Life/risk advisers can continue to be an integral part of the insurance sales equation as insurers increasingly move towards digital platforms, according to a new white paper issued by ANZ.
The whitepaper, while outlining the difficulties and challenges being encountered by the life insurance industry, has pointed to advisers continuing to be an essential part of ensuring consumers are adequately informed.
The whitepaper pointed to the willingness of millennials to receive financial advice on digital platforms and suggested this might represent a clear opening for financial advisers.
“…Millennials are accustomed to making complicated transactions online and are willing to exchange personal data for better-designed products. They’re also keen to access financial services information, but aren’t sure who to trust or where to find it,” the whitepaper said. “In fact, recent research from Telstra found that 67 per cent of all millennials and 70 per cent of affluent millennials prefer to receive financial advice on digital platforms.”
“This could be a clear opening for financial advisers, who can address the lack of certainty among millennials by offering services through the channels that appeal to them,” the whitepaper said. “By meeting millennials on their terms, digitally savvy financial advisers can expand their market and be an effective intermediary for insurers to this generation.”
It said that this suggested that product providers could best appeal to millennials by leading with a tailored online experience, supported by personal interactions in instances where an adviser could add extra value.
“The resulting step change in digital capabilities has the potential to benefit all insurance customers, no matter which generation they belong to,” the whitepaper said.
