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2017 Monitor Awards Gold Winners: Life Insurance

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Corporate Insight is pleased to introduce the results of our sixth annual Life Insurance Monitor Awards. We benchmark the life insurance industry across six critical categories in which we award gold, silver and bronze medals.

As in past years, the gold medal is reserved for exceptionally valuable services. We award the silver medal for features with similar value that lack some of the outstanding attributes and functions of the best offerings. The bronze medal recognizes firms with a strong or unique service that do not meet the highest standards in the category. In this slide deck, we highlight the gold medal winners across all categories. These medals reveal where the insurance industry is succeeding in the development of digital features.

Our analysis focuses only on specific attributes and does not attempt to rate the overall quality of the sites or apps that we review. Excellence in select areas may earn firms some distinction in this report, but readers should keep in mind that medals are awarded for highly focused, individual categories and are not intended as general endorsements.

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2017 Monitor Awards Gold Winners: Life Insurance

  1. 1. Life Insurance Monitor 2017 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 15 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 sixth annual Life Insurance Monitor Awards. We benchmark the life insurance industry across six critical categories in which we award gold, silver and bronze medals. As in past years, the gold medal is reserved for exceptionally valuable services. We award the silver medal for features with similar value that lack some of the outstanding attributes and functions of the best offerings. The bronze medal recognizes firms with a strong or unique service that do not meet the highest standards in the category. In this slide deck, we highlight the gold medal winners across all categories. These medals reveal where the insurance industry is succeeding in the development of digital features. Our analysis focuses only on specific attributes and does not attempt to rate the overall quality of the sites or apps that we review. Excellence in select areas may earn firms some distinction in this report, but readers should keep in mind that medals are awarded for highly focused, individual categories and are not intended as general endorsements. Life Insurance Monitor Awards 3 Connect with CI
  4. 4. Category Overview Promote Your Firm’s 2017 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. Public Site Homepages and Navigation Public Educational Materials Client Mobile Capabilities Client Account Information Advisor Sales and Marketing Materials Publicly Accessible Advisor Information
  5. 5. Medal Chart 5 Connect with CI
  6. 6. After taking a break from this category last year, we return to it here to recognize substantial industry changes. Since we last reviewed this category in the 2015 Life Insurance Monitor Awards Report, a majority of firms have revamped or updated their homepages or navigation, with five firms implementing a complete site revamp in the last year alone. It is impossible to overstate the importance that public site homepages and navigation menus hold when it comes to providing an attractive, informative and effective site. Firms should offer well-organized public homepages that offer seamless access to pertinent life insurance content, educational information and site features. Public Site Homepages and Navigation 6© CORPORATE INSIGHT State Farm revamped its responsive homepage in November 2017, organizing content based on prospects’ life stage and needs, which raised the homepage to the gold standard in our coverage group. The page features a noteworthy four-tabbed tile that allows prospects to initiate a quote; make a payment; file, track or manage a claim; and find an agent.
  7. 7. Life Insurance Monitor last included Public Site Educational Materials as a category in our 2013 Monitor Awards report. Although the category returns in name this year, we revamped the criteria to examine the breadth of resources beyond core offerings. This year, we strive to grade firms’ educational offerings beyond traditional features like a quote tool or a needs calculator, which we see as fundamental resources all life insurance firms should provide. Instead, we focus on supplementary interactive tools, such as product selector guides, comparison charts and multimedia resources. Finally, we consider how firms organize and present their educational resources, whether through a life events section, in a dedicated educational section or integrated within life insurance product details. Public Educational Materials 7© CORPORATE INSIGHT Prudential achieves the gold medal in this category due to its stellar multimedia resources, informative educational articles and detailed product comparison chart. Prudential outperforms the rest of the coverage group across every attribute we examine, earning its first career gold medal in this category.
  8. 8. Due to the proliferation of mobile services across financial verticals, Life Insurance Monitor introduced Client Mobile Capabilities as a category in our annual awards report last year. For this year’s report, we take on the persona of a client who is looking to view her account, change profile information and see what other transactions she can view on a mobile device. Firms can provide this information through a mobile-friendly site, fully responsive site or mobile app. Client Mobile Capabilities 8© CORPORATE INSIGHT USAA earns its second consecutive gold medal in this category due to its comprehensive mobile app and stellar dedicated mobile site. The firm particularly stands out for its advanced security features and help resources. Clients can choose from multiple app login options, including facial recognition, voice recognition, fingerprint recognition or PIN.
  9. 9. Account information is a central feature of life insurance private sites, and well-crafted account details pages ensure that clients can access and understand their policies without wasting time and resources contacting the firm. At a minimum, firms should list policy values, owner contact information and beneficiary names. Premium information, transaction histories and fee details are key for clients who wish to understand their expenses, and filters make transaction histories more useful than static tables. Because some clients may be unfamiliar with the intricacies of life insurance policies, pages should also include help features, such as definitions, and list financial representative contact information in case clients have further questions. For this award, we move away from the focus on transaction capabilities present in our April 2017 Assessing Client Account Information report. Instead, we assess the depth of information available, including transaction history, and the help and organizational features provided. Client Account Information 9© CORPORATE INSIGHT Brighthouse earns a gold medal for its colorful and comprehensive account details page, providing the same quality of information that earned MetLife four gold medals in this category before the Brighthouse spinoff this summer.
  10. 10. Compelling sales and marketing materials are a pivotal part of the sales process, clarifying the benefits of life insurance ownership and helping advisors match products to clients’ needs. Due to the range of resources available outside of dedicated literature order systems, this year we expand the category to consider the full scope of materials provided throughout advisor sites. Firms should supplement basic product brochures with rider information, comparisons to other products and FAQs to provide a full picture of product details. Marketing materials should offer flexibility by addressing a wide range of topics—including business planning, long-term care and tax efficiency—and a wide range of audiences, such as blended families or new parents. Advisor Sales and Marketing Materials 10© CORPORATE INSIGHT John Hancock receives the gold medal in this category due to its superb organization and comprehensive content. The firm provides a wealth of resources, surpassing the product-specific guides and brochures offered by most firms by also offering sample contracts, dedicated investment documents, presentations, benefit flyers and comparisons to competitors.
  11. 11. In recognition of an increasing amount of publicly accessible advisor-focused information, we introduce a new category this year that highlights the most detailed advisor information available without logging in. While public information typically targets prospects, the past few years have seen a marked increase in the amount of advisor- oriented information available pre-login. More than half (53%) of firms in our coverage group now provide at least some advisor-focused materials publicly, expanding their audiences and reducing barriers for advisors who may wish to avoid the hassle of logging in to access a single resource. Firms may have legal and proprietary reasons for keeping information behind a login, so this award does not criticize those that do not offer public material to advisors. Instead, we grade available material as a measure of how the industry currently approaches this topic. From the point of view of an advisor who does not have access to post-login material, we focus primarily on the depth of product information available, including the variety of guides and brochures, and then consider available tools and the range of sales and marketing materials provided. Publicly Accessible Advisor Information 11© CORPORATE INSIGHT AXA’s Selling Life Insurance site provides comprehensive product details, features noteworthy educational resources and includes a valuable sales concept tool, earning the firm a gold medal. In a notable departure from traditional organization by product type, the homepage and navigation menu instead organize products by client goals, such as accumulation or wealth transfer.
  12. 12. 12 Connect with CI Senior Research Associate Life Insurance Monitor 646-929-5155 jsuter@corporateinsight.com Justin Suter Contact Us

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