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Digital insurance: Voice of the advisor

Growing life insurance through the fusion of advice based selling models and digital

Overview

In a survey of 300 financial advisors in North America, Accenture uncovered foundational changes to what customers—and advisors—expect from their insurers.

The survey finds that advisors who focus equally on investment and insurance advice report the highest levels of AUM. In other words, advisors and insurers that don't make the shift toward a holistic, advice-led model are leaving money on the table.

The report identifies six factors that are pressuring insurers to make material changes to how they conduct business:

  1. Digital is essential to advice—and insurers are not providing sufficient digital support for advisors

  2. Clients are better informed, more involved in decision-making and seek more transparency

  3. Insurance agents are increasingly moving to a holistic advice model—and those with an equal focus on insurance and investment products report higher Assets Under Management (AUM)

  4. Performance management, customer retention and digital tools are the primary drivers of advisor satisfaction and loyalty

  5. Over $210 billion in AUM could be at risk of leaving the industry through wealth transfer

  6. Women advisors are younger, more connected with clients and re ect the industry's changing dynamics

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Videos


Voice of the Advisor: An industry in transition | Part 1: Mind the (Digital) Gap

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Voice of the Advisor: An industry in transition | Part 2: A New Breed of Client

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Voice of the Advisor: An industry in transition | Part 3: Leading with Advice

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Voice of the Advisor: An industry in transition | Part 5: Heir Retention and Wealth Transfer

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Voice of the Advisor: An industry in transition | Part 4: Advisor Loyalty and Satisfaction

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Voice of the Advisor: An industry in transition | Part 6: Women Advisors Reflect a Changing Dynamic

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