Before we answer this question, let’s first start with the definition of “insurance”. Insurance was created to help eliminate or mitigate risk from individuals to the larger community in times of need or emergency. It is one of the world’s oldest industries with its origin tracing back to the 13th and 14th centuries, when sea traders needed to “insure” their shipments in case of theft or total loss during travel.
Insurance has since evolved into other areas of society, such as auto, home, and specialty areas like insuring a guitarist’s fingers or a famous model’s legs. If someone has something they find valuable, and is willing to pay someone else to protect it, it can be insured. This brings us to life and health insurance – arguably the two most valuable things a person can have.
In the last few decades, technology has SIGNIFICANTLY changed the way we operate. With the Internet and the invention of smartphones, people have access to anything they want, how they want it, when they want it. Because of this 24/7 access, consumerism has changed. Every industry is having to adjust to stay relevant even the grandpa of all industries – insurance.
Here are three ways life and health insurers can adapt to meet the demands of the 24/7 customer:
- Offer self-service: Gone are the days of filling out and mailing back paper-based forms. Enable them to complete their applications or claims online – anytime they want.
- Personalize your communications: Nothing irritates a customer more than receiving communications that aren’t relevant to them. If you want to increase your customer loyalty, sending them relevant and contextual communications is key.
- Provide omnichannel delivery options: With Millennials making up a large part of the population, many organizations – including insurers – need to deliver a consistent experience offline and online. This is crucial if you want to capture this market segment since a whopping 73% of them prefer to shop online.