2021, in a Nutshell – Part One

December 22, 2021 at 11:25 AM / by Ibhaze Uduehi  /  5 minute read

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As we reach the end of 2021, we’re looking back at the news, trends, guidelines, educational content, and everything in between that APEXA has shared with its community this year. In this blog, we cover topics on the business of life insurance and the industry’s impact on the fair treatment of its customers.

At the end of 2020, we reflected on the events that colored the year. 2020 and the Hand it Dealt covers our take on the impact of those events on the industry and its customers and how innovation took advantage of the global disruption by underlining the importance of digital solutions. Finally, we bid 2020 farewell by sharing relevant guidelines on starting the new year with similar uncertainties, predicting hybrid or remote work environments for most, and getting reinvigorated as the holidays end – Remote Work and Productivity in 2021. By the third quarter of 2021, various degrees of sentiment focused on the transition from remote work back to the office.

Life Insurance Business and Fair Treatment of Customers

Before entering 2021, we considered the elements of an effective business plan, especially one positioned to ensure the success of small businesses eager to enter the insurance market – Five Elements for an Effective 2021 Business Plan.

We shared tips to aid the industry’s connection with the underserved Millennial market and, by extension, the Generation Z market. While Millennials form the largest demographic in the country, they have relegated life insurance to the bottom of their list. How can the industry digitally meet that audience and leverage those platforms to demonstrate the value of life insurance products as a safety net and reliable investment option? – Millennials and Life Insurance – Bridging the Gap.

Modernizing the insurance business is an ongoing conversation whose tentacles spread beyond digitizing operations. Among other components that insurance organizations must consider, we hone in on three – improving communication workflow, delegating responsibility, and optimizing resources – Three Considerations for Business Modernization in Life Insurance.

With the customer at the core of the life insurance business, one of our key areas of focus in 2021 was sharing the Fair Treatment of Customers for the industry. The guidelines put in place by CLHIA protect the customer’s interests across every touchpoint with all life insurance industry partners – Fair Treatment of Customers in the Life Insurance Industry.

Integrity is key to corporate culture. The responsibility for aligning culture to all levels lies with corporate governance at all levels. The people in the organization practice a fair, strong culture because they understand its purpose and have transparent processes that lead to solid performance – Corporate Governance and Culture in Life Insurance.

In the life insurance business, circumventing conflicts of interest is the idea. However, in case of avoidance or mitigation, if the conflict has already occurred, the guidelines listed here should set all parties back on the right track – Conflicts of Interest in Life Insurance.

Outsourcing tasks to external parties based on needs and skillsets is the norm. With the recent shift to embrace digitization, organizations have also had to conduct outsourcing resources on online platforms. Regardless, culture must be maintained, the possibility of conflict of interest eliminated, and most importantly, customers’ needs met in due time – Outsourcing Best Practices – Four Considerations for the Life Insurance Industry.

Whether designing a new insurance product or upgrading an old one, how can insurers keep customers at the forefront of the decision-making process? – Customer-centric Insurance Product Design.

As people have adapted their lifestyles to the digital age, how can the insurance world leverage digital platforms to maintain customer service? – Modernizing the Distribution Strategies of Life Insurance Products.

Keeping product information clear and concise is a challenge that the industry faces. As brands fight for customer attention in the digital age, how do we tackle sharing the required information and retaining their interest? – Disclosure to the Life Insurance Customer.

Product promotion is essential when sharing the value of insurance, specifically your business, with the underserved market. Putting together a promotional strategy requires extensive research and in-depth knowledge of the market. It also requires an understanding of how each offering meets the target’s needs, what stories to tell, and where to tell them – Promotional Strategy for Life Insurance Products.

The industry understands the complexities of claims and settlement management. However, customers face many frustrations, including delays, confusing information, and outright denials without clear communication. How can we strike that balance between maintaining due process and customer satisfaction? – Simplifying the Claims Process.

Businesses continue to manage change despite the upheavals caused by the pandemic. Decisions surrounding the future of work remain at the forefront of most organizations. The ADKAR model might be a helpful framework to guide the conversations around change – Change Management in the Life Insurance Industry.

Thinking about running an email campaign to seek out new leads, convert warm leads, and maintain established relationships? Here are key considerations to start the process: Email Marketing Tricks to Keep at Your Fingertips and Email Marketing Tricks for Advisors to Convert Leads.

Among several online initiatives that can be leveraged to improve customer perception of businesses and the industry, a user-friendly website and digital customer service are small wins that can help you achieve a boost.

What tools have facilitated your business operations while working remotely? Here’s a roundup of tools that have benefited our team and clients – Roundup of Business Tech Tools.

The pace of change has recently accelerated across industries. Conservative businesses welcomed conversations centered on digital transformation. As the world retreated to safety indoors, innovation created communities and gained a stronger foothold within industries, including life insurance. What lessons can be drawn from previous experiences, and what can we take forward into 2022? – Tackling 2022: Reflecting on the Pace of Change.

In the next post, we’ll take a look back at our discussions around sustainability and introductions of the APEXA team to our community. Subscribe to the APEXA blog to stay updated!

Topics: Life Insurance Business as Usual, Digital and Social Media, APEXA from Home

Ibhaze Uduehi

Written by Ibhaze Uduehi

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