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Insurance Trends in the News:
Consumer Expectations: What Have Buyers Come to Expect from Online Insurance Sites?
Times change quickly on the Internet, and online insurance sites are as vulnerable to change as any other type of website. Consumers are no longer satisfied with online insurance sites that only offer contact numbers and a smattering of insurance-related articles. Today's consumer expects much more interaction and immediate access to knowledge in a site, and the most successful insurance web sites are rushing to supply these features.
When shopping for insurance, the average consumer is primarily concerned with cost and service. Of the two, cost is, at least initially, the most pressing concern for most consumers. The faster consumers can get term insurance quotes, the more likely they are to act upon them.
Early attempts to provide timely quotes to consumers required them to fill in forms online, and they would receive emails outlining their quotes within a day or two. Today, consumers aren't willing to wait that long. Software is now available that will provide online term insurance quotes accessed by the consumer whenever they wish. Follow-up on this initial quote is then the responsibility of the insurance agents.
Some companies are taking the automated process one step further, allowing clients to apply for insurance online as well as receive automated quotes. EFinancial has created ALISS (Automated Life Insurance Sales System), a proprietary software system that automates the entire process of applying for life insurance, including the medical examination. At present, EFinancial is only offering ALISS to a select group of first rate life insurance companies.
Should ALISS prove successful, the program will set a new standard for consumer convenience on insurance web sites, and other companies will be rushing to develop fully-automated insurance applications. Those companies who include such features on their sites first will have a distinct advantage over their competitors.
Where does this leave the insurance agent in an era of automation? Consumers will still need a human contact, both to advise them on how to use the automated system and to provide services that software simply cannot. One side effect of heavy automation in any industry is the desire of consumers to interact with real people.
Insurance agents often develop monthly newsletters that include information on the insurance industry, stories of claims and how the agent was able to help the claimant. A well-written newsletter can keep the client "in touch" with the agent, and the agent can demonstrate the services that he or she offers. As site visitors must sign up to receive the newsletter, the insurance agent is contacting individuals who are primed to purchase insurance every month.
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