With 70% of buyers aware of life insurance mobile apps, only 37% use them for policy questions
A new report from Aite-Novarica Group analyzes consumers’ interest in engaging with their insurers and preference for content on their mobile apps. Access full report here.
Boston, February 24, 2022 — While the life insurance industry has seen significant digitalization 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.”
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. Visit us on the web and connect with us on Twitter and LinkedIn.
