Selling Insurance: Then and Now
Published April 12, 2015 11:57 PM
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Updated May 19, 2015 6:17 PM
1 Min Read
Insurers are working hard to shorten the application process in hopes that a better experience will boost customer acquisition. Here's some of the key areas that have changed in the past several years For more, see How Big Data Helps MetLife and Lincoln Financial Sell Insurance All photos: Fotolia
THEN
Producers and agents took prospects through a long paper application.
NOW
Customers demand a faster and easier experience, digitally enabled, either via self-service or in an agents office.
THEN
Underwriting was a tense, clinical process for life, and tedious for P&C.
NOW
Big data makes underwriting a snap with third-party data sources available.
THEN
Feedback came from a phone call or postal letter, limiting customer interactions.
NOW
Social media and e-mail allow instant feedback - and reaction to the feedback.