Make a Sandwich, Earn a Lifetime Customer

he consumer expectation has shifted over the last decade and insurers are feeling the impact as technology becomes more prominent. According to Bloomberg, in 1965, Americans bought 27 million policies…and in 2016, with a population that was more than 50% larger, the number of policies remained the same. Life insurance ownership rates have dropped to below 60% and the industry is seeking a solution to right the ship. So how can carriers adapt in a new world of consumer expectations? It may be as easy as making a sandwich.

Adopting a new engagement strategy

Customer Experience and Customer Engagement are often used interchangeably; this misunderstanding can create a strategic gap for any company trying to meet today’s expectation of a consumer. Customer Engagement is “the means by which a company creates a relationship with its customer base to foster brand loyalty and awareness.” As compared to Customer Experience, which is defined as “the development of an intimate long-term relationship.” A cohesive engagement strategy can develop an experience, but there are critical ingredients needed to get it right: accessibility, consistency, and personalization.