This is the third blog in The Life Insurance Landscape series.
According to LIMRA’s 2017 Insurance Barometer Study, 41% of consumers cite a life event as a top reason to shop for life insurance1. This creates a great advantage for insurers that take the time to know both their customers and the market.
Knowing about the important events in your customers’ lives opens many doors to creating new revenue from within your existing books of business. For example, a marriage, a home purchase or an impending retirement can all be triggers for cross-sell and upsell opportunities. Financial changes, such as a promotion at work, can signal it’s time to review current coverage and offer an upgrade. In fact, any significant change in a customer’s life may indicate the need for a policy review.
Data is the key to knowing when those opportunities arise, so you can act as a trusted advisor to your clients.
Your customer’s life changes can signal opportunity
Solutions like LexisNexis® Carrier Discovery™ Life Events make keeping up with the important changes in your customers’ lives both easy and timely. Automated life event monitoring performs regular reviews of your books of business, culling important life event-related information and delivering new insights directly to you—quickly and conveniently.
You simply select the life events or insights you want delivered—and how often—and provide your in-force policy information on an updating schedule (daily or weekly). When you do, you’ll receive the customer life event information you want, when you want it. These types of solutions also have the added advantages of reducing expenses and improving operational efficiency through better data.
Insurance agent as technology-enabled, trusted advisor
Data-driven solutions are helping today’s innovative carriers grow their businesses, reach new markets and improve customer engagement and satisfaction levels. Shopping for insurance may have moved into the online realm, but customers are still yearning for a personal touch. They rely on their agent’s expertise as well as his or her ability to build a relationship with them. Doing so will help ensure your customers have the coverage they need to protect themselves and their families throughout their lifetime.
Your business and your customers are depending on you to get this right. Fortunately, the technology is available for you to make sure that happens—conveniently and automatically.
LIMRA’s 2017 Insurance Barometer Study1