While disability insurance remains a crucial financial protection tool, industry professionals must adapt to changing demographics, technological advancements, and evolving consumer expectations to maintain growth and relevance. Partnering with Source Brokerage, Inc., enables brokers to adapt and overcome the challenges of the rapidly changing trends in individual disability income below:
- Increased Awareness and Demand More individuals are recognizing the importance of income protection, particularly in the wake of economic uncertainty and rising healthcare costs. Employers and financial advisors are playing a bigger role in educating consumers about DI, which could drive higher adoption rates.
Source Brokerage disability income specialists walk brokers through every step of the process, from tailoring the quote to meet the client’s needs, to assisting with the presentation, to taking the application and seeing the case through underwriting. Working with Source Brokerage, increases brokers’ DI sales because they are prepared to educate their clients and streamline the application process.
- Technology-Driven Underwriting The insurance industry is increasingly leveraging artificial intelligence and big data to streamline underwriting processes. Digital applications, automated underwriting, and predictive analytics are reducing processing times and improving customer experience, making DI policies more accessible.
In addition, our DI carriers’ e-applications streamline the application process. They allow clients to quickly fill in and sign applications. They have features and built-in checks for required fields helping you and your clients’ complete applications accurately and quickly. It also makes sure their applications are complete and in good order before they are submitted, speeding up the underwriting process.
Furthermore, it’s easier than ever to streamline the disability application process with the Electronic Medical Questionnaire. No more long phone interviews or missed calls. Clients can complete the Electronic Medical Questionnaire when it’s convenient for them. No more medical history phone interviews or missed calls.
When brokers partner with Source Brokerage, our disability income specialists assist them and their clients every step of the way with the e-app and electronic medical questionnaire.
- Growth in Gig and Self-Employed Markets With more professionals turning to freelance and gig work, traditional employer-sponsored disability coverage is less prevalent. This creates an opportunity for insurers to develop tailored DI solutions for independent workers who require personal income protection.
Our carriers offer multiple disability income products to insure self-employed workers and their businesses. Our expertise and experience in the small business DI market helps our brokers uncover and close more sales in this growing market.
- Product Innovation and Customization Insurers are increasingly offering more flexible, customizable DI products to meet diverse consumer needs. Features such as partial disability benefits, cost-of-living adjustments, and enhanced policy riders can make coverage more attractive and relevant to today’s workforce.
Source Brokerage can help brokers tailor a disability income policy that meets the financial and professional needs of their clients. Our DI expertise and access to all the major Di carriers, in turn, enables brokers to meet the specific needs of their clients. It’s a win-win partnership for the broker and their clients.
Looking Ahead
The future of individual DI sales will be shaped by how well the industry adapts to modern consumer behaviors and expectations. As the workforce continues to evolve, too must the strategies for ensuring individuals have the income protection they need. By partnering with Source Brokerage, insurers and financial advisors can stay abreast of the changes and overcome the challenges, and continue to provide income protection for their clients.
Ready to get started? Contact Steve Crowe at ext. 222 or request a quote.
