To conclude this series of blogs on the new type of customer, four actions points for life insurers who see the opportunity to differentiate themselves from the (lackluster) pack:
Transform the upfront “discover” process. Insurers have the great advantage of having the information customers need to make what are essentially a set of fairly complex investment decisions. They need to find ways of making this information useful and highly available to consumers.
Shift from a product- to a solution-based sale. Insurers—and financial services generally—have to move away from their inward focus on products to an outward one on solving customer/ consumer problems.
Use analytics to build customer insight and long-term relationships. To sell people solutions they value, insurers need to understand them very well. Analytics holds the key to unlocking the value held in the data insurers already have.
Simplify the underwriting process. It’s currently too time-consuming and complex to close a life insurance deal. It also involves physical examinations, usually at a location that the customer might find inconvenient. The whole process needs to be made much more customer-centric and rapid. Keys here will be better self-service options for customers and mobility solutions for advisors and other personnel.
Key to implementing these action points will be the ability of the insurer to transform itself into a Digital Insurer. It’s a long journey, but one that is inevitable—those that procrastinate will find themselves at a considerable disadvantage. Without it, they will find it impossible to service the Nonstop Customer satisfactorily, and without customers, one simply doesn’t have a business.
For more detail on these action points, read What today’s Nonstop Customers want from life insurers—and how to give it to them.
For more on becoming a Digital Insurer, read Becoming a Digital Insurer: Three secrets of success and What does it take to be a digital insurer: Four capabilities insurers need on the journey to digital mastery and high performance.