Insurance Technology Featured Article

Traditional Life Insurance Makes Way for Online Alternatives

March 17, 2014

The Internet has begun to play a great role in our lives and consumers are turning to the Web for almost everything- right from online shopping, online education, online telehealth and now online insurance too. In fact, the traditional methods of buying insurance through brokers and agents seem to be on their way out, according to Eric Smith, founder of YourLifeSolution.com, advocating his online sales models.

YourLifeSolution.com offers term life insurance quotes and universal life insurance quotes online. Making a strong case for online life insurance, Smith has three reasons why he believes that his own insurance services are far superior to the traditional life insurance business models.

He cites speed of service and the ability to get more objective life insurance quotes from his insurance services. The quote engine on the bottom of the online company’s webpage takes about 30 seconds to provide the same information many traditional agents will take days to provide.

Besides saving money and time for both agents and consumers, Smith states that the YourLifeSolution is transparent in its dealings. It empowers the average consumer to use the same index of life insurance company rates that brokers use behind the scenes for their own clients.

"A single agent can do business in as many states as they please and can avoid the cost of shoe leather and gasoline," said Smith.

With thousands of Web pages on the Internet claiming to provide term life insurance quotes instantly, without actually delivering, YourLifeSolution claims to keep its promise of providing instant quotes sans the ensuing hassles of having to provide personal information.

Unlike the traditional methods of insurance purchase, there are no middle men (who may not give the best rates) involved in the online sales model and customers can buy life insurance directly from YourLifeSolution.

Last but not least, Smith argues from an environmental perspective and notes that “a lot of fuel, traffic smog, shipping and paper products that are consumed in the process of selling life insurance via a traditional model,” are largely eliminated when life insurance is bought and distributed through an online platform.

The online platform for insurance is starting to get competitive with many insurance companies preferring to display their wares online – in keeping with the ‘consumer spirit.’ Who will remain and who will go will be determined by what differentiators they have to offer.




Edited by Alisen Downey

Article comments powered by Disqus

Related Insurance Technology Articles

Leveraging M2M and IoT Services can Help Conventional Insurers Face Competition, says SAP Study

SAP SE stated that a recent study sponsored by it, revealed that long-standing insurance providers need to leverage and experiment with machine-to-machine and the Internet of Things and also invest more in customer-related technologies in order to gain a competitive advantage over non-insurance companies. [ Read More ]
10/21/2014

Vlocity Introduces Two New Cloud Apps Built on Salesforce1 Platform

Vlocity designs and creates industry-specific applications on the Salesforce1 platform to provide organizations with functional cloud in mobile software solutions that embed industry best practices and business processes. These applications take away all the hard work of integrating the latest technology and the processes an organization needs in one single app that can be deployed across different devices. With Vlocity, organizations are able to improve customer experience interactions across t… [ Read More ]
10/21/2014

Goji Compares and Customers Decide

When customers shop for auto insurance, the main goal is to save money and the key to saving is comparing. By comparing insurance quotes online, it's easier and quicker to assess rates from multiple carriers. Goji, the online insurance agency simplifies auto insurance with its newly launched insurance rate comparison estimator. [ Read More ]
10/08/2014

Estify Raises $1.5 Million to Integrate Insurance Estimates for Auto Body Repair

If you are involved in a car accident and asked to provide three estimates from body shops, the likelihood of getting the exact same amount is an improbability only theoretical mathematicians would be able to calculate. Auto body repair shops are notorious for the shady practices they carryout in providing their services, and the fact the Estify platform was born in the Wasatch Mountains of Utah probably underscores why this problem was not addressed in any other metropolitan city across America… [ Read More ]
10/06/2014
FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!