Collective member Mr. Shillingford sent in a good insurance "what if" story this week that had caught his eye - what if Google and Amazon offer one-click life insurance? The future might be closer than you think!
The life insurance industry has been steadily in transition for years now. Over time, the industry has been relying on legacy systems and there have been very few changes in the distribution. Add to that a significant lack of new products, and we have an industry moving at a snail’s pace. In comparison, other industries have been able to transform their business model completely especially in terms of using the digital world. One does not need to look far to experience this transformation. Amazon, the world’s largest online retailer has altered the world of retailing whereas Quicken Loans, the largest online retail mortgage lender has redefined the home mortgage industry. Innovation is the norm these days, and companies actively pursuing it may channel their way into life insurance marketing soon. For now what seems like a possibility can become a reality in the future. In the near future, about five to 10 years from now, we might get to hear strange news.