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	<title>Client Engagement Archives - LegacyShield</title>
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	<title>Client Engagement Archives - LegacyShield</title>
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		<title>It&#8217;s About One Click: Lessons Insurance Agents Can Learn From Amazon</title>
		<link>https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/</link>
					<comments>https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/#respond</comments>
		
		<dc:creator><![CDATA[Dan Pierson]]></dc:creator>
		<pubDate>Wed, 07 Oct 2020 04:30:00 +0000</pubDate>
				<category><![CDATA[Client Engagement]]></category>
		<category><![CDATA[financial advisor tips for success]]></category>
		<category><![CDATA[Insurtech]]></category>
		<guid isPermaLink="false">http://18.220.128.78/2020/10/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/</guid>

					<description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/" title="It&#8217;s About One Click: Lessons Insurance Agents Can Learn From Amazon" rel="nofollow"><img width="300" height="250" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/image.png" class="webfeedsFeaturedVisual wp-post-image" alt="Customer centric" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" fetchpriority="high" /></a><p>Consumers are leading an e-commerce revolution, fueled by the easy and instantaneous customer experience introduced...</p>
<p>The post <a href="https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/">It&#8217;s About One Click: Lessons Insurance Agents Can Learn From Amazon</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p>
]]></description>
										<content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/" title="It&#8217;s About One Click: Lessons Insurance Agents Can Learn From Amazon" rel="nofollow"><img width="300" height="250" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/image.png" class="webfeedsFeaturedVisual wp-post-image" alt="Customer centric" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" /></a>
<p><span style="font-size: 11.0pt;">Consumers are leading an </span><a href="https://www.salesforce.com/blog/2019/06/customer-engagement-trends.html" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">e-commerce revolution</span></a><span style="font-size: 11.0pt;">, fueled by the easy and instantaneous customer experience introduced by companies like Amazon and Apple. One-click purchases, mobile accessibility, and next- or same-day delivery are quickly becoming widespread expectations among consumers. </span></p>



<p><span style="font-size: 11.0pt;">And if you can’t meet these rising expectations, you’re out of the game. </span></p>



<p><span style="font-size: 11.0pt;">While it may seem that the tech and retail industries take the brunt of this change, industries like insurance and finance must adapt to the consumer-led digital revolution. But how can you satisfy a “want it now” attitude when it comes to something as complex as insurance underwriting? </span><wp-block data-block="core/more"></wp-block></p>



<p><span style="font-size: 11.0pt;">It’s a growing concern in the insurance industry. </span><a href="https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/financial-services/deloitte-uk-insurance-trends-new-world-new-customers-new-solutions.pdf" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">A survey of insurance professionals</span></a><span style="font-size: 11.0pt;"> found 45% believe evolving customer needs and expectations will be a major challenge over the next three years – the top response in the survey. </span></p>



<p><span style="font-size: 11.0pt;">Delivering a personalized insurance policy will likely never be as easy as one-click buying headphones off Amazon. But there are critical lessons that insurance agents can take from the instant shopping model, lessons that will help them be successful in the digital era.</span></p>



<h2 class="wp-block-heading"><strong><span style="color: black;">Lesson #1: Reducing friction increases sales<br></span></strong></h2>



<p><span style="font-size: 11.0pt;"><span style="font-size: 11.0pt; color: black;">Sales friction is anything that slows down or gets in the way of a customer saying “yes.” Friction can happen at any time in the sales process, whether it’s a customer not being able to find the appropriate contact information, a webpage being too slow or unresponsive, an untrained salesperson not having the right answer, or complicated payment processes. </span></span></p>



<p><span style="font-size: 11.0pt;">For big tech companies like Amazon, creating “zero-friction” experiences has been critical to their tremendous success. Hence, one-click buying, product pages that show the highest-selling products first, and an emphasis on site speed, stability, and delivery times. </span></p>



