CUSTOMER SUPPORT
When’s the last time you called?
Not surprisingly, nearly 3 in 4 consumers who work with a
financial professional have had contact with them since the onset
of COVID-19. A majority of customers have had contact with their
investment firms and banks. Given the nature of the business,
fewer insurance owners have had contact with (or recall receiving
outreach from) their insurer. LIMRA did a sample market survey to
see how well the industry is doing with customer outreach.
Have you had contact with the following since the onset of COVID-19?
Your financial professional
28 %
33 %
42 %
Your investment company
27 % 38 %
40 %
Your bank
The company that
manages your workplace
retirement plan
19 % 39 %
17 % 32 %
44 %
55 %
Your health
insurance company
18 % 27 %
58 %
Your property
insurance company
13 % 26 %
62 %
Your life
insurance company
17 % 20 %
65 %
Your disability
insurance company
15 % 22 %
68 %
Yes, personalized
Yes, general/mass communication
No
Base: Applicable insureds.
Most often, customers initiated the personalized contact during COVID-19.
Who initiated the personalized contact?
Your financial professional
55 % 41 % 4 %
Your investment company
57 % 38 % 5 %
Your bank
72 %
23 % 5 %
The company that manages
your workplace retirement plan
61 % 36 % 3 %
Your health
insurance company
68 % 26 % 6 %
Your property
insurance company
63 % 32 % 5 %
Your life
insurance company
70 % 21 % 9 %
I initiated
They initiated
Don’t remember
Base: Applicable insureds.
40 Perspectives Q3 2020