As life insurers know, customers have changed considerably over the past few years. They are more empowered, have higher expectations, are more prone to switching providers, are more connected — to companies and to each other — and are more diverse, both regionally and globally.
Yet, many life insurers still operate within a “one size fits all” sales and service model that prevents them from responding effectively to this rapid evolution in customer needs and behaviors.
2. Shifting from a product-based to a solution-based sale. Carriers should shift their focus from selling products to providing solutions to customers’ problems. This approach – combining product, service and experience – enables carriers to position themselves as approachable experts, valued by customers struggling to make a complex purchasing decision. This also helps neutralize the trend to commoditize life insurance and treat price as the key determinant for choosing a provider.