Insurance is a financial investment or a safeguard against a predetermined risk. The other side of the arrangement comes after the risk has occurred and a claim is filed. During this time when customers/claimants have experienced a loss, it is common for them to be in a state of emotional distress, which is often compounded by a challenging claims and settlements experience. Therefore, while claims management is viewed as a mandatory next step in the insurance transaction, it’s an important touchpoint for insurers to create a positive customer experience.
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Whether you are an Advisor, an MGA, or an Insurer, customer service is about the customer’s every interaction during their journey with your brand. Traditionally, customer service was perceived as a service offered after the customer had reached out with a complaint or a query, for instance, about a product. Often these interactions happened within a set timeframe via traditional media – letters or phone calls. However, most consumer transactions now occur digitally and directly impact consumer behavior and expectations. With this shift, the spectrum of customer service has broadened to incorporate every customer touchpoint. Keeping a finger on the pulse of customer satisfaction wherever customers meet the brand is ideal. Indeed, brands that include customer service in their marketing strategy have demonstrated customer satisfaction.
When thinking of promoting life insurance products, strategy is one of the first things that comes to mind. Today, being armed with clear, accurate information about these products is simply not enough. You also have to think about how to reach every customer category and to reach customers at their point of need, wherever they may be in their consumer lifecycles.
Everyone wants to know what they are getting out of a transaction, be it professional or personal. This applies to customers of any industry, including life insurance. Despite the complexity of policies, it is essential to provide adequate information about the products being sold to the customer. When disclosing product information to customers in the life insurance industry, keep in mind the following:
Recent years have exposed previously conservative industries, from legal to finance, to the benefits of digitalizing their operations. Within that process, certain tools have been adopted on a large scale to facilitate conducting business remotely. The life insurance industry is no exception, and when the pandemic hit, it had to adapt quickly to continue conducting business remotely. This evolution refreshed old technology and introduced new software to fill gaps that remote working created in the business world. In this blog, we share tools that can help Advisors with everything from team building and project management to scheduling and collaboration.
As organizations consider the implications of transitioning back to the office, it’s also worth thinking about what this and the return to other activities that have been inaccessible for the past eighteen months means for sustainability.
Product distribution is essential to both agents’ and customers’ journeys. As digital options expand, expectations evolve because customers want instant access to their insurance information. While progress is underway, work still needs to be done on the industry’s distribution models so that they meet evolving demands, whether they are in person, digital, or a hybrid of the two.
We are almost halfway through the third quarter of 2021. With that comes the anticipation of businesses reopening plus the excitement of summer.
“CCIR and CISRO expect that the design of a new insurance product or significant adaptations made to an existing product take into account the interests of the target Consumers’ group. With the development of complex products that are sometimes difficult to understand, any weakness in the design or the related disclosure documents can increase the likelihood of inappropriate choices from Consumers.” - ccir-ccrra.org
