Carriers are missing out on the next generation
U.S. life insurers process over $100 billion in death benefits every year.
Most carriers have invested heavily in optimizing the claims process, and satisfaction scores have improved. But the conversion gap persists. Fewer than 1 in 10 beneficiaries go on to purchase a policy of their own from the same carrier.
The problem isn’t operational. It’s experiential.
New research from Empathy and LIMRA reveals how life insurers can transform the claims experience from a transactional payout into the foundation of lasting relationships, from the individual to the family to the beneficiary.
Beneficiaries aren’t disengaging from carriers, carriers are disengaging from them
96%
of beneficiaries are open to continued engagement after the claim
84%
say dedicated post-claim support would have made the carrier more appealing
71%
of not-very-satisfied beneficiaries would have purchased a policy with a better experience
62%
of beneficiaries would reinvest payout funds with the carrier with a better experience
This research underscores an opportunity for insurers to rethink how the claims experience contributes to ongoing engagement and business outcomes.
Lai-Sahn Hackett, Corporate Vice President at LIMRA
A closer look at what's inside
01
Current state of the claims experience
02
Growth drivers for future business
03
Impact of post-claim support
04
Steps for building generational loyalty
Ready to close the loyalty gap?
Get the findings reshaping how carriers think about their beneficiary experience.
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