Every day, a new industry is announced to have been “disrupted,” and the clock is ticking for life insurance. Some startups are already trying to disrupt the life insurance industry, and life insurance brokers around the globe are hearing from their bosses and clients about what new trends they should be abiding by.
Here are the top technologies and trends that are changing how life insurance is bought, sold and used:
Digital Presence Is King
Only a few years ago, insurance was still sold primarily over the phone and in person at brick-and-mortar locations. However, the fact is that if your brokerage doesn’t have an online presence, you’ll be viewed not only as “quaint,” but you run the risk of consumers assuming you’re a scam or defunct. Look to similar fields, especially medicine and law, to see this trend in action for them as well.
If your life insurance company doesn’t have a website, it’s well past time to face the music. A Forrester study confirms this – and recommends that life insurance providers include these tools on their site:
- Automated quote generator
- Assistance helping out insurance application
- Guides for determining which coverage is the best fit for the customer’s needs
- Clear guides for sign up/conversion
However, the website is only the beginning. Think about how your customer will find your company. How many of them will search for life insurance through Google? How many will ask their friends for recommendations through social media or messaging apps? How many will read online content about how to pick out the right plan?
Because of these scenarios, it’s important that you invest in search engine optimized (SEO) content for your website, as well as a great user experience. Consider your site the equivalent of your storefront – except more important, especially as Millennials age, and Gen Z takes their place.
Big Data For Healthy Growth
Your customers expect personalized service when they’re interacting with your brand digitally (which, spoiler, is most of the time). Remember that their expectations are being set by every other purchase they make on a day to day basis – Amazon, Uber and Instacart are the most recognizable influencers making slow service unacceptable in every industry.
To properly offer personalization, you’ll need a personalization engine – or service – that will automatically update your website to uniquely suit each visitor. This will avoid your website committing obvious faux pas, such as newlywed messaging to a recent divorcee, and will increase your sales substantially by offering exactly what your visitors are looking for.
Incentives
Because of Google, you customers are able to shop around much more. The research that would have taken weeks a decade ago now takes hours, and they can easily compare quotes side by side. That means you’ll need to up your game with incentives and perks.
Life insurance isn’t alone in this change. Medical insurances have started offering incentives to their subscribers if they wear a fitness tracker and log exercise and eating habits. Home insurances offer discounts for proof of security cameras.
But what can you offer? Some common incentives are discounted or free estate planning, discounts at chains for policyholders, or even coverage for various emergencies. The more value you can offer your customers, the more subscribers you’ll have, and the more they’ll recommend your insurance to their social circle.
Life insurance is ripe for disruption, but there are ways you can be ready for it. Make sure your digital presence is a great representation of your brand and the type of service they can expect, offer an amazing customer experience, and show them that they’re valuable to you with incentives and perks. The trends are always changing, but human nature is not – make your customers feel valued, and they’ll feel the same towards your brand.
