January 10, 2022

Life Insurance: How to Attract Your Most Important Customers

Close up of young woman's hands holding smart phone

At 23, life is ripe with possibilities.  Graduation milestones are being reached, careers are beginning to be established and life expectancy is another 50+ years.

This 23 year old just might be your ideal customer, but they couldn't care less about you.

This younger population is an important, untapped market that insurance companies need to build a relationship with.  As these 20 year olds mature and embrace new life experiences, their insurance needs will grow, too.  From car and home to travel and medical insurance, consumers will look to companies they already trust and do business with to meet their expanding insurance needs.

Digital Transformation

This group, particularly Gen Zs, are digital natives.  Shopping, socializing and banking are never more than a click away and to stay relevant, companies must meet prospective customers where they already are with solutions that deliver value beyond the transaction.  

For life insurance, the global pandemic has accelerated the gradual move away from in-person medical exams to a simpler data collection process that conforms more closely to the online transactions those in their 20s regularly make.  Buying insurance digitally can become second nature for these younger consumers who have already been booking travel or banking online for years.  

A digital transformation in the insurance industry not only allows policy purchases to take place from anywhere, it now holds the potential for new sources of data that can replace, and even improve upon, outdated long-form questionnaires. Today's health technology can completely revolutionize the underwriting process while creating new avenues for conversations with consumers beyond the policy purchase or claims experience.

Personalization Tools

Consumers have come to expect personalization from the companies they engage with and those that continue to provide generic communications not only feel antiquated but risk being completely forgotten.  In the retail sector, 80% of consumers now want personalization and an almost equal number are willing to provide their data to get it.  Companies like Amazon, Netflix and Google have capitalized on this.  Insurers can learn from them.

Historically, consumer touch points in insurance occurred at point of sale, policy renewal or with new product suggestions.  This “sell it and forget it” approach is no longer sufficient. Both your current and future consumers are online researching the best offers available and are already being marketed to by your competitors. So how do you stand out among the noise? 

Brand loyalty exists when your customer feels valued and sees value in your offerings.  Insurers today need the ability to stay connected with their policyholders and demonstrate their relevance to their lives. Health and wellness data provides the insights necessary to support plan members where they are today.  

Built on a robust set of industry-tested features, the Sprout Open Health API™ enhances new and existing applications with advanced features, including our Real-Time Health Risk Assessment, wearable integrations and content, designed to deliver personalized customer experiences while safely and securely capturing health, behavior and lifestyle data to deliver real business outcomes. 

Book your discovery call today to learn how Sprout Open Health API can transform your customers' experiences.

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