Future Life Landscape

The most promising trend seen currently is that life insurance customers are getting increasingly more knowledgeable and demanding about what they need. Products and companies are researched across web aggregators, trusted circle of friends and peers as well as the communication that insurance companies are putting across. Customers expect brands to understand their needs and help them compare products thus enabling them to make the right choice.

 

Customers are also looking to engage with brands that they trust are transparent in dealing with them, and are able to provide a resolution in a matter of hours and not days. Keeping this in mind life insurance companies, while keeping the operating costs low, will try and surprise the customer pleasantly. Technology will play a key part in achieving this goal.

 

Companies will also invest heavily on product development as well as training and development of the sales force to ensure that the sales teams are well equipped to acquire customers the right way while creating long term loyalty.

 

The life insurance category will also see an expansion in the kinds of products being offered.

Life insurance is increasingly becoming as much about living longer in an inflationary world as it is about securing against an unfortunate event. Coping with critical illness and long term heath care, retirement planning, wealth accumulation are the kind of product solutions needed today.

 

Marketing will play a stronger role in building connect with the customers. Smart use of technology, conversing with customers across relevant media and ensuring that the conversation is meaningful will be the key pillars of any good brand’s customer strategy.