Life Insurance Market Trends in the USA
Levels of Digitization in Life Insurance
Life Insurance Policy Purchases in the United States from 1998 to 2018
Changed Fiscal Concerns of Youth
17% Economic instability
24% Housing costs
28% Job security
30% Supporting dependents
Job security
Housing costs
Supporting dependents
Economic instability
Online interest in life insurance
7 million
70%
Websites of the top ten life insurance providers get more than 7 million total visits a month.
70 percent of customers looking for life insurance policies begin their information gathering process online
Major Turnoffs for Life Insurance Customers How likely would you be to buy life insurance if: What may have prevented you from purchasing life insurance in the past?
16% Others 18% I’m too busy/forget/ haven’t gotten to it yet
15% process is too complex
22% Cost is too high
29% I don’t understand the options/ benefit/coverage
How Life Insurance Can Gain New Customers Through Digitization?
Personalized insurance products
Personalized pricing
Agent Management Application for Efficient Customer Acquisition
Technologies For Customer Acquisition and Personalization in Life Data capturing and analytical tools to flag events and changes in customers’ lives.
Customer interaction system to identify the touchpoints and interact with customers.
Product development system that develops personalized offerings.
Agent management system to increase the efficiency of agents and acquire more customers
To know more visit https://nuvento.com/blog/digital-transformation-in-life-insurance/
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