Tuesday Tips – Six Ways Life Insurance Firms Can Improve Their Coverage Calculators

by on Feb 14, 2012

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 andConsulting 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 Life Insurance Needs Calculators: Analyzing Public Website Life Insurance Coverage Calculators and focus on ways life insurance firms can improve their coverage calculators:

Allow completion of the tool on a single interface, but with enough inputs to provide an accurate projection of an individual’s life insurance needsEase of completion for any tool or calculator is certainly a chief consideration in assessing the overall user friendliness, therefore we suggest that calculators utilize a single interface to provide entry fields. That said, it is important to offer a substantial amount of inputs in order to accurately project a user’s life insurance needs and touch upon all financial consideration that may impact the calculated results.
 
Provide access to life insurance needs calculators on a centralized tools and calculators pageThe most logical choice for hosting public site tools and calculators is on a central location, such as a resources, education or tools and calculators page. While posting quicklinks on the public homepage or a life insurance product information page is intuitive and certainly beneficial, these should be supplemental access points.
 
Utilize alternate row shading and large font size to increase readability and ease of completionItems on a calculator interface should be easily readable and spaced enough for the user to easily input their values. Most firms in this report do a good job in providing readable font size and efficient spacing.
 
Include an estimate of premium costs in combination with the calculated death benefit amountAfter a user has input all data and calculated results, they are expecting to find a concise and numerically accurate portrayal of their life insurance needs. The addition of a probable cost associated with the purchase of a policy in the amount generated by the calculator offers added information that paints a better picture for public site users and prospective investors.
 
Display results in a straightforward manner, and include tables and charts to illustrate key valuesResults should be displayed in a clear manner so that users are able to extract the relevant information and understand the calculations. Beyond the simple posting of the calculated life insurance needs, some firms went above and beyond to post a breakdown of needs and offer charts and graphs to illustrate the calculations.
 
Provide a link to contact a financial representative or to obtain a quoteAfter the results have been tabulated and viewed, it is a best practice to provide a link for users to contact (or be contacted by) a financial representative. This is an opportune time to capitalize on the interested prospect, as he/she has viewed and is interested in his/her life insurance needs. For those firms that do not provide an estimated premium cost based on the life insurance needs results, an ideally placed link to a quote tool is considered a best practice.
 
For more information on our Monitor or Consulting services, contact Bob Burlin at 212-832-2002 x-115 or rburlin@corporateinsight.com.