Despite progress, the insurance industry still struggles with inefficiencies that costs millions each year. Fully embracing digital transformation is no longer optional. It’s the key to thriving in a rapidly evolving marketplace. Three trends in the industry will help drive us closer to a brighter, fully digital future in 2025 and beyond.
- Activity Case Status Improves
IRI research has shown that the number one frustration among financial professionals selling annuities is the lack of up-to-date, easy-to-understand transparency in the status of submitted annuity business. The industry will begin to implement the activity status API standards created by an IRI committee made up of carriers, distributors and vendors as part of their Digital First initiative. This real-time status is an important first step toward making the sales experience easy and fully digital.
- NIGO Prevention Continues to Be a Priority
Insurance carriers fight a costly battle against application errors. These not-in-good-order applications create expensive delays for everyone. Each error disrupts workflows, increases costs, and frustrates customers waiting for their policies.
In 2025, carriers will continue to look for ways to reduce their NIGO rates. Like integrating real-time can-sell checks into the digital sales process through DTCC’s Producer Authorization. Instead of waiting for a manual check to confirm credentials, the advisor gets an instant status update. So, they can tackle any issues proactively before submitting the business. Standardized processes like validating licensing and appointment check will go a long way toward eliminating NIGOs.
- Sales Processes Become Connected and Fully Digital
Life and annuity sales broke records in 2023. Life insurance premiums topped $15 billion. Strong annuity sales continued into this year. But, the boom from COVID-19 life insurance sales and high-rate savings products won’t last. A disjointed sales process won’t support long-term growth goals. Carriers will be moving more to sales automation platforms that allow for a fully digital and connected pr It will speed up sales, improve pricing and provide a better experience, which will help carriers compete.
Today’s Insurance Buyers
Younger consumers are driving life application growth. This tech-savvy generation expect personalized, instant service and the ability to complete transactions when and where they want. Meeting these demands requires innovation at every step of the sales process.
Hexure helps carriers meet these consumer expectations and sell more by…
- Making sales digital from start to finish. Hexure turns a paper sales process into a fully digital, connected workflow.
- Reducing errors for more in-good-order sales. Our rules-based engine helps catch errors before submission, so they don’t slow down sales and you get more in-good-order business.
- Expanding market reach. Effectively connect with more distribution channels and enter new markets. Deliver products where advisors do business.
Ready for 2025
In 2025, the insurance industry can redefine its future by embracing digital innovation, reducing inefficiencies, and delivering a connected, consumer-focused sales experience. Carriers who embrace these trends can meet the demands of modern consumers while driving sustainable growth. Those who delay risk falling behind as consumers expect faster service and fewer errors. Hexure is proud to partner with carriers to turn these dreams into reality−because the future isn’t just digital. It’s here, and it’s thriving.
Ready to embrace the digital future? Contact us today for a consultation and discover how we can help you achieve a fully digital, connected sales process.
