Survey: Life Insurance as a Partnership


Survey: Life Insurance as a Partnership

March 3, 2020

Life Insurance as a Partnership

Life Markets Ready for Two-Way Relationships Built on Data and Incentives 

Introduction & METHODOLOGY

At one time the link between a life insurer and the insured was a contract and (occasionally) a claim.Today, we’re seeing signs of an unprecedented shift in the relationship, where insureds and insurers are likely to grow closer, communicate more often and work together toward their goals. What has changed?

Technology, data and mindsets are all in flux. A global focus on wellness, product relevance and digital customer journeys is gaining steam. Do any of these trends point to current opportunities? SE2 wanted a snapshot of current consumer sentiment. The goal was to find out how prevalent life insurance ownership is across generational segments and which possible factors would be perceived as valuable to insurance prospects. These value-added concepts covered a broad spectrum of possibilities, from lower premiums to gamification to incentives. In each case, there would be “something in it” for the insurance policyholder that went over and above simple policy ownership.

Highlights — Which efforts motivate prospects?

Understanding the target

Before Americans were quizzed about life insurance preferences and engagement choices, a baseline was established so that insurers could understand the demographics of those who are currently covered.

“If you want to insure my life, help me improve my life!”

Interactive insurance appeals to prospects

As insurance wrestles with the uninsured gap and improving digital service, insurers need to consider adding new items to their menu of product offerings. Customers want engagement, interactivity and a relationship. Americans indicate that they might prefer their main insurance policy with a side of interactive wellness benefits.

Interactive Wellness Benefits Increase Likelihood of Policy Purchase

Forty-three percent of Americans say they would be “much” or “somewhat” more likely to purchase a life insurance policy if the insurer offered an interactive program with ongoing wellness benefits (such as wellness coaching and education) rather than just policy payout.

Download the survey to reveal even more data!

Survey: Life Insurance as a Partnership


Case Study: Sagicor Life

Working with Sagicor, a prominent financial and insurance company in the Caribbean, Life.ioEngage helped Sagicor digitally transform their offering in group markets

Case Study: Life & Annuity Carrier

With Life.ioEngage, the carrier can now leverage a turnkey platform to create meaningful ongoing interactions with current policyowners and significantly boost brand loyalty and recognition. These interactions moved the needle on the carriers’ most important business...

Survey: Life Insurance as a Partnership

The convergence of technology capabilities and demographic trends makes it the right time to develop new business models that appeal to all consumers, not just the underserved.

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