Part Two: The Power of Data in Hybrid Distribution
Part two of a series exploring the need for the Hybrid Distribution of life insurance products. Part one explains Hybrid Distribution, and why it’s needed.
Life insurance sales have always been driven by data. But for the most part, the insights have only been used to understand an applicant’s risk and price the premium accordingly.
That’s important. But it’s even more important to figure out who your customers are, what they care about, and how you can position your products as the solution to their needs.
Carriers that utilize Hybrid Distribution platforms get access to demographic and behavioral insights that were previously impossible to track and leverage. For example, with Breathe Life, carriers can access behavioral data and use it to optimize their eApp questionnaire flow. More specifically, they can analyze which questions people get stuck on and optimize the UX to ensure a smooth application and lower the amount of drop-offs.
Here are some other ways carriers can use the data generated by Hybrid Distribution to find better leads, target the right applicants, and drive more business.
Generate Leads and Identify New Opportunities
In a recent survey, almost 30% of Advisors say their biggest problem is generating leads. Data can make that easier, allowing Advisors and carriers to target potential customers based on milestones like buying a new home or having children. They can also easily use advanced analytics to find cross-selling and upselling opportunities and identify accounts that may be at risk of lapsing.
Use Testing and Analytics to Refine Their Message
The average person gets bombarded with up to 10,000 promotional messages each day. Savvy life insurance carriers and Advisors can use the data generated by a Hybrid Distribution model to personalize the customer experience so their outreach doesn’t feel like just another advertisement.
Advisors can test everything from their headlines to calls to actions in real time to see which messages are most effective. With just a few clicks, they can also overlay their advertising analytics with underwriting and distribution data to see which promotion is driving the most qualified leads to their eApp, helping them focus their marketing outreach to drive the maximum ROI.
Find Opportunities to Improve Business
In the boardroom, data makes conversations happen. For the first time, carriers have total transparency into the entire sales cycle. They can use this to find trends and opportunities. They can also share their data with marketing and underwriting teams to improve internal processes and workflows and increase the organization’s competitive advantage.
Some of the carriers we’ve worked with have expressed concern that applicants could downplay their health issues when applying for life insurance online. But best-of-breed providers that specialize in life insurance know how to build applications in a way that helps carriers manage risk. The system can automatically identify red flags and alert Advisors and underwriters about potential issues.
Embracing Hybrid Distribution is more than rolling out an electronic application form. It allows you to capture the data you need to reach consumers on the sites they visit every day — be it TikTok or their favorite news app, target the ones who are most likely to need your services, and bring them to your digital front door.
To learn more about the power of Hybrid Distribution, download our eBook here: https://www.breathelife.com/download-ebook/