<p><span style="font-size: 11.0pt;">For insurance agents, the lesson is clear: providing a personalized, convenient customer experience (CX) that minimizes friction is a powerful way to stand out. </span><a href="https://go.forrester.com/2018-cx-index-rankings/" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">Research from Forrester</span></a><span style="font-size: 11.0pt;"> has found that “brands with highly rated CX improve revenue at twice the rate of brands with poor experiences.” </span></p>



<h2 class="wp-block-heading"><strong><span style="color: black;">Lesson #2: Expand your audience with flexible solutions</span></strong><strong><span style="color: black;"><br></span></strong></h2>



<p><span style="font-size: 11.0pt; color: black;">Flexibility is a core desire of the modern shopper, and meeting consumers’ on-demand needs has been a major focus among major tech companies and retailers. Consumers now have more ways to shop, buy and contact customer service with features like in-store pickup, free delivery, voice-activated shopping and instant chats with customer support. </span></p>



<p><span style="font-size: 11.0pt;">Omnichannel interactions are the norm with consumers often switching channels and even devices before making a purchase. The pandemic has accelerated digital interactions even further with early indicators suggesting that much of the shift from in-person interaction to digital engagement may </span><a href="https://www.mckinsey.com/industries/retail/our-insights/adapting-to-the-next-normal-in-retail-the-customer-experience-imperative" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">endure long-term</span></a><span style="font-size: 11.0pt;">.</span></p>



<p><span style="font-size: 11.0pt;">Insurance agents must be able to meet consumers’ growing demands for flexibility, especially if they are going to attract the </span><a href="/industry-news/insurance-advisors-what-you-need-to-know-about-millennials" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">largest living generation – Millennials</span></a><span style="font-size: 11.0pt;">. Agents need to provide the same great service both in person and online. Offerings such as virtual appointments, videoconferencing, e-signatures, and e-delivery need to be on the table. Digital delivery will be key to overcoming one of the biggest barriers for buying insurance: consumers’ fear of a complex, protracted process that interferes with their busy schedules. </span></p>



<p><span style="font-size: 11.0pt;">Another factor to keep in mind is that the “want it now” sentiment extends to customer service as well. If customers have a question or concern, they expect a prompt response or resolution. And if they don’t get it, they might start looking at the competition for better service. </span></p>



<h2 class="wp-block-heading"><strong><span style="color: black;">Lesson #3: Privacy remains paramount<br></span></strong></h2>



<p><span style="font-size: 11.0pt; color: black;">While consumers enjoy the conveniences of online shopping, some of their biggest concerns are about their privacy and data protection. Shoppers highly value a safe and secure shopping experience with </span><span style="font-size: 11.0pt;"><a href="https://www.business2community.com/brandviews/xsellco/customer-expectations-are-rising-how-online-sellers-can-meet-the-challenge-02262091" target="_blank" rel="noreferrer noopener"><span style="color: black;">84% of consumers</span></a></span><span style="font-size: 11.0pt; color: black;"> saying they may not shop with a retailer that has experienced a data breach. On the flipside, a Salesforce study found 84% of consumers are more loyal to companies with strong security and ethical protocols. </span></p>



<p><span style="font-size: 11.0pt;">Keeping your clients’ information private is nothing new for insurance agents. <strong>But doing so in the digital era is. </strong>Major insurers have already been a prime target for data breaches, and </span><a href="/industry-news/what-insurance-agents-and-advisors-need-to-know-about-privacy" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">new insurance data security laws</span></a><span style="font-size: 11.0pt;"> are being created to better protect clients’ information. </span></p>



<p><span style="font-size: 11.0pt;">Remember that, while ensuring compliance is critical, it’s also important to inform your clients of how you’re protecting their privacy. Doing so can help build brand trust and loyalty. </span></p>



<h2 class="wp-block-heading"><strong><span style="color: black;">The Bottom Line for Insurance Agents<br></span></strong></h2>



<p><span style="font-size: 11.0pt; color: black;">Adapting to the digital landscape is no longer a nice but unnecessary step for insurance agents. You must meet consumers in the digital arena with a high-quality, flexible and secure customer experience, or it will hit your bottom line. </span></p>



