The pandemic has driven many people to prioritize life insurance. And for those shopping for policies they expect a convenient digital experience. To meet this need, some companies are thinking outside of the box to keep customer convenience and satisfaction top of mind.
“If there’s one positive aspect of COVID-19 it’s that it has prompted many to add life insurance to the top of their checklists,” explained industry expert, Michele Pace of Cognizant. “The pandemic represents the unexpectedness of life, and life insurance is there for protection when tragedy – like COVID-19 — strikes. So now, more than ever before, is a prime time for choosing a policy.”
It’s also a financially sound time to purchase life insurance. “If you’re wondering if the pandemic is a good time to [buy], it is. In fact, because some companies have started raising prices, now is the time to snag a good rate before prices are higher across the board,” explained Amy Danise in a recent Forbes article. “It’s also a prime time to make an application that won’t require a medical exam. In the past, buying a no-exam policy usually meant paying more because the insurer had less information on you to assess their “risk” in selling you a policy.”
Today, with many people actively looking to buy policies, insurers have the opportunity to positively impact the policy-picking and application process. When the pandemic ends, this will likely remain the same; customers want and need modernized and convenient experiences especially when it comes to protecting their families.
Keeping convenience top of mind, it was recently announced that “consumers can [now] get life-insurance policies with their Big Gulps or other convenience items at 7-Eleven outlets in Japan,” explained Al Root in an article for Barron’s. Emerging from a partnership between the iconic convenience store chain and MS&AD Insurance Group, customers can explore and purchase policies from “multifunction machines.”
“Offering life insurance policies from vending machines is the perfect example of how insurers are looking to cater to today’s customers,” explained Pace. “This makes finding the right policy faster and more efficient – especially since medical exams aren’t required right now — via a self-service solution.”
With life insurance top of mind for many people, as well as it being a prime time to buy, insurers are presented with a unique opportunity — they can show their commitment to upgraded experiences rooted in customer convenience. After all – with the right insurer and digital solutions to back it – picking a policy should be as easy as using a vending machine.
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