Shaping the Customer Experience: Key to Expanding Term Insurance Opportunities
The old insurance industry saying, “life insurance is sold, not bought,” no longer holds true, especially when it comes to term insurance. Today, this top-selling product is bought, not sold, which has far-reaching implications for insurance marketers and distributors.
Term insurance is a simple, easy-to-buy product, and term prospects are generally pre-sold on its value. To optimize the opportunities in this market segment, insurance providers need to connect with customers and capitalize on important milestones in their lives.
Deloitte LLP’s latest report, Shaping the Customer Experience: Key to Expanding Term Insurance Opportunities, discusses why insurance carriers and broker/agents offering term insurance need to create a positive shopping experience for customers. This report focuses on:
- The characteristics of term buyers – explaining why term product sales are often buyer-initiated
- The factors underlying the growth of term insurance sales – revamped products, lower prices and availability of competitive pricing information on the Internet
- Customer preferences – factors involved in purchasing life insurance
- Creating a positive and consistent customer experience – imperatives for broker/agents and insurance carriers to maximize their opportunities in term-insurance markets
Only by delivering customer intimacy on a mass scale can insurance providers position themselves effectively and expand their business in term insurance and beyond.
Download the full report below.