Embracing a customer-centric advice model for retirement services

Because consumers’ retirement needs can be so different, providers of retirement services must tune in to a target audience—and build their businesses around the requirements and preferences of those individuals. For insurers, that means moving away from the industry’s traditional focus on products and transactions, and moving toward a customer-centric advice model.

Strategies for retaining and capturing wealth

Life insurers can capitalize on current and future wealth transfers to and from Baby Boomers by:

  • Building family estate-planning capabilities. Investments in predictive modeling and customer relationship management (CRM) systems can help insurers identify and target customers with significant estate planning needs.
  • Developing strategies to hook Boomer heirs. Insurers can attract Boomer heirs between the ages of 39 and 49 by recruiting young advisors and offering products geared toward self-directed investors. It may be necessary to introduce lower-cost direct models or accept reduced profits in the short term in order to reap long-term gains.
  • Helping customers navigate their inheritances. Insurers can boost consumer trust by offering convenient and personalized interactions.

Visit this blog every week for interesting insights from the Accenture Global Retirement Services Survey. Read other posts in our “closing the advice gap” series:

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