Lockdowns across Asia have hit sales at life insurance companies. Months of closed offices in city centres have taken away one of the agent’s primary sources of potential customers.  Most insurance agents have struggled to arrange their usual face-to-face meetings with customers, and some have switched to messaging and videoconferencing apps to win business.

Some insurers have created new communications channels using mobile devices and other online tools to help their agents reach out to customers. Along with online insurers performing better than their peers during this period of turmoil, the impetus for digital transformation in the insurance industry has grown and grown. However, insurers won’t be able to complete their makeover as modern digital enterprises overnight. For one, industry regulations force some products to be sold face to face.

How to leverage your digital platform advantage to engage with customers and assist traditional sales?

There are three things you need get right:

Live Chat

Quick response to customer enquiries will increase overall client satisfaction rates. Live chat has become the preferred communication channel of many consumers.  Leveraging live chat to build trust and personal connection with your customers has been proven to boost conversion rates by up 45%.

Video Call

Successful insurance sales require a very dedicated and specific engagement approach with a highly personalised touch. With the one-on-one contact potential of audio and video chat, sales agents can have an easier time building relationships with customers. 

Data Consolidation

Data from different communication channels – including Live Chat, Apps to Video calls – can be a valuable source of information and insights into customers for agents to increase effectiveness, and make predictions and decisions.  

Many times the big data that companies store comes from diverse origins, with various formats and with different purposes. This can result in duplication and problems with data security. In addition, this data diversity makes it difficult to quickly and efficiently analyse the data, unless it is made uniform, scrubbed of errors and duplicates, and integrated. By gathering different types of data and presenting is a single unified view, users can glean more insights into customer behaviour to make better decisions. 

Insurers expect an increase in demand for their products because of Covid-19. The virus reminds people why insurance is important and likely boost demand for life protection.  The industry’s long-term outlooks seems optimistic, but survival depends on insurers ability to adapt to changing business conditions by using digital methods rather than traditional face-to-face engagement to convert leads into sales.

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