The high-potential growth segments and the five-step approach discussed in my earlier blog posts offer life insurers some guidance in capitalizing on digital innovation to go after more growth. A new digital frontier for life insurers is likely to be the fast-growing “robo-advisors” or automated investment services.

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As my colleague, Patrick Lyons discusses in his recent life insurance distribution report, robo-advisors are a good fit for life insurers. Still in a relatively early stage of development, they provide everything from sophisticated financial planning to basic portfolio management—at fees much lower than those charged by traditional wealth management firms. Insurers can tap the technology to attract clients’ assets while allowing their agents to focus on life and annuity sales. The reduced fees and minimum balance requirements for robo-advisory services can also help attract Millennial clients to insurers.

Robo-advisors represent a new era in how life insurance and related wealth management products will be sold. Tailored to customers’ needs and objectives, they should be a big part of life insurers’ ability to give customers what they want. It means strategically selecting from a wide range of technology-enabling options to reshape and increase value of distribution—from nurturing successful sales people to working with agencies. It means a smarter way to satisfy customers’ changing needs and grow business.

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