20 % of multiple policyholders stated a lack of personalization is a “ main reason ” for shopping their policies and potentially leaving their insurance carrier .
Digitized , but also personalized
Using personalization to reimagine the customer connection is no longer a bonus for life insurance agents and carriers ; it is quickly becoming a vital element to define the kind of experience you offer customers . According to
The 2020 Insurer Compass survey of consumers worldwide , 20 % of multiple policyholders stated that a lack of personalization is a “ main reason ” for shopping their policies and potentially leaving their insurance carrier . Consumers want to feel heard , that they are having a personal connection with a trusted advisor .
During the recent NAILBA 40 Annual Meeting , I led a panel discussion on personalization . Consumers wanting to be recognized as an important client was a recurring theme from the diverse group of panel members . Panelists gave examples of how a business utilized data and automation to personalize their unique experiences . From the “ wow ” factor of a personalized audio greeting upon entering a hotel room , to tailoring a banking experience via a mobile app , they all agreed that the digital personalization showed that the businesses cared about them as customers . Life insurance should be no different .
Life insurance is one of the most personal purchases consumers will make , and they benefit when an agent or broker helps guide them through the policy-buying experience . It ’ s common that the process , which can be overwhelming for many , can cause a consumer to hesitate or even put off buying a policy . Or they could underestimate the amount of coverage they truly need , resulting in a protection gap .
Given that most term life policies last anywhere from five to 30 years , life insurance is unique to the insurance industry . We may have moved on from the days of the life agent sitting with a family around a kitchen table discussing coverage needs , however the fundamentals remain the same . Building long-term , personal relationships benefits both consumers and distributors .
Right message at the right time
A big step in raising your personalization game is to communicate with consumers through targeted messaging personalized to their unique circumstances . You are no longer restricted to generic and impersonal marketing messaging . New solutions that provide you with consumer data and insights are available to help you find the right policy and coverage for your clients . Perhaps in the not-too-distant future we will evolve so that you ’ re able to find a policy and rate just for Michael , not from a rating table , but designed just for his needs . Or for Michelle , who you know would benefit from a policy that includes accelerated underwriting .
I asked panelists in the personalization panel discussion : How do we change the perception of life insurance from perhaps being personally invasive to providing that personalized wow factor experience ? The answer : Take advantage of prefill and data insights so you ’ re not just a data collector , but a consultative partner . Consumer data , advanced analytics and ever-changing technology can empower you to create a personalized experience for consumers and improve both acquisition and return on investment . www . nailba . org 19