The life insurance industry is evolving. Technological advancements play a huge role in influencing life insurance trends. Here, we will list and explain the top life insurance trends for 2018.
Use of cloud for information collection
One of the life insurance trends for 2018 is the use of cloud for information storage and collection. The cloud is an online storage space where you can keep documents. One problem when applying for life insurance is the tedious process of supplying documents and information. The use of the cloud will make it easier to transfer information to your insurance provider. However, it is important to note that there is a risk of information theft.
Provision of service online
In this digital age, a lot of services are now available online. One life insurance trend that will become even more popular is the provision of life insurance services online. Life insurance providers will also take advantage of the growth in internet use to expand their reach to people.
Creation of different ways of contacting life insurance providers
Life insurance providers will follow the trends such as social media interaction. Similarly, mobile applications will also be used to keep in touch with clients and reach new people.
Use of automated underwriting
One life insurance trend to watch out for in 2018 is the use of automated underwriting for easier risk assessment. The client’s information and social media are used to track life changes and automatically update client information. This way, the insurance provider can consequently advise their clients on any policy changes.
Use of blockchain
Lastly, it is likely that blockchain will be a trend for life insurance providers in 2018. Blockchain is digital record keeping. The use of blockchain by life insurance agencies means the elimination of fraudulent activities. It will make retrieval of information easy as well. Blockchain will also make the process of making life insurance claims faster.