Consumers of today, Millennials and the generations that follow, are digital natives. They expect everything online and beyond that it must be simple, convenient and comprehensive. And from my current role I can confirm that Life insurance is no exception.
In an article published by Accenture, they talk about one of the last remaining areas of opportunity which insurance firms are just starting to address.
"Today,
only 44 percent of the middle market, which includes over 52 million U.S.
households, owns life insurance. This leaves a $12 trillion gap in protection
for U.S. middle market consumers... Changing consumer behavior and advances in digitization make a profitable middle market customer strategy possible." (https://www.accenture.com/us-en/insight-life-insurance-middle-market-opportunity)
So, this led me to look at what does it mean to attract the "Middle Market" and who are they? These are the first generation of Digital Natives and how we attract them has much to do with facilitating the customer journey that is on-demand and platform agnostic. Questions that we marketeers need to address, though, are: What are those key concerns this audience has and how can we, as marketers, more accurately address their needs?
When you look at longer lead time sales, such as with Life insurance, cultivating a relationship and developing trust and credibility requires a targeted approach at every step. It comes down to how well we understand the motivators as well as the concerns consumers have at each stage along the customer journey.
I) Awareness (Pre-need recognition)
“What do I
need… and why?”
Engage consumers off-site, either within social media platforms or via interactive display, each of which deliver a single bit of information and that encourages consumers to learn more.
II) Consideration/Education (Need recognition)
“Whom do I
trust?”
Develop relevant interactive assets designed in a mobile-first approach that allows the prospective customer to discover for themselves the value added by your product or solution to their quality of life.
III) Conversion (Decision point)
“Where do I
go / How do I buy?”
If you have kept your customer engaged to this point, you will want to ensure you continue the mobile first, interactive approach through your product purchase experience.
IV) Service & Retention (Post-purchase
“Is this right
for me / Was that worth it?”
Post-sales, continue to engage customers with relevant news and information -- as well as the ability to monitor and update their policy and account details on the go via mobile.
Bottom line
CX/UX in itself is however not enough to deliver impact and movement along the customer
journey. Even though interactive formats, and especially mobile, are more
appealing to consumers, consumers need to be also highly engaged with the value
proposition and see a clear payoff from their investment in each click along
the way.