New study also shows digital options can increase likelihood to buy as Lincoln Financial Group offers new online interview tool.
As a result of COVID-19, more than a third of consumers think life insurance is more important and a similar number say they have or are planning to purchase life insurance according to a new study from Lincoln Financial Group. Additionally, the study found that digital options increase the likelihood to purchase life insurance — especially among younger consumers. While 29% of all consumers surveyed would be more likely to buy life insurance if they could do so completely electronically, that number jumped to 40% among millennials.
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“The global pandemic has increased awareness around the need for life insurance and now we have to make sure the process is streamlined and convenient. Our online interview tool is the next step in our digital evolution.”
To meet these changing customer perceptions and expectations, Lincoln continues to move toward a completely electronic process and now offers a secure online interview tool that allows customers to answer health questions more conveniently and resulting in faster application turnaround times.
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“Digital capabilities are more important than ever as we work to meet the evolving needs of our customers and provide experiences consistent with what consumers are used to from other industries,” said Heather Milligan, Senior Vice President, Underwriting & New Business, Lincoln Financial Group. “The global pandemic has increased awareness around the need for life insurance and now we have to make sure the process is streamlined and convenient. Our online interview tool is the next step in our digital evolution.”
A Quicker and Easier Experience
The new online tool provides the following benefits:
- Previously, the interview was done over the phone but now the same questions are available for customers to answer online, via a secure link, after their application request is received by Lincoln.
- In less than 30 minutes, the online interview process can be completed.
- This capability makes the process convenient and private for customers and results in faster turnaround times.
- The tool is mobile friendly, allowing customers to complete on any device.
- Customers can opt to continue their interview over the phone with a Lincoln representative if they prefer.
“The COVID-19 pandemic has clearly highlighted the importance for life insurance carriers to digitally transform manual processes and partially digitized ones,” said Robert McIsaac, Executive Vice President, Research and Consulting, Novarica, Inc. “Another reality is that the pandemic has accelerated the adoption of digital capabilities which were already well along in other aspects of financial services. Moving aggressively to address these matters allows carriers to improve the customer experience, make it easier to do business and create competitive advantages in key areas – advantages that we expect to be critical in an increasingly competitive future.”
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