Technology is often depicted as sounding the death knell of insurance advisers. What do advisers make of it? We canvass the views of past winners and finalists of Asia Trusted Life Agents & Advisers Awards.
Consumers will continue to have more options to purchase insurance products with the rapid advancement of technology. It is a given and accepted by advisers.
As Cathay Life Insurance, Taiwan’s Mr Yeh Po-Wei said, “Indeed, the channels to purchase insurance will be more diverse and more convenient. And expectedly so with people’s high education level and the easy availability of information over the internet.”
Hardware
However, unlike the often touted narrative of man versus machine, advisers see the importance of using technology to excel at what they do.
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For many advisers, this includes tapping the powers of social media and online marketing, increasing their efficiency through productivity tools and leveraging technological platforms provided by insurance companies such as interactive point-of-sales system with all they need in a tablet to help clients plan anytime and anywhere.
Given the prevalence of technology in our daily lives, Tata AIA Life Insurance, India’s Ms Divya Tusnial said, “Digital is the way forward as technology takes the centre stage. Advisers who are ready to adapt and adopt technology well in their sales process and services will flourish. Advisers who do not service clients by tapping technology will eventually become irrelevant.”
‘Heartware’
Will the day come when technology renders human advisers obsolete? It seems highly unlikely given the nature of life insurance.
Hong Leong Assurance, Malaysia’s Ms May Lee Sue Wee said, “I can state with confidence that the role that an adviser plays is irreplaceable, be it now or in the future. The digital revolution has failed to replicate one very important factor when it comes to financial advisory: The human touch. Regardless of the era or the changing times, there will always be a need for people to have personalised service and financial advice from an adviser.”
And AIA Singapore’s Mr Rayner Lee Hee Mong, who has more than 50 years of experience in the industry, said, “Technology enhances what we do but insurance still needs to be sold. Most people need to be guided on the importance and urgency in application. Life insurance is about reaching the hearts of people. Without responsibility and love, insurance cannot be sold.”
So rather than technology sounding the death knell of advisers, advisers are embracing technology to ring in the changes in their practice, confident in the irreplaceable role they will continue to play in the lives of their clients.
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