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:
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.
“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
Previously, we gave an overview of how to approach email marketing in three simple steps. Now we’re diving deeper into the process of nurturing leads through sustainable email marketing campaigns.
“Outsourcing is defined as delegating to a service provider, over a defined period, the performance and management of a function, activity or process, that is or could be undertaken internally by the Insurer or the Intermediary itself.” – ccir-ccrra.
As an Advisor in the Life Insurance Industry, creating relationships with the customer is essential. Email marketing is one of several channels through which relationships can be created and fostered. What is the recipe for success when it comes to email marketing? How should you structure the conversation and leave room for continuity after your first “welcome” message? Consider these three tips before you tackle your next email campaign:
Whenever a business is at a crossroads, Conflict of Interest invites the conflicted party to think ethically in consideration of the customer’s needs. While the Fair Treatment of Customer’s guidelines centers on protecting the customer, the outcome of Conflict of Interest equally aims to ensure that all parties’ interests are taken into account when decisions are being made.
Change—in the right setting, at the right time, and with the right frame of mind—can be a good thing. Often, it is synonymous with growth, either in personal or professional life. More often than not, though, it can be a struggle to map out the process of going from the status quo to a more ideal situation.
“A company’s corporate governance is important to investors since it shows a company’s direction and business integrity. Good corporate governance helps companies build trust with investors and the community. As a result, corporate governance helps promote financial viability by creating a long-term investment opportunity for market participants.” – Investopedia.
When you think of modernizing your business, going digital may be what first comes to mind. While the importance of being digital is reinforced globally, it is not the only component that should be considered to ensure the changes you are making are optimizing workflow and improving efficiencies. In our journey to standardize and simplify life insurance advisor compliance through modern technology, we have learned valuable lessons along the way that corporations, MGAs, or insurers in the life insurance industry can consider when facing business modernization.