Thirty-seven per cent of insurance policyowners went online for service in 2017, new research by LIMRA has found. This is a 23 per cent increase over 2014. The study also found that 74 per cent of policyowners said they would go online for service in the future.
Despite the rising interest in accessing service online, clients expect to have options, underlines the report. “Nine in 10 policyowners said they want to be able to speak to a financial professional and three quarters say they want to contact the company directly via phone or mail,” says LIMRA.
Meeting a financial professional
Overall, meeting a financial professional and calling a life insurance company to speak with a customer service rep are still the most popular ways to access service at 44 per cent and 45 percent, respectively. Millennials are most likely to use digital channels (email, websites, text, chats and mobile devices) compared to older clients.
In terms of the types of transactions that influence choice of service channel, LIMRA found that simpler transactions, like obtaining general information, were more likely to be completed online. Policyowners preferred to talk to a person when it involved more complex business, such as changing policy face amounts, says LIMRA. They also more frequently used mail or email when conducting business that requires documentation, such as name or beneficiary changes, the study found.
To learn more, LIMRA members can read, Pinpointing Preferences 2017: Life Insurance Policyowner Service Channel Preferences.