Please take a few minutes to go on a quick journey with me. I want you to think back to the first vehicle you owned. For many, that was one of the best times of their life. You were a young 16-year-old with the whole world in front of you. Times were simple. Even though your first vehicle was a gas-guzzling stick shift with windows you had to roll down by hand, and the glove box only opened when you smacked it just right, you loved that car. That car was the best thing to happen to you.
Back then, we did not know what future technology our world had in store for us. We were just happy to be on four wheels.
Fast forward to today.
Now you are behind the wheel of your brand new, top-of-the-line electric car that looks like a spaceship, is charged by your solar-powered home, everything functions on voice command, and drives itself to work. At 16 you would have done anything for a spaceship like this. We had no idea what technology had in store back then but we kept evolving along with it and, by doing so, those new technologies have greatly improved our lives.
What if your insurance business was your vehicle? Are you still cranking your windows down like when you were 16 without AC, or are you rolling around in an advanced car that takes the work out of driving and makes your life easier? If it has been a while since you looked around to see what is on the market, it might be time to schedule a test drive and see what you are missing out on.
With a unique proprietary technology offered through a limited distribution by our firm, you can upgrade your business and open the door for opportunities you would not have had with outdated business models and strategies. This one-of-a-kind technology can market, educate, and enroll your clients or prospects into a hybrid premium finance product using indexed universal life insurance.
Rather than cover the inner workings of a specific product, rates, or regulations, we will cover how this new technology and service enhancement can put the power into the hands of your clients like never before. You may have thought that the first vehicle you had when you were 16 was great, but now that you are driving the number one electric car, you understand that our lives can be exponentially better with the right technology.
In the next few decades, your aging clients will transfer over $84 trillion of wealth to the next generation. The purchasing habits of your prospects and customers have changed. Millennials are becoming the most successful generation of their age. #social #media is omnipresent. DIY culture is becoming more popular with advancing technologies allowing for increased independence. Is your practice evolving, or are you getting left behind while the industry evolves without you?
In the ever-changing landscape of the insurance industry, one sector that has witnessed remarkable transformation is premium finance life insurance. The catalyst behind this evolution? Technology. These key points profoundly impact the role of premium finance in the life insurance industry and create tremendous opportunities for financial professionals such as yourself.
- Enhanced Customer Engagement
In the digital age, customers are more informed and demanding than ever. The accessibility of information has empowered them to make informed decisions about their insurance needs. Technology has enabled insurers to have more personalized and engaging interactions with their customers. For financial professionals, this means leveraging customer data analytics to tailor plans that align with individual needs, thus improving client retention and satisfaction while increasing sales.
The proprietary technology mentioned allows your prospects or clients to create usernames and passwords for your unique premium finance ecosystem. In this ecosystem, they can access a library of videos with topics ranging from index universal life insurance product knowledge to how we use leveraging to accomplish financial success. - Streamlined Underwriting Processes
As most readers likely know, the old underwriting in the life insurance industry was a time-consuming and paper-intensive process. However, incorporating big data, such as artificial intelligence (AI) and machine learning contributes to underwriting becoming more efficient and accurate. These tools analyze large amounts of data, making it easier for insurance companies to assess risks, determine premiums, and expedite policy issuance to days, not weeks.
Imagine administering an entire premium finance plan from one central online space without bringing in multiple parties like banks, attorneys, or trust companies to slow down your process. The premium finance plans of old sometimes took six to nine months to administer, but now we can accomplish everything in as little as 30 days using this new technology. - Digital Distribution Channels
The DIY culture and the rise of digital platforms have revolutionized the distribution of insurance products. Online platforms and mobile apps have made it convenient for customers to research, compare, and purchase policies with just a few clicks. Most financial professionals embrace digital marketing strategies for reaching a broader audience and streamlining policy sales.
Social media has been a new catalyst for change in the insurance industry. Not all of this change has been good. Prospects and clients are ingesting information from online influencers, and most of these influencers are inexperienced and causing harm to the industry. That is why it is more important now than ever to control the narrative, and the new technology in discussion does just that. The last thing we want is for someone to Google a topic to “research on their own.” Especially premium finance. Therefore, the more quality-controlled information we put in front of our clients, the better.
The premium finance side of the life insurance industry is on the cusp of a technological revolution. For insurance agents, this presents both challenges and opportunities. Embracing technology can streamline operations, enhance customer engagement, and increase sales and profitability. Adapting to these changes proactively and staying updated with the latest advancements to remain competitive in this dynamic industry is critical.
As financial professionals, your role in this transformation is pivotal. By harnessing the power of technology to serve your clients better, you cannot just thrive in this evolving landscape but also contribute to the growth and prosperity of the whole industry.
