Are you a benefits insurer planning to move down market? How will you win in the small case, small business market? Here are 5 questions to ask yourself and a checklist of 7 capabilities that you will very likely find you need.
A very similar, consistent theme emerged in sessions throughout LIMRA’s recent Enrollment Tech conference. Insurance companies want to be at a place where all communication is API driven, especially when it comes to enrollment communication with enrollment vendors. This message was very evident in the presentation by Prudential and ADP that kicked off the conference, in the presentation by Maxwell Healthcare and EIS Group, and in other sessions.
Your distribution engine powers sales, but the fuel you need for each market segment differs. The capabilities you need to support voluntary sales by brokers in the small case market versus those focused on the large case market vary greatly. So the question for insurers planning a down market move is: will you find the distribution you need?
As we move inexorably forward into a digital future, many companies are giving hefty consideration to how well they’re keeping pace with developing technologies. Overwhelmingly their answer is “Poorly.” Nearly all of those surveyed agreed on the importance of digital transformation; 95 percent say customers and end-users should have truly unique experiences and 80 percent worry about their companies being left behind if they couldn’t. What can we do better? Try a more integrated approach.
You have heard a lot – likely an awful lot – about the ways advances in technology are impacting customer experience in the insurance industry: how they drive service beyond what customers expect by adapting with them as their lives change, by managing changes to their plans and policies with ease, and by offering a consistent experience across platforms and interactions. All that’s needed is to tap into it, right? Not so fast, say those in the trenches.
As insurers drive to expand and grow in an increasingly digital marketplace, it is understood that excellent customer service is no longer a standout, but a standard. In the last two years, the number one strategic investment across the insurance industry has been in improving customer engagement. Why so much emphasis?
How to make your benefits products a good fit for small businesses
Looked at from a marketing lens, my personal truth is that I am a demographic of one. And anyone who can grasp that and understands my needs and preferences will score some serious points and wallet share. This type of mass personalization could be key to successful benefits insurance small case marketing on Main Street.
Forget “15 minutes could save you 15% on car insurance.” This popular insurance advertising meme makes me want to ask wouldn’t your customers prefer to save not only more time and money, but the effort also? This is precisely the new value that is being achieved with new digital engagement technologies, and customers like it.
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits insurers. The small business market is often viewed as an opportunity attractive to growth-minded insurers because the focus of the majority of carriers is on the larger, highly-competitive end of the market.
Drones, bots, blockchain, AI and machine learning are what everybody is suddenly talking about. Start-ups with cool names like Trov, Slice, Goji and WeSavvy are the talk of the insurance town, yet just a year or two ago core transformation toward becoming a digital insurer was all the rage, and the names of core vendors filled the headlines. Now, it seems like all the cool stuff is happening peripherally to the core and some great examples peppered the lively discussion of Insurtech and next-gen insurance at the recent SMA Summit.