Life Insurance Online Self-Service: Can You Go It Alone?

by Karen Monks, November 25, 2014
Operations/ Benchmarking
North America

Abstract

Celent has found that life insurance and annuity websites fall short in offering customers self-service opportunities on their websites.

It has only been in the last few years that life insurers have begun to offer service experience options beyond a call center or snail mail to customers. Until recently, very few life insurers offered any kind of self-service on their websites or offered mobile apps or mobile-enabled websites.

In the report Life Insurance Online Self-Service: Can You Go It Alone? Celent examines how aggressively the life insurer segment is pursuing customer self-service on the Internet through a review of the top 50 life individual retail life insurance and annuity product websites. This report looks at a customer’s ability to perform over three dozen self-service functions.

“The time is now for insurers to adopt a forward-looking perspective,” says Karen Monks, an analyst with Celent’s Insurance practice and author of the report. “Insurers should focus on ensuring their systems are capable of multichannel delivery and creating real digital relationships defined by client loyalty. Online service requires integrating mobile, web, and call center platforms and keeping all the channels in sync with new products and state regulations. It’s not a small endeavor, but it’s an imperative.”

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

2

 

Background

2

 

Methodology

3

Life Insurance Customer Self-Service: Websites

5

 

Basic Website Functionality

5

 

The Life Insurance Lifecycle

6

Conclusion

13

Leveraging Celent’s Expertise

15

 

Support for Financial Institutions

15

 

Support for Vendors

15

Related Celent Research

16

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