American insurance company Nationwide has introduced a digital interview tool to help clients and advisers interact with each other – albeit indirectly.
It uses machine learning and predictive analysis to come up with a recommendation when clients want to purchase a life product.
“Many people feel that purchasing life insurance is an intrusive and time-consuming process,” said Kirt Walker, president and chief operating officer for Nationwide Financial.
“Clients no longer have to talk to a stranger about their medical history and financial advisers 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.”
However, digital interviews are not only going to benefit clients, Nationwide said.
The firm has received positive feedback from its advisers, who don’t have to sit through “awkward conversations” with their customers.
Additionally, following the interview, clients can choose whether to finish their application by talking to an adviser face-to-face, over the phone, or sticking to the digitalised format instead.
The tool is now being introduced to the company’s branches in a phased basis.
“We’ve nearly completed our five-year journey to transform our life insurance business to a digital, real-time integrated experience,” Walker said.
“These changes – which also include intelligent underwriting and a pending life business online tracker – will make the entire process simpler and more efficient for advisers and their clients.”