The Life Sale: Engaging With a Rare Creature In The Wild
April 18, 2019 by Chris Behling
Life insurance consumers are elusive creatures. They are hard to find and even harder to engage. It’s unclear whether (A) there are less of them out there, (B) we are looking in the wrong places, or (C) we are using the wrong approaches to engage with them. What is clear, is that there is a $26T mortality protection gap in the US and it continues to grow. Like any elusive creature, engaging the insurance consumer requires finding them where they live and becoming a part of the ecosystems they inhabit.
In today’s day and age, participating in an ecosystem requires companies to do three things: (1) Know your customers and potential customers really well, (2) Digitize your superpowers, and (3) Partner with other companies in that ecosystem.
While numerous ecosystems exist and most people participate in several on a daily basis, the financial wellbeing ecosystem is one where the insurance industry is increasingly focused. This makes sense. There is a mega-trend around wellness and at the same time, a growing realization that financial issues are at the heart of our overall wellbeing. In addition, our industry is focused on financial and health data which could make insurance a powerful participant in the ecosystem. Finally, institutional clients are realizing that the financial health of their employees is core to their individual and institutional growth and success.
Below is a look at the three factors needed for success in ecosystems through the lens of financial wellbeing.