Insurance Modernized: This isn’t Your Parents Policy

Modern technologyThe living benefits that come with a Permanent policy aren’t anything new, they just haven’t seen the same exposure as pension plans, 401K’s and other such savings and retirement vehicles of generations past. However, this is changing as insurance grows to be more modernized.

As technology evolves, each industry must keep pace with it. E-commerce and social media infiltrate nearly every part of our lives, that it’s practically unheard of for a business to not have an online presence.

Life insurance is no exception to this new way of everyday life. Much has evolved in the industry of life insurance. From how agents connect with their policy holders to how policies are purchased; the Insurance industry at Paradigm Life has been thoroughly modernized.

From Door to Door to ‘Do it yourself’

At one time, the primary role of a Life insurance agent was to make door to door visits to each policy holder (and potential policy holders) on a weekly basis. Whether it was to collect a premium or to make policy changes; it was ritual to provide an in-person visit to the home of each policy holder.

Much has changed, and while there are still small factions of agents who may still operate at the door to door level, it is no longer the required, nor often the preferred method of contact.

Recent statistics provided that in 1996 80% of policy holders preferred face to face interaction with their life insurance agent. In 2011 this percentage drop to 64%, and as recent as 2013, only 50% of policy holders preferred face to face interaction with an insurance agent (lifehealthpro.com).

With the internet providing a plethora of information, many policy holders and potential customers prefer to do initial research on their own before actually sitting down with an agent.

As with any major life purchase, additional research is important. However, and despite modern technology available, it still becomes important to interface with a professional agent on some level. What makes this easier in today’s climate is that this can be done from the comfort of your own home.

Modern Trends and Techniques

Internet and social media has fostered a new generation of marketing models. The insurance agent has had to adapt with the new way information is delivered and received.

A 2013 study provided that 85% of people polled said that they would use the internet in some way to purchase a life insurance policy. This leaves agents adapting to the requirements of the mobile user (lifehealthpro.com).

The insurance industry has done quite well in acclimating to the modern world of technology: specifically us at Paradigm Life. Our agents are able to analyze comparable data for policy holders at a faster rate.

One of our primary goals at Paradigm Life is to inform and education our clients (and potential clients) how to grow to be successful financially as well as how to plan for and enjoy a financially sound retirement.

We have fully incorporated the way our industry has been modernized. Allowing us to provide invaluable and up to date financial education to the masses. We feel that a well-informed client aides the purchasing process.

How Does this Ultimately Benefit You?

The modern policy holder ultimately benefits from the way the insurance industry has had to modernize itself in order to keep up with these new technical times.

Because the internet has allowed for so many individuals to be easily self-taught, we at Paradigm Life understand that it is also necessary to provide pertinent online education. Actually, educating individuals on how Whole Life Insurance can benefit your personal economy is our number one priority. For this reason, we have made our premier eLearning platform called Infinite 101 free for anyone interested in growing their financial literacy.

In short, Infinite 101 takes an individual through diverse courses on retirement, the stock market, real estate investing, life insurance, and more. We also have an excellent Resources Page where anyone can access instant information about life insurance and the economy.

Many of us grew up with the familiar lingo of Pensions and we may even have invested in a 401K. But what many of us may not yet realize is that both are rather “old school” when it comes to properly growing personal wealth and preparing for a successful retirement.

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