For Life Insurers, A Scalable Approach to New Business

By: Ruth Fisk, VP Insurance Marketing at Smart Communications

The life insurance industry as a whole has been slow to adopt new technologies, but recently has had to place more of a focus – and investment – on digital-first customer experiences. The global pandemic forced many life insurers to condense multiyear digital transformation strategies into a short timeframe. The industry is now at an inflection point where they should refine and tweak the processes that were implemented quickly to ensure they are secure and built to scale, as well as identify new ways to innovate for the future.

Today, many customers not only expect a more fluid experience, but also the ability to purchase multiple products at once, including life insurance, long-term care coverage and/or disability coverage, for example.  With innovative products emerging to reflect shifting customer behaviors, there is no better time for life insurers to rethink processes surrounding new business.

The siloed technology stacks of the past lead to internal inefficiencies, compliance risks and an inconsistent, disjointed customer experience. However, every interaction an insurer has with a customer is an opportunity to shape the overall experience – and the multiple touchpoints throughout acquisition, onboarding and policy issuance must be automated and optimized.

In the infographic below, we provide life insurers with one view of all of the unique interactions that span across the entire new business process. We also highlight how a modern customer communications platform like the Smart Communications Conversation Cloud^TM enables life insurers to seamlessly work throughout the new business process.