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November 17, 2018 at 01:06 AM
LIMRA shared some interesting new stats from their research at their annual conference a couple of weeks ago, and it looks like 2018 is going to be another challenging year for life insurers in the North American market.
To combat market disruptors and close the current $25 trillion protection gap, the industry appears to be doubling down on key learnings from the FAANG group of companies (Facebook, Amazon, Apple, Netflix, Google) on adding value to customers — bringing personalized digital experiences, seeking high-velocity consumer data, analyzing it systematically, and expanding their customer advocates — all to power their future business strategies.
This industry is fighting to modernize and stay relevant to today’s customers in order to meet them where they are: offering choice, being digital and mobile-enabled, and creating simplified, seamless, and convenient customer interactions.
Expanding their current value propositions is a solution to this problem.
Experience from the last decade has clearly shown that adding health and wellness product add-ons is proving to be of interest in gaining permission and adoption on customer engagement, beyond an annual bill, especially with digital natives who prefer healthy choices.
Typical health and wellness solutions only attract about 5% of the insured population; however, there is a proven method of increasing this participation level through gamification — sparking in real life word-of-mouth and studying high-velocity data to grow from the power users.
