Once life insurers understand the retirement services needs of consumers and recognize the importance of sophisticated segmentation, they can shift their focus to customer engagement strategies. Here, digital technology has an important role to play.
Why social media matters
Many consumers are increasingly turning to online and mobile channels, when it comes to insurance as well as other decisions. Consider this:
- Facebook has more than 825 million active users.
- Four out of five consumers say they would use recommendations on social media to help choose a new insurance provider.
- Of those consumers, 30 percent would use those recommendations as their main selection criteria.
- Twenty-eight Fortune 500 insurers have Facebook pages, but none currently ranks among the social networking site’s top 50 brand pages.
Insurers must learn how to leverage digital technologies to educate and engage consumers in ways that enhance face-to-face interactions and create compelling customer experiences.
Digital technology in action
USAA is heading in that direction. The US insurer has made it possible for Facebook users to create “My USAA” tabs or application bookmarks on their Facebook pages that link back to usaa.com and make it possible to complete basic tasks—transfer funds, pay bills or obtain proof of insurance—quickly, easily and securely on the go.
Each insurer’s approach to digital technologies will depend on the customer segment it’s targeting: their needs, their preferences, and their level of comfort with various online and mobile channels.
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: