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{"id":9909,"date":"2020-09-07T23:25:29","date_gmt":"2020-09-07T23:25:29","guid":{"rendered":"https:\/\/sviaccelerator.com\/?p=9909"},"modified":"2020-09-07T23:25:29","modified_gmt":"2020-09-07T23:25:29","slug":"life-insurers-can-provide-better-insurance-to-next-gen-customers","status":"publish","type":"post","link":"https:\/\/sviaccelerator.com\/life-insurers-can-provide-better-insurance-to-next-gen-customers\/","title":{"rendered":"Life Insurers Can Provide Better Insurance To Next Gen Customers"},"content":{"rendered":"\n \n
Life insurance margins continue to be squeezed due to the plunging interest rates, as well as the precipitous drop in the stock market and global economic crises. The much-awaited rise in interest rates has not materialized, and recent events such as COVID 19 and high unemployment rates make it clear that they will continue to plunge. As a result, it is crucial for life insurance providers to find new ways to maximize revenue opportunities. Those opportunities abound. \n<\/p>\n
Opportunities<\/strong> \nRevenue growth opportunities include locating current policyholders who possess the potential for substantial upsell, and Next-Gen customers that are looking for personalization, all are likely to purchase better life insurance, and to become a Very Important Policy (VIPs). A tailored approach for these VIP customers will be exponentially valuable in the current turmoil.<\/p>\n
While insurance companies are aware of who their current important policyholders are, how can they better understand the identify the policies that have the potential, and once identified, how can the optimize methods for best engaging and converting them?<\/p>\n
The answer lies in optimizing the data they already have to generate insights on the life cycle of their policyholders. Understanding and predicting policyholder behaviors and alerting the agent at the right time to a potential change or discrepancy in the customer\u2019s profile could be a saving grace for life insurance providers in times of economic uncertainty.<\/p>\n