How technology can help life insurers improve the customer experience

In the life insurance industry, term insurance sales are highly influenced by price. The landscape is competitive, with agents and clients driving constant revaluations – even down to pennies.

This consumer-friendly environment has forced carriers to reevaluate their value proposition. What value can life insurance carriers offer beyond a more attractive price?

As an industry, we know we can put more within their reach by making the most of every opportunity to help more people achieve true protection. For us, this puts people at the heart of every decision we make, looking for better ways to meet their needs.

Prior to the pandemic, approximately 50% of Protective’s life insurance business was conducted electronically; this figure has risen to 85%. As the acceleration and adoption of digital tools in the life insurance industry increases, so do customer expectations.

While many carriers’ technology suites have always enabled a digital life insurance application process, the industry continues to evolve and find new ways to use technology to improve the customer experience.

Technology built for customers
Although our industry has historically relied on face-to-face interaction, customers want to purchase their policies when, where and how is most convenient for them. Finding seemingly small ways to create efficiencies in a client’s application process has a big payoff. This not only increases customer satisfaction, but also the number of families we can protect.

When the application process is easy, prospects are more likely to complete the process. As an operator, our teams pay extra attention to processes such as how many fields the customer has to fill in a form, how many clicks are required, device usability or how many screens the customer encounters from start to finish.

At Protective, clients can search for available time slots for their phone interview while applying online, eliminating the steps and need for back-and-forth phone calls to schedule. The integration of calendar features into all e-invites provides clients with calendar and text reminders of their phone interview, including relevant interview details and documentation required for the appointment.

Some prospects will drop out of the process when it comes to scheduling a phone interview – it’s engaging in an uncomfortable part of the process. The development of an entirely online application process also eliminates another barrier to helping people achieve protection.

As we implement greater degrees of automation and robotics to improve the customer experience, we will continue to shave incremental time off the application process.

Not every customer prefers digital processes, so the ability to access a human is readily available at the push of a button at every step. Customers increasingly want to be in control, so let’s give them the options they need to help more people get insured.

Support designed for agents
With ever-changing prices and pricing changes, agents are attracted to products or carriers with a seamless customer experience enabled by technology improvements and proven agent support.

Agents waiting to hear back on questions, cases or underwriting decisions can lead to bad impressions and lost sales. Affordable, experienced agent support combined with an enhanced customer experience is one way to deliver a differentiated experience to customers and distributors.

To meet customer needs and stay current with industry expectations, carriers must continue to invest in digital capabilities, always pushing to find new and better ways to protect people. Continuing to improve our digital tools is just one more way we’re keeping our commitment to helping more people achieve the sense of protection and security they deserve.

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