Other parts of this series:
- Life insurers are not providing sufficient digital support for their advisors
- Today’s life insurance clients are more informed, more involved and seek greater transparency
- Life insurance agents are increasingly moving to a holistic advice model
- Building a foundation for growth: How to grow in the aggregator channel
- Without stronger heir retention strategies, life insurers stand to lose $210 billion
Accenture research finds that many life insurers have not focused on heir retention—an oversight that could cost them as much as $210 billion.
Life insurers invest significant time, resources and money into acquiring customers, but without a stronger focus on heir retention, insurers may lose as much as 79 percent of their client value. The Accenture North American Insurance Financial Advisors Study found that the majority of life insurers are not engaging with their clients’ heirs and households—and as my colleague Patrick Lyons explains, that could cost them dearly.
With a price tag of $210 billion, heir retention should be a priority for all life insurance and wealth management firms. Advisors must be empowered and equipped to better engage with clients’ heirs—and consequently, it is up to insurers to provide the digital tools and capabilities that enable their advisors to succeed.
- Register to download Voice of the Advisor Executive Summary: Growing life insurance through the fusion of advice-based selling models and digital (PDF).
- Email me to discuss how Accenture can help you better engage your clients’ heirs and households.