<p><span style="font-size: 11.0pt;">It may seem like navigating insurance sales is more complex than ever. And when can agents find the time to digitize their processes while still meeting clients’ needs and finding new leads? That’s where insurtech plays a pivotal role for insurance agents. New insurtech platforms are designed to streamline processes for advisors and provide customers with the one-click convenience they demand. </span></p>



<p><span style="font-size: 11.0pt;">With a platform like </span><a href="https://go.legacyshield.com/link" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">Link by LegacyShield</span></a><span style="font-size: 11.0pt;">, for instance, clients each have their own personalized portal that acts as a virtual workspace between the client and advisor. Everything is accessible in one place to view, share, communicate and transact. A simplified, secure digital presence is possible for insurance agents – and will be the key to unlocking new success.</span></p>



<p><span style="font-size: 11.0pt;">To learn more about how to stay on top of your game as an insurance agent, read our blog, “</span><a href="/industry-news/staying-ahead-of-the-curve-for-insurance-agents" target="_blank" rel="noopener noreferrer"><span style="font-size: 11.0pt;">Staying Ahead of the Curve for Insurance Agents</span></a><span style="font-size: 11.0pt;">.” </span></p>
<p>The post <a href="https://marketing.legacyshield.com/industry-news/its-about-one-click-lessons-insurance-agents-can-learn-from-amazon/">It&#8217;s About One Click: Lessons Insurance Agents Can Learn From Amazon</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p>
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		<title>Advisors: Your Clients&#8217; Legacies Are More Than Numbers</title>
		<link>https://marketing.legacyshield.com/industry-news/your-clients-legacies-are-more-than-numbers/</link>
					<comments>https://marketing.legacyshield.com/industry-news/your-clients-legacies-are-more-than-numbers/#respond</comments>
		
		<dc:creator><![CDATA[Dan Pierson]]></dc:creator>
		<pubDate>Mon, 27 Jan 2020 10:36:04 +0000</pubDate>
				<category><![CDATA[Client Engagement]]></category>
		<category><![CDATA[financial advisor tips for success]]></category>
		<guid isPermaLink="false">http://18.220.128.78/2020/01/advisorsyour-clients-legacies-are-more-than-numbers/</guid>

					<description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/your-clients-legacies-are-more-than-numbers/" title="Advisors: Your Clients&#8217; Legacies Are More Than Numbers" rel="nofollow"><img width="300" height="200" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-300x200.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="Calculator" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-1536x1024.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-2048x1365.jpeg 2048w" sizes="(max-width: 300px) 100vw, 300px" /></a><p>You’re the financial expert. You’re the person your clients turn to in order to determine...</p>
<p>The post <a href="https://marketing.legacyshield.com/industry-news/your-clients-legacies-are-more-than-numbers/">Advisors: Your Clients&#8217; Legacies Are More Than Numbers</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p>
]]></description>
										<content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/your-clients-legacies-are-more-than-numbers/" title="Advisors: Your Clients&#8217; Legacies Are More Than Numbers" rel="nofollow"><img width="300" height="200" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-300x200.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="Calculator" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-1536x1024.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-dzlpXA-2048x1365.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a>
<p class="p1">You’re the financial expert. You’re the person your clients turn to in order to determine their insurance needs, protect their assets, and figure out how to prepare for the future. You may discuss the importance of trusts and wills, the importance of retirement, and many other items related to their financial lives. It’s you pulling the levers behind the scenes to ensure their families are protected.</p>



<span id="more-6559"></span>



<p class="p1">But your clients are more than just a sum of those parts. They have dreams for their children’s future that go beyond the financial realm. So, instead of just being a financial expert, modern-day advisors are experts in their clients’ lives.</p>



<p class="p1">I call this the softer side of legacy planning. It’s equally important to become familiar with personal sentiments as it is to understand clients’ financial goals if you want to help them create a holistic plan. That is one that captures both emotional intent and monetary security. Money evokes a range of emotions – fear, anger, peace of mind – because money is our means of survival. So, if you don’t understand their motivations, what it is they want their money to do, it will be a lot harder to create a plan they’ll embrace.</p>



