In a study released in April 2017, the market research firm Celent profiled the modern online insurance consumer, concluding that a substantial subset (29%) would prefer to interact with insurers through digital channels such as a mobile app, website, social media platform or chatbot. Other intriguing survey findings include that 78% of social media users view their account through a mobile device, 55% of survey respondents would accept a life insurance offer through social media, and 33% would be prepared to purchase life insurance through social media.
Given these findings, it is incumbent upon life insurers to adapt and develop mobile-friendly websites, launch user-friendly apps and expand their presence on social media. Among firms in our Life Insurance Monitor coverage group, Haven Life leads the way in this category following its recent launch of a Facebook Messenger-integrated chatbot that provides a quote. The chatbot is a unique offering among firms we track, and an intriguing effort to connect and engage with prospects across nontraditional channels.
Haven Life Facebook Messenger Chatbot Quote Tool (Truncated)
Accessible from Haven Life’s Facebook page, the chatbot asks prospects simple questions about their demographic information and coverage needs in a conversational tone. Brief explanations provide valuable information about the key criteria that help the firm determine the best coverage fit for prospects’ needs. Throughout the process, the chatbot uses friendly responses in addition to images and GIFs that all combine to give the process a more human feel: for example, a “Drumroll, Please” GIF introduces the final estimate. Ultimately, the chatbot presents a quote and the option to begin the application process or be reminded later, alongside a link to a Needs Calculator.
Corporate Insight’s Life Insurance Monitor service tracks leading insurers and comments on industry trends. For more about innovative life insurance programs, check out previous blog posts about the John Hancock Vitality Program, the My Principal Lifestyle Rewards Program, the Health IQ startup and the Tomorrow App.