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Revolutionizing the Life Insurance Sales Experience with Hector Martinez, Head of Life Insurance at Equitable
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Equitable is a financial service company with a legacy of helping people look forward with courage, strength, and wisdom. This company has established itself as a leading provider of financial advice, protection, and retirement strategies, with 2.8 million clients nationwide.
Hector Martinez, Head of Life Insurance at Equitable, joined the Life Accelerated podcast to share why the life insurance industry needs to adapt and improve its processes to meet the changing expectations of consumers. Hector also discusses how technology, such as AI, can play a crucial role in streamlining underwriting and freeing up underwriters' time to focus on assessing risks, how the role of financial advisors remains important in the purchase and ownership of life insurance, and more.
Listen in to hear how Hector and Equitable are utilizing technology to disrupt the Life Insurance market.
Key Takeaways:
Use tech guidance, navigation of choices, and understanding of how the product fits into the client's financial plan, and technology is a tool to enhance this.
AI and advanced underwriting technologies can provide a higher level of self-service and streamline the insurance buying process.
Despite technological advancements, the role of advisors and financial professionals remains significant in the life insurance industry.
Timestamps:
[00:00] Introduction to the episode
[01:45] Who Equitable is
[02:56] Hector’s professional background and how he got to Equitable
[05:27] How Hector sees technology as a tool in achieving his objectives
[10:06] The various ways Equitable distributes life insurance products
[12:45] Digital transformation can enhance the sales processes
[14:52] The importance of getting life insurance when young
[16:00] Advantages and challenges Hector has been seeing for Equitable
[17:25] How Hector thinks of digital transformation as a competitive imperative
[19:47] Why life insurance companies should empower their advisors to become their very best
[21:38] Hector's view on some of the most important technologies that are shaping the insurance value chain
[23:44] How AI can play a part in life insurance
[25:14] Where digital transformation is taking Equitable
[27:19] Closing
Resources:
Connect with Hector on LinkedIn: https://www.linkedin.com/in/hemartinez/
Learn more about Equitable: https://equitable.com/
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