As I wrote in my Sapiens eBook, Engage in a Winning Strategy!, life insurance has one of the lowest levels of “touch” with customers across verticals in the financial services industries. Usually the only time life insurers contact their customers is if a payment has been missed and these communications are often paper-based. Today’s digitally-savvy consumers, especially millennials (Generation Y), feel that life insurers aren’t offering a fully personalized and digital experience.
Consulting firms such as EY have surveyed policyholders and noted the danger to life insurers of continuing down the same well-trodden path:
Insurers know they need to improve at selling, underwriting and serving customers, largely because they are now judged by the standards defined by new technology in banking, retail, travel and hospitality, and other high-profile sectors.
Insurers must keep up, or be left behind…
By improving customer experience, life insurers can take advantage of opportunities to cross- or up-sell to their existing customers, as it is far more expensive to add a new customer than to sell additional business to current customers. Life insurers who don’t quickly engage with customers may get upstaged by financial services providers that do.
The “Cool” Way to Engage
Sapiens’ partner, Life.io, a leader in digital consumer engagement for life insurance, is dedicated to helping insurers solve the problems I detailed above. And it is succeeding, as evidenced by the fact that it was recently selected as one of the 2017 Gartner Cool Vendors in Insurance.
“We are thrilled to be recognized by Gartner as a Cool Vendor in Insurance. Life.io will be joining an elite group of companies that have been recognized by Gartner in the past five years, such as Box, Dropbox, Nest, Evernote, Cloudera, Palantir and Instagram. We believe this recognition is further validation of the strength of our industry leading engagement platform, the expertise of our team, and the value we provide to life insurance digital transformation,” said Jon Cooper, CEO of Life.io.
“Life.io is emerging as a major player and thought leader for policyholder engagement in the insurance space. Our technology not only helps life insurance carriers gain a key competitive advantage, but also connect to their policyholders like never before,” continued Cooper.
Life.io’s platform is integrated with the Sapiens ALIS software suite – a core policy administration solution that supports the complete policy lifecycle across a wide variety of products in the life, pension, annuity and medical industries – to equip life insurers with an in-depth and personal view of their customers and enable rapid launch of the best products to the right customer, at the right time.
The flexible and highly configurable SaaS platform offered by Life.io has extended Sapiens’ data analytics capabilities and offers a personalized customer engagement model, particularly for millennials.
Feel free to engage with Sapiens to find out how Sapiens and Life.io can help you improve your customer engagement. And congratulations to our partner, Life.io, on their impressive recognition!