The Future Of Life And Health Insurance
In the last few months, the spread of COVID-19 has changed the course of life for people across the country. Businesses have been forced to change their procedures and find alternative means of interacting with clients; the insurance business is no different.
The insurance industry, like many other industries, has become dependent on digital means. At Camlife Financial Corp, we believe that the introduction of these online options will not only help us grow our business but will also change the course of insurance from now on. To give you a clear idea of what we mean, we’ve listed three predictions about the industry and how they will impact our clients and us in time.
1. Technology will change the insurance industry
As we currently need to practice social distancing and limit public interactions, the insurance industry is becoming digitalized. More and more insurance companies will allow brokers to set up insurance policies for clients through online mediums. We expect this to streamline the process of getting insurance, making it more efficient than before. There will rarely be a need to meet face to face with a broker.
2. Medical exams will be required less often
When clients’ health records are available through their doctor, they will not need to get redundant tests done. As a result, the process of getting insurance will be faster. While this will be a positive change for clients, it will be bad for back-office staff who may lose their jobs due to automation. This includes underwriters and nurses.
3. Insurance advisors are not going anywhere but most meetings will now be held remotely
Although clients will be able to get their insurance online, advisors will still be engaged most of the time. The reason for this is because insurance is a complex product and advice is essential to make the most of it. Fortunately, clients will still be able to book appointments with their advisors, but rather than face to face meetings, they will choose to interact over Zoom calls. The best part about online appointments is that neither the advisors nor the clients have to commute to see each other.
There are more positive than negative changes for insurance clients. Rather than buying online with no advice, the trend is that consumers are becoming more and more informed via online resources and then engaging an advisor when ready. This bodes well for the consumer because it greatly increases transparency.
For more information on the trends in the insurance industry, reach out to the experts at Camlife Financial Corp. We are life and health insurance brokers in Vancouver, BC, and we aim to help you find your insurance coverage based on your needs and budget. We do not charge a fee for service but rather are compensated directly by the insurer.