It’s something that has slowly infiltrated almost every industry and proven it’s here to stay. It’s digital technology, specifically digital strategy. Although the insurance industry may have been slower than others to adapt to the influx of digital technology the fact is that we, as an industry, have to embrace migrating to digital.
Over the years, I’ve come to notice that we can lose sight of the far-reaching impact of what we do. Based on interactions I’ve had with many people, both industry insiders and the general public, there’s a common tendency to undervalue the importance of the life and health insurance industry to Canadians, our economy, and quality of life. We often overlook the fact that it can make or break the outcome of any given situation. Even those of us who work “in the business” are not immune to this mentality. At times, I’ve felt the need to defend our field, which says to me we may not be doing a good enough job at disseminating our message.
Here are a few key points that, as advisors and industry employees, we can keep in mind when working with clients. Sometimes all professionals in our field may need a little reminding of the scope and impact of the passionate work we do as part of the life and health insurance workforce (or at the very least, to remind us of our bragging rights).
If you’re an insurance advisor, the picture I’m about to paint may seem all-too-familiar to you. It’s the middle of summer, your clients and prospects are on vacation, and you find your work days getting shorter and moving slower. Before you throw your hands in the air and book a trip to Riviera Maya, know that there are advisors in the alternate camp, those who see summer as a great time to write business, develop future sales, review their annual plan, brush up their skills or catch up on all the industry change. Read these tips on how you can make the most of the dog days of summer, and you may just reconsider what your summer activities look like.
I’m going to start this article with a full disclosure – I am a young millennial who has recently found myself working in insurance. And in this industry where I’ve been frequently told that the average age of a Canadian insurance advisor is 62 and steadily growing, I have come to quickly realize that people from my generation are largely outnumbered here.
Today, many organizations strive for efficiencies, real time responses and focus on making things fast and simple for users. Translation: more and more industries embrace technology and process automation.
The insurance industry has started to incorporate more technology solutions into various segments. There are client facing insurance tools, electronic applications, quoting services and aggregation of data as it relates to insurance customers.
As APEXA continues to gear up for our system launch, by now you’ve likely learned about the APEXA system and how we’ll be changing an industry. APEXA is a web-based portal for advisors, MGAs and Carriers, and is the trusted solution for the Canadian life insurance industry, to elevate and standardize the processes of contracting, screening, monitoring, and Advisor compliance.
Earlier this week I took part in APEXA’s official training days whereby the business leads, and soon to be expert users of APEXA, got to use the system, familiarize themselves with all its capabilities, and practice what it would be like to officially onboard advisors once the system is launched and fully up and running.
While I was logged in to APEXA (or simply connected), it got me thinking about the new age of life licensed advisors and what that landscape would look like. APEXA really is a game changer for our industry, one that I’m really grateful to be involved in. We’re leading the way for life advisor contracting and screening by 1 - making it fully digital and 2 - connecting everyone in an industry that previously operated in silos.
When APEXA launches, it will have been a work in progress for almost three and a half years. Since the beginning, APEXA has been a collaborative exercise, starting with an idea shared amongst MGAs and then quickly supported by Carriers. It’s hard to believe that after three and a half years, we are so very close to go live.
One of APEXA’s core goals for 2016 is to simplify processes for advisors. APEXA collaboration is at the center of how we operate. Be it with advisors, insurance carriers, MGAs or provincial regulators, we are all working together to achieve one simple goal: to keep all those in the Canadian life insurance industry, Simply Connected.
APEXA began in 2012 as a conceptual framework for streamlining and standardizing the contracting and compliance functions for Canadian Life and Health Insurance Advisors. Through the commitment of a group of MGA’s and Carriers, APEXA has grown from concept to a solution and now we are launching an industry-wide platform for the Canadian Life Insurance Industry.