How did you get into insurance?
I studied exercise science at university and became a strength coach/personal trainer after graduation. I was attracted to the field because I enjoy developing close relationships with my clients and supporting them as they reach their goals. Eventually, I got burned out: My passion for exercise became work.
Digital capabilities are growing in importance as the pace of business increases. Agents and brokers are looking to leverage digital capabilities as a potential competitive differentiator and to improve agency operations and customer experience.
Lots of insurers are talking about innovation, but not every insurer means the same thing when they use the term. You can have three people sitting around a table to discuss innovation, and it turns out all three of them expected an entirely different conversation. This is a good thing rather than a problem! It means there are many ways for an insurance company to be innovative in today’s market.
There are three primary topics insurers want to explore in the realm of innovation:
The ability to roll out new annuities products, pricing, and product changes rapidly in response to market conditions is vital for growing revenue and market share. Economic uncertainty from COVID-19 only increases the importance of launching new products rapidly. Addressing the needs and aspirations of potential consumers and producers that came of age in the 21st century will be critical for annuity writers; otherwise, they could lose those populations to more consumer-friendly financial services alternatives.