Today, most Insurers are being forced to rethink their business model – how do they engage consumers 45-years old and younger who are looking to purchase life insurance online? Simply put, they need to go where the market is. This generation is already comfortable researching and purchasing car insurance online. According to 2012 JD Power Insurance shopping study, 70% of shoppers are now beginning their insurance search online.
The new market trends are forcing a necessary shift for some insurers to change the way they do business and increase middle-market engagement. In today’s market, Insurers need to simplify products and shift processes enabling the ability to purchase and service policies online while also offer ongoing customer education and support. Furthermore, Insurers should integrate their online tools with their agent channels to provide a seamless buying experience for shoppers who prefer to research online, but purchase from a live person.
The Generation X market also looks to social media for advice and recommendations. To round out their integrated customer experience efforts, Insurers should provide compelling case studies and easy life insurance calculators to draw in their middle-market targets across popular social media channels.
The journey for traditional life insurance providers to update their customer acquisition and services channels can be long and complex. To easily stand out from their competitors life insurers will need to take steps to understand the Generation X, address their concerns and roll-out engaging programs quickly. For more information check out our latest white paper: Life Insurance and the Middle Market: How can we close the coverage gap?