Is it really out of reach to expect our policyholder service and prospecting to be more automated and online?
As I was registering for my hotel to speak recently at a BGA’s sales and marketing meeting, I was prompted to “register with Facebook”. As a millennial, I was not intimidated by that offer – it means that my information will be automatically populated from my profile to save me the time of filling it in, now and in the future, in exchange for providing their “portal” with access to my Facebook profile. It’s a win-win: I like when it’s easy to sign in, and the software company behind the “social sign in” likes to know when I’m traveling next (insofar as that can be ascertained by mining my Facebook feed).
Only 1 in 20 policyholders currently has the ability to engage with their life insurance policy online. Unlike registering for the event that I was, we have built too few opportunities for policyholders to “link” their millions of social accounts to us to ascertain critical data. Consider the possibilities. Policyholder engagement technology can, itself, mine their profile for keyword combinations such as “our engagement”, “our baby boy”, and “addition to our family”. Technology can help us identify such keywords passively and without infringing on their privacy – after all, a ‘profile’ is by its nature ‘public’ – while enabling automatic responses to likely needs for additional coverage.
Many people used to, and some still do, announce their wedding or the birth of their child in their local newspaper. Some of the savviest agents used to prospect that way and I heard about their success as a thing of legend. With technology, we can deliver the best practices of some agents to all, increasing our productivity as an industry and, ultimately, as a society.
Aside from the policyholders’ own profile, such technology could also monitor their newsfeed for keywords – if their friends are having babies or getting married. Then, we can subtly, or not so subtly, encourage them to refer their friend to their trusted life insurance provider. If everyone who reached one of those key milestones was involved in a life insurance discussion, we could surely turn around the seemingly uncontrollable decline in household life insurance coverage. The possibilities are endless.
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