Life Events Engagement During the COVID Crisis

Marketing ineffectiveness has hindered the life insurance industry for years, with providers losing out on opportunities—and losing clients—because they’re not engaging with customers at the right time with the right content.

Now, during the coronavirus pandemic, it’s a critical time to correct that. Providers who track their customers’ life events will drive cross-selling, boost retention and become tomorrow’s winners. They’ll get ahead in these challenging times.

Engaging consumers with life events is crucial because data show customers are more likely to buy an insurance product at certain times, specifically around life events like marriage, having a child, divorce and even changing jobs or retiring. Data also show consumers prefer to connect through multiple channels. That’s why successful providers generate awareness at the precise moment when the need for the insurance product is greatest, and they do it with the right messaging.

With much of the U.S. still under stay-at-home orders because of COVID-19, it’s true that brides aren’t walking down the aisle, and in-person open houses are on pause. Many people have had to put their life events on hold. But now is the time to engage with policyholders as they anticipate life events.

When you reach out to customers who need to update policies, or those who’ll require additional products, you’re saving them the trouble of doing the research themselves at a time when anxieties are running high. Providers who increase dialogue now, responding proactively across multiple channels, will earn customer loyalty. They’ll excel as the economy slowly opens up and people forge ahead with their life events.

Marriages

In many cities across the country, with municipal offices and courts shuttered for the time being, people aren’t able to get marriage licenses. Yet, proposals and wedding planning are still happening. Couples are still getting married, albeit virtually, and they’re postponing their big, in-person wedding until it’s safe to convene in large groups.

Childbirth

In the midst of the virus, births are still happening and customers need to add children to their policies. Many new parents are more stressed than ever, especially since, to help prevent the spread of COVID-19, some hospitals aren’t permitting partners in the delivery room and women are giving birth alone. Reaching out to help parents update a policy is one less task they have to worry about, and it will be much appreciated.

Buying a House

In-person activities related to buying a house with multiple people involved—like open houses—in most instances are on hold. Yet realtors are hosting virtual open houses and people are still shopping around for a mortgage in anticipation of purchasing a home.

Divorce and Changing Jobs

Couples with joint policies that decide to divorce during the pandemic will need new policies. A new job can also mean a change in lifestyle. Perhaps a customer takes a job in a city where they now need a car. Or, a new job means the customer will sell their house and buy a new one. Customers are planning for these types of life events now even if they have to wait for a period of time to finalize them.

Tracking Life Events

At Gerald, with our Life Events Tracker and other tools, we help insurance providers increase retention, driving revenue by selling more to their existing book of business.

Through our secure platform, we source key data from public and private sources, detecting and predicting life events in real time. Our tech helps to correct a long-time pain point by bridging the information gap between the insurer and the insured.

Our Life Events Tracker alerts clients when their customers have life events so they can engage with the right content at the right time, communicate on any channel, and make firm offers from specific insurance products.

As we continue to navigate through these unprecedented times, it’s more important than ever to keep customers engaged. Insurance providers should proactively work to support customers by connecting with them in real-time through life events.