INSURANCE
“ Educating yourself of the different products out there when it comes to life insurance policies is always a good first step ”
INEZ COOPER WILLIAM RUSSELL
“ In particular , younger earners are wising up to the benefits of having protection policies in place .”
Legacy life insurance services But still much needs to be done to make the space more appealing to younger customers . Incumbent life insurance companies are still offering products that are too complicated to apply for , and not flexible enough to suit the needs of young customers .
“ When it comes to life insurance , many of the traditional products are still extremely complex , designed to be sold through advisers face-to-face - a service most people don ’ t have access to anyway , let alone during a global pandemic ,” says Vanek . He believes mobile services that provide easy , instant and comprehensive cover that can be tailored to customers , is the only way to bring the sector into the modern era .
“ Providers have had to adapt to survive and sought out services like integrating digital services to help them cater to their customers and keep them ahead of the curve .” He adds , “ While we ’ re not expecting a full move to automation in the future , over the pandemic many providers have started looking for a hybrid approach , one that allows them to go digital without losing the human element that is still at the heart of the insurance industry , something we expect to continue into the future .”
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