Deliver value and peace of mind through digital transformation

By Kimberly Duke, CMO and SVP of Growth at LIDP

As a child, I was under the impression that by 2024, we would have all the answers for curing nearly every terminal disease.

We would live in a world where everything we needed was available at the snap of our fingers, we’d have flying cars, and we’d live vastly different lives because of a huge technology revolution. However, here we are — no flying cars and few cures for terminal disease.

So, what does that have to do with life insurance? Not much, but despite not being able to jump into a hovering car at my door, there has been tremendous technological change over the last few decades.

As leaders in the life insurance space, we have the power to harness this change to shape the future of the industry — and with imagination we can plan above and beyond our consumers’ needs.

Our products and services are integral to carrier’s financial security. Carriers focused on developing an ecosystem that addresses the complete life cycle of buying, maintaining and claiming a policy, while providing easy-to-understand products will be clear winners in the future. Not only should it be easier to understand and buy life insurance, but there also needs to be touch points along the way, with a claims process that is simple and transparent.

It’s no easy task to completely transform the cumbersome technology and processes of the past. To do so, carriers need modern technology at the core of their operations, an ecosystem of insuretechs, and a mindset of innovation where the consumer comes first.

Carriers must embrace modern technology and digitize their operations, keeping the end consumer in mind in the entire process. When selecting a modern core system, flexibility and scalability is key to allow for rapid change and future growth.

Read the full article at insurancenewsnet.com