Every Tuesday, Corporate Insight releases recommendations to help financial services firms improve a key aspect of the online user experience. Recommendations are taken directly from our Monitor Reports and Consulting Services research, which cover the banking, brokerage, credit card, asset management and insurance industries.
This week’s recommendations come from our Life Insurance Monitor report titled Client Account Information Displays: Providing Easy Access to Policy Details and focus on ways life insurance firms can enrich the value of the online account information they offer their clients.
Make account information easily accessible upon login – Concise navigation to the account information display is extremely important for online users. Firms should limit the number of clicks necessary to access the contract information. Policy information displayed immediately upon login or accessible from an account selection screen is the most effective form of streamlined navigation, which was illustrated by many of the Life Insurance Monitor firms, including AXA Equitable and New York Life.
Present policy information in an organized manner – Offering an abundant selection of online contract details is always encouraged, as greater transparency is appreciated by clients. But while providing all of this information, it is essential for firms to properly organize content on the page so that it is easy for clients to sift through. Grouping content using distinguishable sectional borders, prominent headings and alternate row shading can make it easy for users to quickly access contract information on the page. Firms should also consider utilizing expandable sections that enable clients to create a customized view of their policy information by showing or hiding the desired data values. MetLife sets the example by featuring expandable sections with bolded and colored section headings on the account information display.
Highlight pertinent contract information – Policy number, face amount, death benefits and premium value are the first pieces of data most clients look for online, followed by the next premium payment due date and beneficiary information. It is important for firms to emphasize these values by using larger font sizes and bolded type. Additionally, firms should position this contract information in a prominent location to ensure it is easy for clients to locate upon login. Several of the firms, such as MetLife, Nationwide and Prudential, utilize a snapshot section on the top of the private homepage to highlight the key account information.
Provide Help Features On Client Account Information Display Pages – Many life insurance policyholders are unfamiliar with some of the vernacular used in client statements and account information display pages. Unfortunately, only two firms, AXA Equitable and Liberty Mutual, utilize help icons within the client account information display pages to help educate clients. Both firms present small “?” help icons next to key values that present the user with a definition each term when clicked. It is important for more firms to utilize such features to help clients to understand the values and information presented on the private websites, which will enable them to make the best possible financial decisions.