By Tony Vidler via Iris.xyz
One of the questions that continually vexes professionals is “what do customers want?”
In the life insurance area of financial services the answer is even tougher to find than usual, because insurance is for virtually all consumers an absolute grudge purchase. When we think about it logically every person who buys insurance (especially life or disability insurance) hopes that they are wasting their money…the last thing they want is a claim, isn’t it?
Simplistically it seems obvious enough that customers want money to turn up quickly and painlessly to help a surviving family or business adjust to the loss of a person. That’s the end result that customers are looking for of course, but the more vexing question at the front end of the process is what do customers want when trying to determine which insurer should be chosen?
The research that I have seen during the last 5 years shows that there are common themes globally, regardless of cultural or geographic or demographic issues. The primary areas of concern for consumers are:
Each of these areas can be considered from two different perspectives: Product, and, People.
Generally consumers want to be able to make good choices through comparison, to determine relative value. An ongoing issue in life insurance is the difficulty for consumers to easily compare different options and products, despite the prevalence of online pricing comparators that have evolved in recent years.
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