Life Insurance Monitor: Quote Tools
Life insurers face a fundamental conversion challenge: the 2024 Insurance Barometer found that about three-quarters of adults overestimate the cost of a term life insurance policy. Therefore, the online quote tool is a firm’s most powerful opportunity to reframe price perception and move hesitant prospects toward purchase. To capitalize on this, firms must offer quote tools that are easy to find, simple to complete, and built to convert.
Firms can do so by including the right inputs to generate credible results, help resources to reduce abandonment, and clear calls to action that carry users from quote completion into the application process. Providing the information people need to understand life insurance and take the next steps ensures firms can convert initial interest into completed applications. In this report, we analyze how well firms position their quote tools to educate prospects and encourage them to purchase life insurance.
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