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!
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