Life insurance is a relationship-driven business in more ways than you think. Aside from the obvious relationships – the ones between advisors and their clients – there are many additional layers of professional relationships that all play a role in helping a consumer get insurance coverage, whether that’s from a distributor managing relationships among carriers and advisors or an advisor leveraging their centers of influence.
Developing and maintaining good interpersonal relationships across all these different people takes consistent effort over long periods of time. That’s why the nature of selling and managing life insurance will always require human interaction; technology will never fully replace the job of a life insurance advisor. Rather, technology in the life insurance space exists to help folks connect and collaborate better. It’s there to help simplify and enhance, not complicate or overwhelm.
So how can the life insurance community better leverage technology to elevate the profession? And what are the benefits of embracing insurtech?
The best place to start is by considering the impact any given insurtech will have on your relationships. How will it help you nurture, attract, and grow your business in a field as vulnerable and personal as life insurance sales? Let’s take a closer look.
Technology as a means to better nurture your relationships with clients
Client demands are on the rise. Policyowners expect – and are entitled to – excellent service. They’ve entrusted you to help them secure their family’s financial future, and that’s not a duty one should take lightly. It’s critical to continue building and developing your relationship with your clients long after transacting the policy because they’re anticipating your guidance and counsel throughout the life of the contracts they’ve purchased.
Though it may seem daunting when you start considering all the logistics of when and how you’ll continue nurturing long-term relationships with all your current clients (while actively selling to new ones, too), you don’t have to do it alone. And you certainly don’t have to do it through endless hours of manual effort, either.
This is right where technology intersects with the human side of the business. There are solutions purpose-built to help simplify and streamline servicing activities. These solutions enable you to provide the excellent level of service your clients expect while continuing to scale your practice.
Let those insurtechs help you behind the scenes to free up your time so you can spend it where it matters most – fostering deeper and better relationships with your business’s most valuable assets – your clients.
Technology as a means to better attract new clients
In addition to making it easier to manage your current book of business, technology can help you write new business with new clients. Whether by way of referrals through your current happy client base or by positioning you as someone who can provide superior care, you’ll make a name for yourself as a trustworthy consultant for people who need to buy life insurance. The technology you put in place will be a critical differentiator for your business, and that demonstration of your dedication to value-added servicing will prove invaluable in your relationships with your centers of influence.
Technology as a means to better grow your practice
Nurturing your client relationships will help you attract and generate more business through referrals and well established differentiation.
What benefit does that offer to you?
Growth.
You can achieve growth without adding hours upon hours of tedious, manual work. With the help of the right technology, you can streamline and simplify most of the behind-the-scenes functions of your job and spend more time connecting and collaborating with the people you work with as well as the policyowners you serve.
Conclusion
No matter the specifics of the role you play in the sales, distribution, and management of life insurance, interpersonal relationships should be at the top of your priority list. And technology within the marketplace – like Proformex – serves to enable you to better nurture, attract, and grow those relationships and in turn, your business.
About Mike Pepe
Mike Pepe, the visionary founder and President of Proformex, has transformed his two decades of life insurance expertise into a pioneering SaaS platform dedicated to enhancing post-sale service for life insurance policies. Starting his career at Mass Mutual and later co-founding River Financial Group, Mike honed his focus on holistic financial planning, eventually leading to the creation of The TOLI Group to address the crucial need for insurance consulting and ongoing policy management. With a personal commitment to innovation, Mike developed the foundational software that evolved into Proformex.