to consider their mortality and need to ensure that their loved ones are protected in the event of their passing. To this point, the pandemic has certainly fueled demand and has remained a major factor in increasing life insurance sales since 2020.
The sense of security that comprehensive insurance solutions can bring to families during the pandemic is expected to continue to fuel demand for the time being, but experts acknowledge that this will likely only be the case until the pandemic and its impact begins to wane.
Luckily for those currently seeking out insurance, term life insurance prices have remained largely stable despite the increase in demand due to COVID. This means that people who are considering making the move to secure coverage or expand their existing coverage still have time to explore their options and make the best choice possible for their needs.
Changing Consumer Demands for Insurance
In addition to spurring demand for life insurance solutions, the pandemic has also had a sustainable impact on the demands consumers have regarding their coverage options. One of the most popular changes has been the rise in no-medical-exam policies. After all, early in the pandemic, no-exam insurance meant that consumers could avoid close contact with others while undergoing the underwriting process much more quickly than with traditional methods.
To address the demand that consumers have upheld for no-exam options, many insurers have expanded access while pricing them competitively when compared to existing solutions that require a full health exam. The end result is that consumers seeking out this type of coverage can secure it quickly and in a streamlined fashion.
In a competitive landscape for insurance, consumers have spoken to a variety of other demands for their coverage as well. Consumers largely want coverage options that are streamlined and quick to secure, competitive in price, and fully address their ever-changing needs while they traverse life. These demands combine to make life insurance solutions even more personalized and innovative in 2022.
Final Thoughts
As we enter Q2, it is crucial for insurers to consider that they are taking all of the steps necessary to push innovation within their businesses while adapting to the rapidly evolving needs of their client base. While Jeff Gurley believes that the above trends will continue to shape the future of life insurance in 2022, he encourages insurers to consider what the future will mean for their institutions on an individual basis. Reason being trends will impact insurers at different rates and there is no one-size-fits-all solution for ensuring that clients’ needs are properly met.
Above all else, consumers want to feel as though they are respected and heard as they seek out solutions that are best for them. If your firm properly prioritizes personalization, access to resources, and digital solutions, customers will be able to find customized solutions that best fit their needs- and your firm will continue to see success in 2022 and beyond.
