Transforming Term Life: The Role of Digital Innovation in Insurance Quoting and Submissions

Term Life Blog Post Image

In the age of instant gratification, term life insurance has lagged in delivering swift service responses. The traditional methods of quoting insurance involve cumbersome paperwork, long waiting periods for underwriting decisions, and a general lack of transparency. 

As rates have gone down over the last 20 years, so have commissions. Want to make a profit in term life insurance? You need to either increase policy sizes or decrease your workload. 

But why shouldn’t quoting and selling term life insurance be easier? It’s time to redefine the industry standards for efficiency and customer satisfaction. 

Reducing Complexity and Time

The process of obtaining a quote for term life insurance should be straightforward and fast. The best digital platforms make it possible to not only quickly quote life insurance online, but also submit the application. From quote to submit in just five minutes. This efficiency is essential not only for enhancing the customer experience but also for improving the productivity of your advisors. 

Improving Accuracy and Accessibility

Digitizing the quoting process reduces the risk of human error associated with manual data entry and paperwork. Streamlined, automated processes ensure that the information is accurate and accessible in real-time. This level of precision and accessibility aids advisors in providing better service to the clients, which in turn enhances trust and reliability. 

Enhancing Client Satisfaction with Speed

One of the primary frustrations for consumers in the traditional term life insurance market is the slow turnaround times—from initial quote to policy issuance. Some digital term life insurance platforms address this by offering accelerated underwriting decisions for healthier clients in days instead of weeks. No need for medical exams, blood tests, or medical records. This not only speeds up the process but also removes barriers that often discourage potential clients. 

Leveraging Real-Time Updates and Communications

The ability to track case status in real time across all carriers on a single platform is another reason why life insurance quoting should be easier. What if you could get this transparency in your term life insurance sales platform? Some platforms offer this transparency today. Advisors and clients can see the progress without unnecessary delays or the need for multiple follow-ups. Further, some platforms simplify communication by allowing advisors to send quotes directly to clients via text or email. 

The Necessity of Easier Life Insurance Quoting

Making the sales process for term life insurance easier is not just a convenience—it’s a necessity in today’s digital world. It’s time to transform the industry and align with the expectations of modern consumers who value speed, accuracy, and transparency.

Need more info?

We’d love to chat more about how are solutions can help