Reaching Today’s Consumer Through Digital Distribution

From left: Holly Reinen, Technology Lead, RGAx; Chase Huey, Manager, Digital Ventures, RGAx; Julianne Callaway, Strategic Research Actuary, Global Research and Data Analytics; Steve Helfer, Execution Manager, RGAx.

As it has in almost every other industry, digital technology is disrupting the traditional insurance distribution process. Today’s consumers, particularly the younger generations, expect to initiate and complete purchases entirely online. Although channels including agents, brokers, and banks continue to dominate sales for now, insurers are increasingly turning to the internet and mobile devices to carry out the sales process – from marketing to policy issuance.

The need for carriers to adapt their business models and explore digital distribution channels is clear. In the U.S., for example, the average age of a life insurance agent is close to 60, and many of these agents are struggling to reach consumers 18-45, prime ages to purchase life insurance. Meanwhile, the internet is already fundamentally re-shaping consumer behavior as insurance customers look online to research products, seek advice, obtain quotes, make purchases, and receive ongoing support.

RGAx is developing forward-looking solutions in multiple markets to help clients meet growing demand for web-based life insurance services. In 2016, RGAx Americas launched My Life Covered™, a digital distribution initiative. Initially focused on high-intensity fitness advocates, the platform is designed to serve multiple affinity groups moving forward. By targeting specific demographics, the marketing efforts, content, user interface, and insurance products can be customized for those segments to improve the consumer experience.