<p class="p1">Here are three aspects of the softer side of legacy planning that you’ll want to pay attention to.</p>



<h2 class="p1 wp-block-heading"><strong>Family traditions</strong> <strong>and values</strong></h2>



<div class="wp-block-image"><figure class="alignright"><img loading="lazy" decoding="async" width="300" height="199" src="http://18.220.128.78/wp-content/uploads/2020/12/qtq80-3t4Vw1-300x199.jpeg" alt="sand castle" class="wp-image-7249" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-3t4Vw1-300x199.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-3t4Vw1-1024x680.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-3t4Vw1-768x510.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-3t4Vw1-1536x1020.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-3t4Vw1-2048x1360.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></figure></div>



<p class="p1">It could be as simple as eating dinner together every night or as unconventional as taking off for the Grand Canyon from Minnesota each Christmas Eve to escape the cold. Traditions are opportunities to bond, and, when practiced over time, the bonding effect compounds. It’s important to find out what special things your client’s family does every year because, often, people want to see their children carry on these traditions. The reason these traditions are so important to safeguard is that they represent the values that your clients’ endeavored to instill in their children. Most traditions are born of values that parents are trying to impart, whether it&#8217;s connecting as a family, serving others, or stepping outside comfort zones.</p>



<h2 class="p1 wp-block-heading"><strong>Memories</strong></h2>



<div class="wp-block-image"><figure class="alignright"><img loading="lazy" decoding="async" width="300" height="200" src="http://18.220.128.78/wp-content/uploads/2020/12/qtq80-lyU3Ea-300x200.jpeg" alt="" class="wp-image-7247" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-lyU3Ea-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-lyU3Ea-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-lyU3Ea-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-lyU3Ea.jpeg 1254w" sizes="auto, (max-width: 300px) 100vw, 300px" /></figure></div>



<p class="p1">People want to be remembered after they’re gone. It’s human nature. Encourage your clients to keep track of their digital photo albums so that their families can access family photos far into the future. You might also suggest they take care to preserve their music. While music trends and tastes can change, a special song might conjure up memories of time spent together. Maybe there was an album that was the soundtrack for those annual Grand Canyon trips, or perhaps Manheim Steamroller faithfully played every time the family gathered to decorate the Christmas tree.</p>



<h2 class="p1 wp-block-heading"><strong>Life Lessons</strong></h2>



<div class="wp-block-image"><figure class="alignright"><img loading="lazy" decoding="async" width="300" height="200" src="http://18.220.128.78/wp-content/uploads/2020/12/qtq80-LgrC1v-300x200.jpeg" alt="" class="wp-image-7248" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-LgrC1v-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-LgrC1v-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-LgrC1v-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-LgrC1v-1536x1024.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-LgrC1v-2048x1365.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></figure></div>



<p class="p1">We’ve all had things happen to us that have taught us lessons. While everyone needs to walk their own path and have their own experiences, your clients might want to leave behind guiding principles like “everything in moderation” or “know thyself.” Something I’m often talking about with my children is mitigating risk – not surprising given the line of work I’m in. It’s a theme for many of our conversations. I tell them, don’t avoid something just because there’s a potentially negative outcome. If they steered clear of all risk, they’d miss out on so many experiences. Instead, I encourage them to embrace life (provided it isn’t something really dangerous) and take steps to mitigate the risk. If your clients’ kids are anything like mine, they hear their parents’ maxims echoing in their head anytime they’re faced with a decision. Capturing that in their legacy is their chance to offer that loving reminder.</p>



<p class="p1">Everyone has a story to tell – experiences, memories, and traditions that live on in the hearts of those they love. They might not even recognize these things as part of their legacy plan or realize that they can preserve them. That’s when you explain to them that these aspects of their lives are as much a part of their legacy as their bank accounts.</p>



