2022 was a wild year (aren’t they all now?). From launching enterprise partnerships to winning some impressive awards, we’ve been busy. Our teams were in full sprint mode to end the year strong with product launches, policyholder service upgrades, and a few moments of holiday fun in between. If you’d like more information on any of the content in this article, please email me at [email protected].
The 2023 Life Insurance Trend Report
Our founder and CEO Melbourne O’Banion was recently interviewed by Life Annuity Specialist about his 2023 predictions. You can read the entire article here or take a sneak peek at his top predictions below. If you need to modernize your technology to get ready for the future of insurance, reach out - we might just have the right solution for you.
Prediction 1: There will be an increase in no-med policies, particularly under certain levels of coverage, as the traditional carriers adopt the technology that has allowed the startups to disrupt the space. The accurate predictive nature of affordable data continues to increase. And this opportunity to expedite more customers through the process will increase binds and decrease costs for traditional carriers.
Prediction 2: An increasing number of traditional carriers will outsource tech builds. Not because they can’t build the solutions in house, but rather to focus their resources in higher-yield areas of the business. As they evaluate whether to build or buy, many will pull the trigger in 2023 to find a tech partner who can move swiftly and work seamlessly with their own tech teams.
Prediction 3: Between the threat of recession, increasing inflation, and rolling RIFs, consumers are going to scrutinize recurring expenses, including life insurance. Carriers that allow coverage adjustments, and make it convenient and easy (ie: online management tools), will retain more policyholders.
Prediction 4: Simplicity. Many Americans believe investments, long-term financial planning, and even life insurance decisions can feel overwhelming - and that lack of financial literacy often results in decision paralysis. In addition to making the application processes more streamlined, you’re going to see policies become more simplified, options better illustrated, and the path to purchase made dramatically shorter.
Q & A with Paul Rasmussen, Head of Partner Success
Q: I already have a technology team - why do I need to bring on a new tech partner like Bestow?
A: In short: speed and agility. Every carrier we speak with has a technology team that is focused on the critical activities of their existing business. Often these teams are oversubscribed with existing modernization or maintenance work, which limits their capacity to launch new products, test new ideas, or innovate. Teaming up with a SaaS partner like Bestow gives carriers the growth and innovation they want, without sacrificing their other mission-critical technology work. Our flexible technology stack minimizes launch timeline, the shared cost model of SaaS de-risks investment, and both business and technology teams win through the resulting growth.
Our enterprise team is expanding to support our partners, and we’re excited to introduce Account Executive Tim Goh. Tim has an extensive background in life insurance distribution and will focus on facilitating new partnerships for the Bestow Enterprise team. He comes from an established tenure at Securian Financial where he focused on expanding life insurance production. Tim resides in the greater Minneapolis area and loves to travel, watch concerts, spend time outdoors, and cheer for the Minnesota Wild.