5 Keys to Building a Successful Business Process

They need to be open to feedback from everyone, from the CEO to the most junior staff members, for the process to work.

2. Think about how the technology can transform the business.

Building a digitally focused product can sometimes lack a vision that truly pushes the limits of an industry. The result could essentially be the traditional tool transformed into the same tool with a modern look.

Innovation isn't necessarily at the forefront of the concept, which doesn't push the product to the next level, despite the technological advancements.

We wanted to challenge the status quo of what the term life insurance application process should look like and, as a result, truly reimagine what not only we could do for our clients but the larger industry itself.

This thought process was driven home through an integration of multiple business units, including IT, distribution, operations and underwriting.

When a diverse group of departments come together and ideate, the resulting product can reshape the industry.

3. Don't be afraid of the moment.

Our digitized platform was the first of its kind in the U.S. term life insurance market and was essentially launched during the peak of COVID-19.

The industry wasn't able to operate under normal circumstances during the pandemic, because agents weren't allowed to visit homes or prioritize getting exams completed.

Looking back on it, it was a scary moment to dive head first into but the risk taken of launching a system during the pandemic turned out to be for the better and changed the way that life insurance applications look today.

4. Prioritize consumers and agents.

When thinking through the steps you need to create a successful business application, understanding your target audience is critical.

We wanted to build a platform that made the process easier and more comfortable for agents and consumers, who in turn could secure a term life insurance policy more efficiently.

That kind of mindset of remembering who your audience is helps you stay on track with meeting your objectives for that specific project.

5. Constantly reflect and improve.

No process is ever going to be perfect.

Whatever project you are working on, you should always make time to listen to constructive feedback from your colleagues and customers.

The more that you are open and willing to receive feedback, the better that you will be able to not only improve upon your recent work, but you'll also continue to develop stronger relationships.