Resistance to change is natural human behaviour, largely driven by hardened habits and fixed routines. Add to that an aversion to unfamiliarity and the perceived difficulties around learning something new, it’s understandable why some might be slow to adopt digital innovation, even with the promise of improved business processes. Financial advisers are no different.

Those individuals more averse to using digital platforms may believe that their businesses are working just fine the way they are, that technology will remove the personal touch. And yet, advances in business-support technology are designed to facilitate service delivery by helping to streamline and improve internal operations, which ultimately allow for more time to build meaningful client relationships, instead of wasting time and energy on administrative tasks.

Renowned Computer Scientist, Alan Kay, famously once said, “Technology is anything that wasn’t around when you were born.” What one person views as something new, may be seen as the way things have always been done for someone else.

Millennials, now aged 24 – 39, form the largest segment of today’s working population, and are therefore a critical component of today’s workforce. Tech-savvy, digital platforms are simply a way of life for this client profile. For you as a financial adviser, ‘sticking with what works’ is no longer safe. Keeping up with advancing technologies is key to remaining, not just ahead of the game, but in the game.

Why? Because, today’s biggest market segment was born using digital technology. Technology is inextricable from the qualities that define them and how they live their lives. Information has always been readily available, a fact that’s given rise to an insufferable intolerance for inefficiency. They expect service delivery to be customised, seamless and instantaneous; and are unforgiving of any business or service provider unable to deliver on this expectation.

Given life insurance is often a difficult sell, we need to work harder than most other industries to deliver frictionless experiences. We need to deliver technology that is effortless to adopt with benefits that are clear to see. Digitisation of new policy applications and servicing processes doesn’t just improve the customer experience by making underwriting and servicing faster and easier, but it also creates a more robust operating base able to function under any circumstances.

Covid-19 has clearly demonstrated how resilient we are; 2020 will certainly go down in the history books as a year of extraordinary change. If we can adapt our business processes to work from home protocols, then we can embrace new technologies that will only make our businesses more efficient.

Articles for Advisers | April 15, 2021

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