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Starting this thread for a couple of reasons… as Forum vets see through BS instantly, I’ll readily admit that I’m looking for real-world feedback from agents in the field for an article I’m writing for our new print magazine – INSURANCE SELLING (premiering in April) – about how new technology is changing the life insurance distribution market. But I’m also hoping it will turn into an interesting thread providing some good perspective on where the life insurance market is heading in light of rapidly evolving technologies.
If you actively sell life insurance, please respond in this thread to (any or all of) the questions below, and know I might PM you about quoting you in the article with your name, company name and city/state. And if something you think is important to this topic isn’t covered in the questions, by all means please elaborate.
Thanks for your help!
-Brian
1. What are some of the ways new technology is changing the way you do your job right now? Do you think your job will look roughly the same in 5 years - or if not how do you think it will it be different?
2. Should it make agents nervous that so many tech startups or carriers are so aggressively trying to go direct to consumer, and cut the agent out of the picture? (Thinking mainly about online term life here – companies like MassMutual’s Haven Life, or Ladder, with its stated goal of “reinventing life insurance to be instant, simple and smart.”)
3. What are your thoughts about the way underwriting is evolving – like using big data, genetic testing or even photos to determine risk for life insurance, DI or LTCI? And do you think traditional medical underwriting will still exist in 10 years, or will it have been replaced almost entirely by automated underwriting?
4. What do you think of the prospect for a product like “microduration” life insurance – short-term coverage for when people do dangerous things like scuba diving, skydiving, travel to dangerous parts of the world, etc.?
5. Do you think Amazon or some other outside entity will soon enter and disrupt the life insurance market?
If you actively sell life insurance, please respond in this thread to (any or all of) the questions below, and know I might PM you about quoting you in the article with your name, company name and city/state. And if something you think is important to this topic isn’t covered in the questions, by all means please elaborate.
Thanks for your help!
-Brian
1. What are some of the ways new technology is changing the way you do your job right now? Do you think your job will look roughly the same in 5 years - or if not how do you think it will it be different?
2. Should it make agents nervous that so many tech startups or carriers are so aggressively trying to go direct to consumer, and cut the agent out of the picture? (Thinking mainly about online term life here – companies like MassMutual’s Haven Life, or Ladder, with its stated goal of “reinventing life insurance to be instant, simple and smart.”)
3. What are your thoughts about the way underwriting is evolving – like using big data, genetic testing or even photos to determine risk for life insurance, DI or LTCI? And do you think traditional medical underwriting will still exist in 10 years, or will it have been replaced almost entirely by automated underwriting?
4. What do you think of the prospect for a product like “microduration” life insurance – short-term coverage for when people do dangerous things like scuba diving, skydiving, travel to dangerous parts of the world, etc.?
5. Do you think Amazon or some other outside entity will soon enter and disrupt the life insurance market?