Technology Empowers Young Financial Professionals

Financial professionals often talk about their client demographics and think up new ways to target people from different age groups. The age range of the producers themselves, however, gets less attention. Now, with a new generation of financial professionals entering the insurance market, it’s important to think about how this demographic shift could affect consumer relations and professionals’ strategies.

The main point of interest for young financial professionals is technology that enables better connections with consumers and expedited selling. Young financial professionals may have an advantage over their older counterparts in this regard, as their interest in tech mirrors the interests of younger clients who will be crucial to producers’ future success.

With that in mind, financial professionals of all ages should embrace technological solutions to connect with clients. Even older consumers have come to expect some level of technology in their insurance research and purchase experience.

What tech offers

In a new survey conducted by LIMRA, the vast majority of young financial professionals revealed their reliance on technology. These producers’ tight relationships with technology leads to a more responsive client relationship.

When asked what tech offered their business, young financial professionals praised the always-on capabilities of new tech that made it easy to respond to client needs quickly and while on the move.

That doesn’t mean that traditional methods of communication have been completely replaced, however. In fact, face-to-face meetings remain incredibly important for producers, and about 75 percent of the survey group’s client interactions are still conducted in person.

Still, technology is a crucial part of the modern relationship between clients and producers. Financial professionals connect with about three-quarters of their clients over social media in addition to regularly engaging in-person. This allows financial professionals to forge consistent relationships with their clients regardless of physical distance, and makes it easy for clients to contact their financial professional with questions or concerns at any moment in the day.

shutterstock_125323913What consumers want

People expect this type of tech engagement from their financial professionals, and a failure to supply this consistent communication can put producers at a disadvantage. While it’s true that younger consumers may be more engaged with online platforms, even older consumers anticipate the steady communication that social media and other tech can provide. Insurance Journal pointed out that this consumer-centric approach allows producers to craft a brand that clients trust and rely on.

Regular interaction is particularly important for insurance sales because a client’s life insurance needs change over time. The inevitable shifts in a person’s priorities and financial goals necessitate regular policy reviews and steady adjustments to policy features. The ability to conduct these meetings without bringing a client into the office gives insurance providers unprecedented flexibility, and could result in more lasting client relationships.

Creating a compelling presence

Successful social media users focus on audience building, rather than direct sales. By creating a place where people can learn about products and insurance services, financial professionals can create a community that will eventually turn into sales, according to Agency Nation.

Consumers prefer to research insurance products online before purchase, according to Accenture. Financial professionals should ensure their content and information is available for people who are curious about insurance topics. If consumers begin to rely on a certain producer’s content, they will probably turn to that producer when they want to purchase insurance products. Financial professionals of all ages should focus on creating a welcoming online presence that builds a reputation for expertise and openness. Technology allows for better relationships with consumers over the long term.

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Highland Capital Brokerage

Highland Capital Brokerage

Highland Capital Brokerage is committed to developing client-focused relationships with financial advisors using our core competencies of life insurance, annuities, and long-term care. We distinguish ourselves by providing point-of-sale support, advanced marketing, and creative estate and business planning techniques.
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