Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

2016 Monitor Awards Gold Winners: Life Insurance

Corporate Insight is pleased to introduce the results of our fifth annual Life Insurance Monitor Awards. We benchmark the life insurance industry across six critical categories. Within each of these categories, we award Monitor Awards in gold, silver and bronze assessing how firms meet our criteria.
As in past years, the Gold Medal is reserved for exceptionally valuable services. We award the Silver Medal to features with similar value that lack some of the outstanding attributes and functions of the best offerings. The Bronze Medal recognizes firms with an excellent or unique service that do not meet the highest standards in the respective category.

  • Login to see the comments

  • Be the first to like this

2016 Monitor Awards Gold Winners: Life Insurance

  1. 1. Life Insurance Monitor 2016 Gold Medal Winners
  2. 2. Corporate Insight provides competitive intelligence, consulting and user experience research to the nation's leading financial, health and education institutions. For more than two decades, the firm has tracked technological developments in the end-user online experience, identifying best practices in online financial services and investing, mobile finance, social media and other emerging areas. Corporate Insight offers subscription-based Monitor services in 14 verticals, including banking, healthcare and alumni relations, along with custom research, digital capabilities audits, special studies, user research and other consulting services. The firm helps its clients— including 70% of the financial services firms in the Fortune 500—to remain at the forefront of industry trends and improve their competitive position. About CI 2 Connect with CI
  3. 3. Corporate Insight is pleased to introduce the results of our fifth annual Life Insurance Monitor Awards. We benchmark the life insurance industry across six critical categories. Within each of these categories, we award Monitor Awards in gold, silver and bronze assessing how firms meet our criteria. As in past years, the Gold Medal is reserved for exceptionally valuable services. We award the Silver Medal to features with similar value that lack some of the outstanding attributes and functions of the best offerings. The Bronze Medal recognizes firms with an excellent or unique service that do not meet the highest standards in the respective category. At the conclusion of each year, Corporate Insight looks back and reviews the top websites across the life insurance sphere. This year’s Life Insurance Monitor Awards looks at six categories—life insurance needs calculators, term life insurance quote tools, client mobile capabilities, private site account management services, book of business offerings and advisor illustration systems—and assigns gold, silver and bronze medals to the top performers in each category. Life Insurance Monitor Awards 3 Connect with CI
  4. 4. Medal Chart 4 Connect with CI Firm Medal Count AXA Lincoln MetLife Nationwide Prudential State Farm USAA
  5. 5. Category Overview Promote Your Firm’s 2016 Monitor Awards! Corporate Insight is happy to assist all award-winning firms in promoting their honors. For more information and for examples of past promotions, contact us at pr@corporateinsight.com. Needs Calculators Term Quote Tools Client Mobile Resources Client Management Services Book of Business Offerings Advisor Illustration Systems
  6. 6. Acquiring a needs estimate is often the first step prospects undertake when looking to buy life insurance. Firms should provide a life insurance needs calculator that considers, at a minimum, prospects’ current income and coverage amount needed to ensure that they select an appropriate policy value. As every life insurance firm offers a needs calculator, exceptional calculators include a detailed summary of assumptions, helping prospects to understand how their recommendations are calculated and what key factors could raise or lower their estimated monthly premiums. Life Insurance Needs Calculators 6© CORPORATE INSIGHT USAA earns the gold medal in this category due to its comprehensive Life Insurance Calculator, well-organized results page and streamlined How Much Life Insurance Do I Need? tool. The detailed Life Insurance Calculator lets prospects calculate their needs based on as many as eight factors and choose whether to include aspects such as mortgages and survivors’ college education, increasing prospects’ ability to tailor the results to their custom needs.
  7. 7. Firms should allow prospects to retrieve a quote quickly for term life insurance costs. It is key that prospects be armed with this information and equipped with the necessary tools for moving forward in the acquisition process. The ideal term life insurance quote notes multiple premium pricing models (e.g., monthly and annually) with educational details that ensure prospects understand the rationale behind the required inputs and resulting quote. For our inaugural evaluation of term quote tools, we analyzed not only how firms present and promote these tools but also how clients can progress with the extent of information and options provided. Term Quote Tools 7© CORPORATE INSIGHT State Farm excels in this category by offering the most detailed quote tool among our coverage set, particularly standing out for its educational details, help resources and seamless navigation. State Farm’s quote tool provides the full breadth of information necessary to initiate the sales process.
  8. 8. Due to the proliferation of mobile services across the full spectrum of financial services, we examined client mobile resources as an award category for the first time in 2016. For our assessment, we took on the persona of a client used to conducting business on the go who is looking to view his account, change profile information and see what other transactions he can view on a mobile device. Firms can provide this information via a mobile-friendly site, responsive site or mobile app. We analyzed each of those capabilities to consider the differing approaches taken by individual firms, weighing the importance of mobile sites over mobile apps. Client Mobile Resources 8© CORPORATE INSIGHT USAA’s mobile app and mobile site functionalities stand above the rest, earning the firm a gold medal in the category. The firm not only ensures clients can pay premiums, edit profile settings and view account information on a mobile device but also provides clients with top-notch security and help resources.
  9. 9. A key aspect of any private life insurance website is the client’s ability to manage their account and conduct transactions online, with bill pay being the most important transaction. Firms should provide a range of services and transactions regardless of policy type and allow clients to update personal details online. The most convenient services include the ability to add or edit beneficiary information, change payment frequency, update mailing address and update other personal details like account owner name. Client Management Services 9© CORPORATE INSIGHT AXA achieves a gold medal in this category for the third year running for continuing to offer the widest range of transactions and policy services in our coverage group hosted on a responsive, attractive interface. The firm particularly stands out for its findable transactions, as clients benefit from multiple points of access directly from the private site homepage.
  10. 10. Due to the primacy of an advisor’s book of business, we instituted book of business offerings as an award category for the first time in 2016. As we reviewed the book of business on each advisor site, we took on the persona of an advisor looking for an overview of in-force contracts, for an update on any pending contracts, to review a client’s contract information or to perform a transaction on a client’s behalf. Firms can provide this information in a book of business that displays data through a table or in sections and offers detailed information on specific accounts. Advisors utilize their book of business as a key reference point and should therefore be able to review information on in-force and pending contracts immediately upon login. Advisor Book of Business Offerings 10© CORPORATE INSIGHT Lincoln wins the gold medal for its book of business’s high level of customization, numerous supportive tools and features, satisfying depth of information and noteworthy homepage access.
  11. 11. Illustration tools are fundamental because they allow advisors to produce necessary sales ledgers. With these ledgers, advisors can help prospects ascertain the impact of a life insurance policy through details on its benefits, values, performance and fees. Firms must arm advisors with illustration tools that are easy to navigate and understand. Illustration tools should be clearly organized for ease of input with clarity surrounding required information. Our evaluation focuses on the advisor’s ability to produce a helpful ledger. Advisor Illustration Systems 11© CORPORATE INSIGHT MetLife is awarded its fourth straight gold medal in this category for continuing to provide a comprehensive FireLight-powered advisor illustration system. In addition to allowing advisors to produce a quality sales ledger, the system features comprehensive help resources. Advisors are immediately greeted with a list of recent updates and enhancements on the illustration home screen, as well.
  12. 12. 12 Connect with CI Analyst Life Insurance and Annuities 646-751-6968 jkagan@corporateinsight.com Joan Kagan Contact Us

×