As more advisors and consumers turn to online and virtual settings to offer and receive advice, they’re accelerating the insurance industry’s digitization, according to the CEO of digital insurance platform Covr.
Within 12 months, advisors and consumers on Covr’s platforms using fully digital journeys for insurance increased from 10% of sales to now 62% of sales.
“Our sales through financial advisors at Covr are 59% higher than last year,” said Mike Kalen, Covr’s founder and CEO. “Sales in our direct-to-consumer channel are up by 270%. Both those channels have been positively affected by consumer attitudes towards life insurance during the pandemic.