Digital life insurance isn’t coming soon—it’s here, and every day it becomes more and more accessible to the average consumer. If your financial institution hasn’t added it to your product portfolio yet, now is the time. Right now, digital insurance is able to provide consumers a fully underwritten product, often within minutes, and often at a lower price than traditional insurance. Here are four very good reasons why you need to offer this now.

  1. It earns time and money: Digital insurance is as fast as a guaranteed issued product with the affordability of a fully underwritten product.

 While traditional insurance requires an interview, a medical exam, and then several weeks of waiting, digital insurance side-steps those road blocks. When using the Franklin Madison solution, a consumer enters their general information, they’re assigned an overall risk-level, and then they (almost always) receive a bound policy quote. This policy can then be purchased on the spot. The product provided is at least comparative, and often cheaper, than traditional competitors. A process that has previously taken up to 15 weeks, can be condensed into 10 minutes.

  1. It removes awkward medical interviews: Digital insurance provides anonymity, reducing the odds of consumers lying, and increasing reliability and accuracy of consumer data.

No one is crazy about the idea of sharing their medical history with a complete stranger. But in the past, applying for insurance often involved a conversation of 30 minutes or longer, and being asked deeply personal questions. When given the option to apply for digital insurance, consumers can now answer those same personal questions behind the anonymity of a computer screen. The obvious upside for insurance companies assuming the risk is that they likely receive better data through more honest responses.

Data point: In one 2018 poll, 50% of responders said that they’d be more likely to buy life insurance if they can do it without the medical exam. 

  1. It answers the millennial dollar question: Digital insurance is practically made for them.

 Currently, the average digital insurance consumer is in their mid-40s. However, Millennials are quickly becoming the next generation interested in insurance, and the entire process of obtaining digital insurance is perfect for this screen-loving generation. As a whole, they are computer savvy and far more likely to apply for a product quickly and over the internet. Traditional insurance products do not provide the instant gratification of a fully underwritten and bound product, delivered practically immediately.

  1. It meets consumers where they’re comfortable—Digital insurance is bought at home, in pajamas.

 The not-so-secret key to success of companies like Amazon is the sheer convenience. Would you like a new toaster? A book? An extra cell phone charger? Any of those things are mere seconds from you being able to purchase them day or night. The same is now true for life insurance. You have the power to put the offer in their hands, right when they want it, preventing its purchase from becoming one more thing that keeps getting moved down the to-do list.

Franklin Madison’s digital insurance solution gives you access to an exceptional product that’s amazingly simple to offer to consumers. And you’ll also get marketing support from the proven leader in building consumer security through insurance products. Download our eBook, Transformation Next: Digital Life Insurance, on the power of the next digital disruptor to learn more.