The moments that matter: How to deepen your relationship with policyholders
Life insurance represents a long-term relationship, and a commitment to being there for families when they need it most. By planning ahead, a family can ensure its safety and security during one of life’s most difficult moments: the passing of a loved one. It makes sense, then, to look at other moments that matter during this relationship—and other ways to step up for policyholders and their families.
After all, consumers’ expectations are rising: They want to patronize companies that fit their lifestyle and values, and that treat them like full human beings with unique personalities, needs, and desires.
As their values shift away from transactions and toward relationships, the most successful life insurance carriers will distinguish themselves by how well they meet policyholders and their families where they are, addressing the challenges that lie beyond the reach of financial support.
By looking beyond financial peace of mind to address families’ most urgent loss- and estate-related needs, carriers can unlock business value in these previously unexplored areas.
For example, with Empathy’s beneficiary care solutions, carriers are seeing results:
3 times more beneficiaries turning into high-intent leads, compared with the industry standard.
Net Promoter Scores (NPS) that are more than double the life insurance industry average.
35% reduction in claims operations costs, since Empathy’s services result in fewer calls to claims teams.
Here are a few moments that can deepen carriers’ relationships with policyholders.
Creating true security by meeting families’ needs
It’s not pleasant for policyholders to think about how their death will affect their family. In the difficult days, weeks, and months that follow, they are typically carrying a crushing bureaucratic burden on top of emotional and financial strain.
In fact, families spend 420 hours over more than a year, on average, to settle a loved one’s affairs, Empathy’s Cost of Dying survey showed. And 93% of people experienced at least one mental or physical health symptom due to their loss, such as sleep disruption, memory issues, or even panic attacks.
By including Empathy’s Loss Support services as part of their policy, though, carriers can do the thinking for them, and anticipate their loved ones’ needs.
It’s key to remember that when a beneficiary is connecting with their life insurance carrier, they are likely to be stressed, confused, overwhelmed, and exhausted.
Empathy’s step-by-step guidance, time-saving tools, and personalized one-on-one support ensures that they’ll get the care they need—in fact, families on average save 189 hours of labor, and 92% of families report feeling better after using our services.
With comprehensive beneficiary care solutions, policyholders have the opportunity to give a meaningful gift that can significantly ease their loved ones’ burden.
Planning a legacy
When policyholders are contemplating a future they cannot predict, life insurance is an undeniable way to establish security. It’s also a perfect time to think about estate planning—to protect the value of the legacy a policyholder leaves behind.
And yet, 67% of Americans have no estate plan in place. By stepping up to meet this need as a trusted partner, carriers can create goodwill and strengthen relationships—all while boosting families’ financial fortunes.
With Empathy, policyholders can:
Create a comprehensive estate plan to address the needs of the entire family, and alleviate the burden of life’s difficult decisions.
Complete key documents to simplify legal processes before and after a loss, easing the experience for everyone involved.
Help their family maintain financial stability in the future, while also preparing them to file taxes efficiently.
For carriers, this is an extension of the trust you’ve already built with policyholders: They already rely on you to be there for their families far into the future. And purchasing life insurance is often the first significant step toward estate planning.
By taking a few more steps down the road with policyholders, carriers give them the opportunity to ease more burdens, by making probate and the transfer of assets easier for their loved ones.
Each one of these moments matter: purchasing a policy, planning for hardship after loss, and creating an estate plan to protect a policyholder’s legacy. And each moment represents a major opportunity for insurance carriers. Be the solution that families need, and you will create loyalty that spans generations.