Nationwide Close to Completing Life Insurance Transformation
Nationwide now has a new digital customer interview that is a key component of a multi-year investment designed to transform, enhance and simplify its life insurance business capabilities.
“Many people feel that purchasing life insurance is an intrusive and time-consuming process. The digital customer interview is one of the new things we are doing to speed up the process and make it easier for the customer.” – President & COO for Nationwide Financial and CEO-elect, Kirt Walker.
Advisors like the self-service digital nature of the interview and not having to have awkward conversations with their clients. Because the process uses machine learning and predictive analytics it is more efficient, convenient, secure and cost effective since it reduces life application unit costs.
“Clients no longer have to talk to a stranger about their medical history and financial advisors don’t have to ask awkward questions. Clients can complete the interview in privacy when it is most convenient for them. They are also getting through the interview process twice as fast and they can do it on their computer or mobile device.”
“We’ve nearly completed our five-year journey to transform our life insurance business to a digital, real-time integrated experience. These changes – which also include Intelligent Underwriting and a Pending Life Business Online Tracker – will make the entire process simpler and more efficient for advisors and their clients.”
– Kirt Walker.
The digital customer interview will provide a personalized, digital option for clients to complete the medical portion of their life insurance application. The assessment is dynamically generated for each client based on available data. This will provide a third option for the client to answer medical questions in a way that works best for them: in-person, over the phone or online.
Bottom Line: The digital interview is being introduced to various distribution channels in a phased basis.