As we discussed last time, the reality is that most life insurers have failed to stake a significant claim in the retirement services market. Fortunately, there is still time to get started. In fact, I would argue that consumers are more ready than ever for a fresh face.
Four steps to start closing the advice gap
Insurance industry players already possess the retirement products and expertise that many consumers are seeking. The challenge lies in communicating that information—and convincing potential clients that life insurers are serious contenders for their hard-earned money.
Insurance organizations can begin to close the “advice gap” in four steps:
- Implement sophisticated segmentation strategies that target customers with tailored products, services and advice.
- Leverage digital technologies to educate and engage consumers in ways to enhance face-to-face interactions and create compelling customer experiences.
- Develop flexible products that can be reconfigured quickly and easily to suit different needs.
- Embrace a client-centric advice model and move away from the industry’s traditional focus on products and transactions.
We’ll take a closer look at each of these steps over the coming weeks. In the meantime, check out past posts in our retirement services series: