Summary: Life insurance is hard to sell and has remained unchanged for the longest time but new startups are trying to find ways to modernize the intimidating process and make it more appealing to customers. However, these startups first have to tackle some problems.
First, the application process in inconvenient and complicated, and most customers are uncertain about what they need. Second, customer loyalty is low, and there is limited contact between insurer and consumer. Finally, data management and processing is outdated and insufficient.
The slowing sales and record low policy ownership show that the need for modernization is dire. Innovation is hard but not impossible and startups ae emerging with new technologies and process improvements.
Link: https://www.businessinsider.com/report-the-future-of-life-insurance-b-2018-9
Business and Management 11-C 