The Life Insurance Customer Engagement Continuum: 4 Steps to Relevance
By Dan McCoach, Head of Life and Health, Celent. The Customer Engagement Continuum is a roadmap to help insurers keep pace with customers’ expectations driven by today’s digital economy.
Is the intrinsic value of the coverage enough? Or do new customers want more from their insurance company? Today’s insurance experience is often cumbersome, difficult, and complex—and consumers are demanding more, especially for digital convenience and engagement. However, life insurers are struggling to provide this kind of value—leaving large gaps in the experience with little to no engaging interaction or enjoyment after the purchase.
Today, insurers are working hard to find answers—they are investing in digital automation—with recent acceleration thanks to the pandemic. Innovative insurers are attempting to deliver the kind of immersive experiences that customers have come to expect from digitally driven brands, like Amazon, Netflix or Peloton, for example. Insurers are also keenly aware of sky-high InsurTech investments and threatening new entrants, as seen in recent partnerships between big tech and mass retail.
With the Customer Engagement Continuum, Celent offers life insurers a roadmap to becoming more valuable to their customers’ daily lives, to be more engagingly relevant to their health and well-being, and to deliver the kinds of experiences required to curate and nurture differentiating connections with digitally savvy consumers.