<p class="p1">Help your clients keep those precious life moments alive and accessible to their families with <a href="https://www.legacyshield.com/products/link-by-legacyshield/" target="_blank" rel="noreferrer noopener">Link by LegacyShield</a>, a legacy-planning platform that offers lifetime connectivity. Our easy-to-navigate platform stores everything their families and financial professionals need to put their legacy into effect; your clients can grant the appropriate level of access to, say, you, an accountant, an attorney, and/or a spouse and children. That way, when the time comes, each person has what he or she needs to carry out your client’s wishes, and they can have peace of mind knowing their family’s future is secure.</p>
<p>The post <a href="https://marketing.legacyshield.com/industry-news/your-clients-legacies-are-more-than-numbers/">Advisors: Your Clients&#8217; Legacies Are More Than Numbers</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p>
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		<title>Who&#8217;s Driving, Anyway? Insurance Pros Should Give Keys to Consumers</title>
		<link>https://marketing.legacyshield.com/industry-news/whos-driving-anyway-insurance-pros-should-hand-the-keys-to-consumers/</link>
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		<dc:creator><![CDATA[Dan Pierson]]></dc:creator>
		<pubDate>Thu, 22 Aug 2019 07:52:48 +0000</pubDate>
				<category><![CDATA[Client Engagement]]></category>
		<category><![CDATA[client engagement]]></category>
		<category><![CDATA[financial advisor tips for success]]></category>
		<guid isPermaLink="false">http://18.220.128.78/2019/08/whos-driving-anyway-insurance-pros-should-give-keys-to-consumers/</guid>

					<description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/whos-driving-anyway-insurance-pros-should-hand-the-keys-to-consumers/" title="Who&#8217;s Driving, Anyway? Insurance Pros Should Give Keys to Consumers" rel="nofollow"><img width="300" height="200" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-300x200.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="Driving" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-1536x1024.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-2048x1365.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a><p>Customers need to be in control of how they engage with the insurance industry. Positioning...</p>
<p>The post <a href="https://marketing.legacyshield.com/industry-news/whos-driving-anyway-insurance-pros-should-hand-the-keys-to-consumers/">Who&#8217;s Driving, Anyway? Insurance Pros Should Give Keys to Consumers</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p>
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										<content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/whos-driving-anyway-insurance-pros-should-hand-the-keys-to-consumers/" title="Who&#8217;s Driving, Anyway? Insurance Pros Should Give Keys to Consumers" rel="nofollow"><img width="300" height="200" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-300x200.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="Driving" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-1536x1024.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-BFVVnt-2048x1365.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a>
<p>Customers need to be in control of how they engage with the insurance industry. Positioning the customer as the relationship driver is at the heart of what we do at LegacyShield, and it’s what we’re encouraging our fellow industry experts to do in partnering with us.</p>



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<p>Uber has done this remarkably well. Users can order a car from their phones and see when the driver will arrive. Customer-driven and transparent in one fell swoop. Their platform is cutting-edge, but they owe their real success to their business model: putting their customers in control.</p>



<p>We’ve even seen a similar shift in the employer-employee relationship in favor of giving the individual more control. Over the last decade, companies have been transferring more responsibility and risk to their employees. It used to be common for the company to assume the role of health and retirement administrator. Now, it&#8217;s up to each employee to run point on his/her financial future. This includes health plan allocations, retirement planning, etc.</p>



<p>For example, employers have moved away from pensions and company-sponsored retirement. Now, 401k(s) are more common. These are funded by the individual and matched by the company up to a certain percentage. Employers continue to contribute but they no longer dictate the terms. The same goes for health care. While they provide and contribute to a plan, many companies are encouraging the use of health savings accounts as a supplement to their health plans. An HSA gives employees the freedom to decide how much to set aside for medical expenses for the year.</p>



<p>The corporate motive behind this risk shift might be different from that of Uber’s, but the outcome is the same: more consumer control.</p>



<p>Our software, Link, gives its users that same control. Because it’s a manufacturer-agnostic platform and customers can engage any financial services company or agent they choose, they have the freedom to organize their financial lives as they see fit. They’re not limited to just one carrier, as they would be with a carrier-developed platform.</p>



