November 23, 2022

Open›Consumer Experience: Modernizing the Experience from Quote to In-force Policy

The life insurance coverage gap is very real. Recent data from LIMRA shows that life insurance sales continue to decline. At the same time, more than half of non-insured people LIMRA surveyed would like life insurance coverage and think it’s important. So people want life insurance but aren’t buying it – why? As with most […]

The life insurance coverage gap is very real. Recent data from LIMRA shows that life insurance sales continue to decline. At the same time, more than half of non-insured people LIMRA surveyed would like life insurance coverage and think it’s important. So people want life insurance but aren’t buying it – why?

As with most answers to big questions, there are a variety of reasons why people aren’t buying life insurance policies. The biggest by far is that the experience of purchasing life insurance products is simply too difficult:

  • The self-serve experience is too cumbersome to go it alone
  • Complex products make it even more difficult to navigate without professional help
  • The relationship between cost and value is unclear, so many people assume they can’t afford coverage
  • Lengthy paper-based application processes that can take weeks or months to get a coverage decision

The bottom line is that the life and annuities industry must make it easier to understand, buy, and manage these important financial products. Truth be told, it’s easier to buy a car online these days than it is to buy life and annuities products.

 

Reinventing the Customer Experience

The Zinnia Open›Consumer Experience is digitally enabled to give consumers what they want, when and how they want it. This includes digital education and onboarding, advisor support when needed, and a much faster time from quote to policy. We’re reducing the complexity of the experience so it’s more accessible to the modern consumer.

 

The Zinnia Open›Consumer Experience will include:

Seamless Onboarding – the ability to satisfy consumer demand in real-time with instant quotes and needs analysis, a faster and intuitive application process, and the ability to work with or without advisor assistance.

Self-Service Portal – 24/7 access for customers to make policy adjustments, change beneficiaries, update addresses, take loans and make withdrawals, schedule appointments, and save and track applications from any device.

Engagement & Loyalty – a wellness rewards program to extend the relationship beyond the policy by encouraging consumers to set goals and get trusted advice for navigating life’s challenges.

The Zinnia Open›Consumer Experience is designed to be the personalized journey consumers are demanding, combining relevant content about life and annuity products with a more intuitive buying experience, a simple account management portal, and on-going wellness education.

 

About Zinnia Open Insurance Experiences

Helping our customers deliver exceptional insurance experiences is at the heart of everything we do at Zinnia. We’ve introduced a bold and unique vision for Open Insurance that is designed to eliminate complexity from end-to-end, and for all stakeholders.

With Zinnia Open Insurance Experiences, especially Open›Consumer Experience, we will expand the market for life and annuities so families that want these products can get them more easily. We want to close the insurance gap once and for all!