Tap Into Triggering Moments

A major misconception in the insurance industry is that life events are distinct points in time—a wedding, a home purchase, the birth of a baby. But they’re not. Life events are journeys, and only with effective engagement at the right times along those journeys you can successfully and consistently win your customers’ repeat business.

Imagine a couple who has signed a mortgage and they get the keys to their new house. They’ve likely been on the path to homeownership for many months, if not years. It’s the same with a newlywed couple looking forward to a future honeymoon. Their journey toward marriage started months or even years earlier with a proposal and an engagement.

As you connect with your customers, it’s critical to remember that life events, like a marriage, a home purchase, or the birth of a child, aren’t “one and done.” Multiple steps precede every life event. Clearly, you have a better chance to earn your customers’ business when you identify key triggering moments, associated with each different life event, along the course of their life journeys.

Imagine a situation when you identify a customer when they start to apply for a mortgage or when they fill out the paperwork to get a marriage license. Then, proactively engage with them with the right messaging and information. That way, when they’re ready to choose a policy, they have your helpful information on hand and their decision-making process becomes much easier. Following such an approach will not only help your customers feel more secure during their life journeys, but also drive revenue by selling more to your existing book of business, thus helping you increase retention.

Reach out at the right moment

A study by Deloitte showed that certain life events are reliable predictors of whether or not a consumer will purchase life insurance. People who got married, had a baby, bought a home, or retired were indeed more likely to purchase life insurance relative to the average person, the study found. Life events like renting a home or becoming single, on the other hand, decreased the likelihood of someone purchasing life insurance.

Insurance carriers, Deloitte suggests, should mull over more targeted sales efforts that are based on the customer’s likelihood to buy. Carriers might be more successful if they highlight the importance of insurance around life events. Most important though, Deloitte says, is to generate awareness in customers at the precise moment when the need for life insurance is at its greatest.

At Gerald, pinpointing the steps along these life events is at the heart of what we do. With our secure platform, we source data from both public and private sources and detect and predict a wide array of life events in real time. Having this key data, however, isn’t enough. You also need to harness the data and reach out to your customers in the right way. We also help you to do just that.

Connect across multiple channels

Gerald’s i-Nudger saves time by automating all your correspondence with our predefined templates and content. Our clients create custom campaigns based on specific life triggers, then add their logo and branding, all with a few clicks. Messages are automatically personalized for your customers.

At Gerald, we also provide the tools to connect with your customers across any channel and platform of choice. Our communication center is a centralized hub that makes it easy to manage conversations and messages with the customers. It’s a one-stop shop where your agents or Gerald’s personal assistant can initiate conversations across multiple channels, including email, SMS, and of course conversational AI. Other agents and team members can also be easily added to such conversations using our secure platform.

Communicating across multiple channels is, in fact, key to today’s consumers, according to the study by Deloitte, especially with younger demographics like millennials. Millennials want to research and buy through a variety of channels and they highly value and appreciate feedback and real-time information through digital channels.

According to Deloitte, the life insurance “winners” of tomorrow will most likely be organizations that combine “an advice-driven approach with a digitally enhanced engagement strategy to help meet evolving consumer expectations.”

As the country settles into a new normal of social distancing as the COVID-19 pandemic continues, it’s more important than ever for carriers to be in tune with their customers. Now is not the time to be complacent. It’s the time to be proactive. By leveraging your expertise and by reaching out at the right time and in the right way, you’re helping your customers make difficult life decisions easier, especially during what continues to be a trying time.