<p>Here’s an analogy that may help connect the dots. Link is to the insurance industry as Intuit QuickBooks is to accounting. QuickBooks is bank-agnostic because it pulls information from several banks and credit unions, allowing customers to organize their business accounts. If customers engaged with each financial institution separately, as they would if they used a bank-specific system, it would take much longer and be far less accurate. With QuickBooks, all of that business’ information is aggregated into one tool and the customer can get a complete financial picture in one central location.</p>



<p>That’s exactly how <a href="https://www.legacyshield.com/products/link-by-legacyshield/" target="_blank" rel="noreferrer noopener">Link by LegacyShield</a> works. Customers can see all of their personal financial information in one place, regardless of where they bought the policy or who administers the account. And they can choose how and when they want to engage with each industry professional. The choice is theirs, as it should be.</p>



<p>To learn more, visit our blog: <a href="https://www.legacyshield.com/industry-news/lets-link-collaborate-with-clients-in-a-secure-virtual-workspace/" target="_blank" rel="noreferrer noopener">Let&#8217;s Link &#8211; Collaborate with Clients in a Secure Virtual Workspace</a>.</p>
<p>The post <a href="https://marketing.legacyshield.com/industry-news/whos-driving-anyway-insurance-pros-should-hand-the-keys-to-consumers/">Who&#8217;s Driving, Anyway? Insurance Pros Should Give Keys to Consumers</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p>
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		<title>Does an Insurance Carrier and Consumer Relationship Make Sense?</title>
		<link>https://marketing.legacyshield.com/industry-news/does-an-insurance-carrier-and-consumer-relationship-make-sense/</link>
					<comments>https://marketing.legacyshield.com/industry-news/does-an-insurance-carrier-and-consumer-relationship-make-sense/#respond</comments>
		
		<dc:creator><![CDATA[Dan Pierson]]></dc:creator>
		<pubDate>Wed, 14 Aug 2019 09:20:13 +0000</pubDate>
				<category><![CDATA[Client Engagement]]></category>
		<category><![CDATA[client engagement]]></category>
		<category><![CDATA[insurance book of business]]></category>
		<guid isPermaLink="false">http://18.220.128.78/2019/08/does-an-insurance-carrier-consumer-relationship-make-sense/</guid>

					<description><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/does-an-insurance-carrier-and-consumer-relationship-make-sense/" title="Does an Insurance Carrier and Consumer Relationship Make Sense?" rel="nofollow"><img width="300" height="200" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-300x200.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="Insurance carrier relationship" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-1536x1024.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-2048x1365.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a><p>There’s a growing trend in today’s marketplace that surpasses all industry boundaries and supersedes any...</p>
<p>The post <a href="https://marketing.legacyshield.com/industry-news/does-an-insurance-carrier-and-consumer-relationship-make-sense/">Does an Insurance Carrier and Consumer Relationship Make Sense?</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p>
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										<content:encoded><![CDATA[<a href="https://marketing.legacyshield.com/industry-news/does-an-insurance-carrier-and-consumer-relationship-make-sense/" title="Does an Insurance Carrier and Consumer Relationship Make Sense?" rel="nofollow"><img width="300" height="200" src="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-300x200.jpeg" class="webfeedsFeaturedVisual wp-post-image" alt="Insurance carrier relationship" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" link_thumbnail="1" decoding="async" loading="lazy" srcset="https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-300x200.jpeg 300w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-1024x683.jpeg 1024w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-768x512.jpeg 768w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-1536x1024.jpeg 1536w, https://marketing.legacyshield.com/wp-content/uploads/2020/12/qtq80-UpMZgk-2048x1365.jpeg 2048w" sizes="auto, (max-width: 300px) 100vw, 300px" /></a>
<p>There’s a growing trend in today’s marketplace that surpasses all industry boundaries and supersedes any previous model. That trend is getting closer to the customer and it’s every company’s goal.</p>



<p>You can see it in how they mine for customer information in order to customize and better market their products.</p>



<p>It makes sense that companies would want to establish relationships with the people using their products – that’s just good business sense. And this goal seems easy to achieve within companies that produce consumer goods like electronics and apparel, and who provide services like entertainment and transportation.</p>



