Digital Insurance interviewed Brandon Ellison, co-founder and CEO of life insurtech company
The following responses have been lightly edited for clarity.
Quility Q&A: The state of digital in life insurance
November 21, 2023 6:04 AM
Describe the current state of the life insurance industry. What are the main pain points and challenges?
The life insurance industry is in a state of complete transition and growth. From marketing and customer relationship management (CRM) to underwriting, best-fit selection and delivery of product – almost every aspect of the industry is transforming in ways that benefit the clients, agents and carriers.
The challenges lie in how to modernize an incredibly antiquated system; one that has required digitization even before major technological advancements could take hold. So, in many ways, the pain points lie in all that we're aiming to improve: lead generation and client retention, speed and ease of process and accuracy and value of product-client matching.
The challenges lie in how to modernize an incredibly antiquated system; one that has required digitization even before major technological advancements could take hold. So, in many ways, the pain points lie in all that we're aiming to improve: lead generation and client retention, speed and ease of process and accuracy and value of product-client matching.
What did the experience of being an insurance agent teach you about the insurance industry’s business model?
As an agent, I quickly came to understand just how lucrative and rewarding a career in the insurance industry can be. The business model is scalable, and the product is recession proof. The hours are flexible, as is the work environment, the earning potential is essentially limitless and, day in day out, you're provided with opportunities to serve others.
That said, you've got to work this business to make this business work. Discipline and a strong work ethic are required, and staying active and connected are the keys to success.
That said, you've got to work this business to make this business work. Discipline and a strong work ethic are required, and staying active and connected are the keys to success.
What kinds of technology trends are we seeing in life insurance currently?
- A near complete shift from traditional lead generation tactics (including direct mail and telemarketing) to digital lead generation.
- More robust, data-driven CRMs that allow agents to initiate and maintain contact with clients in the ways that work best for them.
- Advancements in pre-underwriting and underwriting which improve speed and accuracy of product selection.
- AI support particularly in marketing and initial client outreach.
- More robust, data-driven CRMs that allow agents to initiate and maintain contact with clients in the ways that work best for them.
- Advancements in pre-underwriting and underwriting which improve speed and accuracy of product selection.
- AI support particularly in marketing and initial client outreach.
How can technology and innovation reshape the relationship between agents and their respective uplines?
Improved data leads to improved CRM which leads to greater agent success, satisfaction and retention. Technology and innovation support freedom and flexibility by condensing and consolidating time frames – allowing agents and their uplines to stay balanced in their pursuit of work, service to others and staying engaged in their own lives.
What should insurance leaders consider when planning to invest in digital transformation?
Buckle up, because there's going to be a lot of things you don't know. There's a high likelihood that you will think you understand your investment, direction and end goals, but all of this is subject to change as you move further down the track and gain better insights and understandings. There is a need to stay nimble and agile throughout the process.
What technology trends do you expect to see in the life insurance industry in 2024?
- More instant-issue underwritten products.
- Data-driven improvements when pairing customers with a carrier, product or solution set.
- Continued advancements and integration of AI, particularly when it comes to product selection and CRM.
- Greater consumer education around the affordability of life insurance, its array of living benefits and its place in financial security and retirement planning.
- Data-driven improvements when pairing customers with a carrier, product or solution set.
- Continued advancements and integration of AI, particularly when it comes to product selection and CRM.
- Greater consumer education around the affordability of life insurance, its array of living benefits and its place in financial security and retirement planning.
Is there anything else you would like to add?
Over the past few years, there's been an underestimation of the importance of the role of the insurance agent, while in reality, their role is more important than ever. Moving forward, it's going to be difficult to survive solely as an insurtech, without distribution, and vice versa. Distribution needs to lean into tech, tech needs to lean into distribution, everyone needs to lean into partnership with the carriers and this entire effort needs to be supported by top-notch marketing tactics. Companies that understand the symbiotic nature of this industry will thrive.