Fintech Today
  • About
  • Banking
  • Insurance
  • Resources
    • COVID-19
Subscribe
No Result
View All Result
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
Fintech Today
  • Digital Transformation
  • Customer Experience
  • Cybersecurity & Risk
  • Regulation & Compliance
  • Claims Management
No Result
View All Result
Fintech Today
No Result
View All Result
Home Resources COVID-19

Selling Life Insurance Policies Via Vending Machines is the Ultimate Form of Customer Convenience

by Heidi Bullman
September 25, 2020
in COVID-19, Cybersecurity & Risk, Insurance
Reading Time: 4 mins read
A A
Life Insurance
Share on FacebookShare on Twitter

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.  

Ready to learn more? Subscribe here. 

Tags: 7-ElevenCognizantCOVID-19customer convenienceinsuranceInsuretechlife insuranceMS&AD

RELATED POSTS

Pandemic Relief Fraud
Banking

Artificial Intelligence Helps Combat Fraud, Waste, and Abuse and Protects $5 Trillion in Pandemic Relief Funding

June 9, 2022
Data Sharing Solutions
Digital Transformation

Insurance Companies Look to the Future of Data Sharing Solutions

December 17, 2021
Costs of Doing Business
Digital Transformation

Health Insurers Look to Reduce the Costs of Doing Business in 2022

December 15, 2021

TRENDING NOW

  • Managing Loans as Part of the Paycheck Protection Program is Made Easier with Upgraded Digital Solutions

    Managing Loans as Part of the Paycheck Protection Program is Made Easier with Upgraded Digital Solutions

    516 shares
    Share 206 Tweet 129
  • Location Intelligence a New Tool for Wildfire Assessments

    524 shares
    Share 210 Tweet 131
  • Are Banking Virtual Assistants Safe?

    508 shares
    Share 203 Tweet 127
  • Arizona’s Motor Vehicles Department (MVD) Makes Payment Offerings More Accessible

    588 shares
    Share 235 Tweet 147
  • Artificial Intelligence Helps Combat Fraud, Waste, and Abuse and Protects $5 Trillion in Pandemic Relief Funding

    495 shares
    Share 198 Tweet 124

CONNECT WITH US

Advertisement Banner Ad Advertisement Banner Ad Advertisement Banner Ad

BECOME AN INSIDER

Get Financial Technology Today news and updates in your inbox.

Strategic Communications Group is a digital media company that helps business-to-business marketers drive customer demand through content marketing, content syndication, and lead identification.

Related Communities

Future Healthcare Today
Government Technology Insider
Modern Marketing Today
Retail Technology Insider
Today’s Modern Educator

Quick Links

  • Home
  • About
  • Contact Us

Become a Sponsor

Financial Technology Today offers content and advertising sponsorships to leading technology solution and service providers. Interested in becoming a sponsor? Contact us!

© 2021 Strategic Communications Group, Inc.
Privacy Policy      |      Terms of Service

No Result
View All Result
  • Home
  • About
  • Banking
  • Insurance
  • Categories
    • Digital Transformation
    • Customer Experience
    • Cybersecurity & Risk
    • Regulation & Compliance
    • Claims Management
  • Contact Us