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<h2 class="wp-block-heading">But what about complex products like insurance? Does a close manufacturer-consumer relationship make sense here too?</h2>



<p>It used to be that manufacturers of insurance products, or insurance carriers, were content to rely primarily on agents to interact with the customer. These agents would educate the consumer on how various product types function and help them figure out which product could best address a financial concern. Because the agents were employees, the carrier could rely on steady sales without cultivating a personal relationship with the consumer. But now, because agents are largely independent and work through distributors, no carrier can count on agents to sell only their products and as a result have become eager to establish a direct connection with customers to ensure their survival.</p>



<p>I know because I saw it happening at a recent industry meeting. The meeting was geared toward distributors but a surprising number of insurance companies and reinsurers were there. Their presence indicated that they were trying to inch their way closer to the customer.</p>



<p>While I’m a great proponent of insurance companies dedicating themselves to pursuing a consumer-centric business focus and giving more thought to what consumers might want and need, I’m not convinced that direct carrier-to-consumer interaction best serves either party.</p>



<p>On the consumer side, a product-impartial agent with multiple carrier relationships can help the customer find what best suits his or her needs. This way, customers aren’t limited to the offerings of only one carrier.</p>



<p>On the carrier side, the role of the agent helps them maximize their reach with fewer in-house resources. In this low-interest-rate environment, where insurance companies are hurting, they can’t effectively serve new customers and their in-force business simultaneously; they must (and do) prioritize current customers over new business. By sticking with the model of old and deploying agents, they don’t have to choose.</p>



<h2 class="wp-block-heading">Rather than disrupting the carrier-distributor model, what carriers and distributors ought to consider is how they’ll manage the new customer relationships going forward.</h2>



<p>In the digital age, the only real solution is the use of technology. But how do you develop technology when you’re operating on a lean employee base and have little flexibility in where you divert your budget?</p>



<p><a href="https://www.legacyshield.com/products/link-by-legacyshield/" target="_blank" rel="noreferrer noopener">Link by LegacyShield</a> is a ready-made, customizable solution, offering customers a platform on which they can organize and track their investments with various providers as well as control the level and mode of engagement with both carrier and agent. Better yet, this tool allows for open dialogue between the carrier, distributor, and customer. In this collaborative environment, it’s much easier for the carrier and distributor to align and focus on the needs of the customer. The distributor no longer feels threatened by the carrier-customer contact because he or she is included in the process and the carrier can develop a rapport with its customers without damaging their agent relationships.</p>



<div class="wp-block-image"><figure class="alignright"><img loading="lazy" decoding="async" width="300" height="111" src="http://18.220.128.78/wp-content/uploads/2019/08/Innovation-1-300x111.png" alt="Insurtech" class="wp-image-7042" srcset="https://marketing.legacyshield.com/wp-content/uploads/2019/08/Innovation-1-300x111.png 300w, https://marketing.legacyshield.com/wp-content/uploads/2019/08/Innovation-1-768x284.png 768w, https://marketing.legacyshield.com/wp-content/uploads/2019/08/Innovation-1.png 851w" sizes="auto, (max-width: 300px) 100vw, 300px" /></figure></div>



<p>This convergence between insurance and technology is a burgeoning new market called InsurTech. While this market offers an unprecedented opportunity for insurers to evolve, the chief concern is that many operating in this space lack an understanding of how the industry operates. They’d sooner circumvent carriers and distributors altogether and develop their own disruptive model than spend time learning why the carrier-distributor-customer model works. Positioned smack in the middle of this market, what sets LegacyShield apart from its InsurTech competitors is that its founders have the industry experience and expertise necessary to successfully marry technology and insurance.</p>



<p>When technology and the selling of insurance are intelligently combined, we have incredible potential to help customers achieve financial security.</p>
<p>The post <a href="https://marketing.legacyshield.com/industry-news/does-an-insurance-carrier-and-consumer-relationship-make-sense/">Does an Insurance Carrier and Consumer Relationship Make Sense?</a> appeared first on <a href="https://marketing.legacyshield.com">LegacyShield</a>.</p>
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