In Lyons’ view, advisers are ready to make the shift from the traditional paper-based world of life insurance to the digital world.
Opal carried out some research into the appetite amongst protection advisers for digital versus paper-based administration processes. It found that 95 per cent are going paperless.
Lyons concludes: “The protection industry will adopt digital if the right tools are available.”
“It takes advisers 50 per cent less time to process an online application versus a paper application, so digital saves significant time,” he adds.
“It’s important that advisers and networks are engaged in the design of these processes early, as opposed to after the fact. It’s not until you use it that you can assess whether it works.
“Insurance companies and banks that talk and listen early will achieve the best outcomes with regards to digital processes.”
Kevin Carr is managing director and Suzanne Clarkson is associate consultant at Carr Consulting and Communications
