The human desire to protect those we love is nothing new, and neither is the concept of life insurance. In fact, the bare basics – the way we apply and qualify for insurance coverage – hasn’t changed very much in the 150 years since the concept of life insurance was first popularized. Today, modern technology has made certain aspects of claims adjustment and underwriting much easier and faster for carriers, but consumers still face challenges that can put them off from getting the coverage they and their families need.
Purchasing life insurance is exponentially faster, but applying and qualifying for coverage remains time-consuming, as does policy underwriting. The looming specter of getting the medical tests required to qualify for certain policies has long been a reason for people who may benefit most from life insurance to avoid or delay buying it.
There’s also the issue of immediacy: In today’s climate of instant gratification and the industry-agnostic promise of rapid and satisfying customer experiences, answering seemingly endless questions and waiting for weeks to learn if a carrier will cover a customer – and do so at the best possible rate – is rarely acceptable.
For insurers, keeping potential policyholders from dropping out of the sales cycle is a constant battle they’ve been working to alleviate for decades. There’s still plenty of dissatisfaction on both the carrier and end consumer sides to go around.
This story is from the June 2023 edition of The BOSS Magazine.
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This story is from the June 2023 edition of The BOSS Magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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