For the past few years, pundits have been predicting that bots, robo-advisors, and other technologies will lead to the demise of living, breathing financial professionals. That hasn’t happened yet, and, in my opinion, it never will. Yes, people can conduct much of their preliminary research online, and a few are willing to purchase basic coverage without ever speaking to a person. But most will want a financial professional to guide them through life’s twists and turns. Even those people who purchase coverage from a robo-advisor will seek the expertise of a financial professional as their needs become more complex.
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From the 1980s through the early 2000s, many advisors and brokers dreamed of having more help with critical yet time-consuming tasks like proof of insurance and minor claims processing. We mused, “If only I had help with those tasks, I could spend more time focusing on high-touch customer service and sales.”
Today, digital innovations are streamlining much of the way carriers and their representatives conduct and generate business. These innovations are precisely the help we wished for.
So why do many in our industry resist digital advances like customer self-service and apps?