DATA STRATEGIES
Beyond Digitization :
Taking personalization to the next level
It ’ s probably safe to say that the life insurance industry has experienced more change in the last couple of years than in all the years and decades that preceded . No one knows this better than life insurance agents . Where you once met with your clients face-to-face to discuss coverage needs and options , now those clients may not have the same level of comfort or desire for this approach they once had . Added to that , we ’ re now seeing at least two generations of digital natives , meaning those who have grown up during the digital age , that have impacted all industries . Just because consumers are online more , however , doesn ’ t mean they don ’ t want that same personal touch when it comes to purchasing something as personal as life insurance .
Thanks to innovation and process improvement enabled by advanced data analytics , life carriers are providing their customers with faster responses and better experiences , both at point of contact , and throughout the underwriting process . An ideal next step in improving your customer relationship is to include a renewed focus on personalization .
Going to the customer : online
Debra Gangelhoff VP & GM Life Insurance Solutions , LexisNexis Risk Solutions
Connected consumers , especially the digital natives mentioned above , expect a streamlined digital experience when it comes to just about every aspect of their lives . They ’ re buying batteries from Amazon , ordering grocery delivery from Instacart , applying for loans and even buying a car all online . In the insurance world , they ’ re getting quotes and applying for auto and home insurance online . These expectations of an easy experience don ’ t stop when it comes to purchasing life insurance .
Digital transformation is about more than just having an online presence or e-application . It ’ s about automation and using data to help make a seamless experience for the consumer . With a prefill solution , the application process is more efficient and accurate , with fewer errors and time wasted . Digitization and automation mean you are free to do what you do best , deliver superior service and advice to your client . Just imagine , instead of having to bother prospective clients for hard to remember items such as drivers license numbers and details belonging to their spouse , prefill solutions enable your client to simply confirm the information that has been prepopulated in the application . It ’ s not enough , however , to just automate your application processes . While your clients may enjoy the online shopping experience , they also want to know that they are valued , and are not just a number . They look to you for the best advice on what is right for their specific needs .
18 Perspectives Q3 2022