New Aite-Novarica Group report analyzes consumers’ interest in engaging with their insurers and preference for content on their mobile apps
Boston, MA (Mar. 12, 2022) – While the life insurance industry has seen significant progress in digitalization and process automation in the last few years—with improved speed, efficiency, and operational capabilities—very few companies have moved beyond e-app, e-signature, and e-delivery capabilities to analyze customers’ and agents’ journey maps and create holistic experiences. In a new Impact Report, Life Insurance Buying Experience: A Consumer Survey, research and advisory firm Aite-Novarica Group examines consumers’ recent experience in buying life insurance, their preferences for interaction and communication, and areas where they expect to see improvements.
“The events of the past two years have expedited the need for insurers to enhance the customer’s experience throughout the life cycle of their policy ownership, particularly at the time of research and purchase,” said Manoj Upreti, Strategic Advisor at Aite-Novarica Group. “Insurers need to provide a superior online agent and customer experience as well as support an omnichannel consistency across the devices they choose to use.”
“While many insurers aim to engage customers through content and product suggestions, the execution of this goal has lacked the sophistication that could win them policyholders’ trust,” adds Robert McIsaac, Head of Life Insurance, Annuities, and Benefits at Aite-Novarica Group and co-author of the new report. “In addition, it could be challenging to gain benefit from expensive engagement programs without rethinking product features and pricing.”
Click here to access the report.
Life Insurance Buying Experience: A Consumer Survey
Speed, convenience, and product/price comparison are the top three reasons reported for buying directly online
This report examines consumers’ recent experience in buying life insurance, their preferences for interaction and communication, and areas where they expect to see improvements. It also analyzes consumers’ interest in engaging with their insurers and preference for content on their mobile apps. Aite-Novarica Group conducted a consumer survey in August 2021 of 506 U.S. consumers aged 18 or older that bought an individual life insurance policy between January 2020 and August 2021.
This 40-page Impact Report contains 30 figures and five tables. Clients of Aite-Novarica Group’s Life, Annuities, & Benefits service can download this report and the corresponding charts.
Click here to access the report.
This report mentions AAA Life, AIG, Allstate, American National, Americo, Colonial Life, CUNA Mutual, Gerber Life, John Hancock, Legal and General, Lincoln National, MassMutual, Mutual of Omaha, National Life Group, Nationwide, New York Life, Northwestern Mutual, Pacific Life, Primerica, Principal, Protective, Prudential, State Farm, Transamerica, and USAA.
About Aite-Novarica Group
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.
Source: Aite-Novarica GroupTags: AAA, AIG, Aite-Novarica Group, Allstate, John Hancock, Life Insurance, Mass Mutual Financial Group, mobile app, Nationwide, Northwest Mutual, report, State Farm, survey, USAA