{"id":1281,"date":"2024-10-28T18:47:46","date_gmt":"2024-10-28T18:47:46","guid":{"rendered":"https:\/\/www.easidemographics.com\/web\/?p=1281"},"modified":"2024-10-28T18:50:40","modified_gmt":"2024-10-28T18:50:40","slug":"why-life-event-data-is-the-game-changer-in-modern-insurance-strategies","status":"publish","type":"post","link":"https:\/\/www.easidemographics.com\/web\/why-life-event-data-is-the-game-changer-in-modern-insurance-strategies\/","title":{"rendered":"Why Life Event Data is the Game-Changer in Modern Insurance Strategies"},"content":{"rendered":"

A new job, a new relationship, and moving into a new house are just some of the major events in our lives. Also known as <\/span>life event data<\/span><\/a>, companies use this information to design marketing campaigns and new products and services. The data makes it easier and more accurate as companies can be confident in the information they use to develop their strategies.\u00a0<\/span><\/p>\n

Insurance companies use life event data for the same reasons. They use it to guide and support clients through these events by proactively addressing client needs in a meaningful way for clients. When done correctly, insurers can still earn revenues while supporting their client\u2019s futures and building the lifelong relationships that keep them coming back.\u00a0<\/span><\/p>\n

Bringing back the personal touch in insurance<\/span><\/i><\/h2>\n

Insurance companies used to know their clients personally, and agents used to talk regularly with clients either on the phone or in person. Advances in technology and the digital experience have disrupted those one-on-one connections as people expect more of a digital-first approach. Companies have also grown in scale and size, and as maintaining those personal relationships is harder to do, they often don\u2019t bother.<\/span><\/p>\n

All this means it\u2019s harder for companies to align products, services, and conversations around the life events that drive policy changes. Agents and companies don\u2019t know if you\u2019re moving, if you just got a new job, or had your third child. But these periods of change in your life mean updates to your insurance coverage. How can insurance companies keep tabs on you to ensure you\u2019ve got the right coverage and they reach out at the right time to make the updates?\u00a0<\/span><\/p>\n

Smart insurance companies use life event data to build customer engagement strategies. They use the data to reach out at the right time with relevant insurance information, making a genuine, personal connection with people.<\/span><\/p>\n

How life events create insurance demands<\/span><\/i><\/h2>\n

Insurance policies are unique to the people they cover, but life events drive common changes for those insurance products and services. Here are a few ways insurance changes for customers during these essential life events.<\/span><\/p>\n

1. Moving (up or downsizing a home)<\/b><\/span><\/h3>\n

Property and Casualty insurance needs change as your property size and value change. It\u2019s a good time to review coverage, add or remove policies, and determine new premiums due to the new location, which may be in a flood plain or in an area with high instances of earthquakes or hurricanes.\u00a0<\/span><\/p>\n

2. Changing jobs\u00a0<\/b><\/span><\/h3>\n

A new job means reviewing the Property and Casualty policy based on new income levels or work-related risks. A review of health insurance coverage is helpful here, too, as work-related risks may have changed and require more or less coverage.\u00a0<\/span><\/p>\n

3. Having kids<\/b><\/span><\/h3>\n

Starting a family requires several insurance coverage reviews, including Property and Casualty, Health insurance, and Life insurance to include the new child. A growing family should also include providing financial support for the child\u2019s future with an annuity or other financial product.\u00a0<\/span><\/p>\n

4. Kids getting older<\/b><\/span><\/h3>\n

As children age, coverage changes based on their age, whether they\u2019ve moved away to attend post-secondary school, tenant insurance for their off-campus housing, and more. Insurers will want to review Property and Casualty and Life insurance to ensure all options are covered, especially if the children are old enough to take care of themselves.\u00a0<\/span><\/p>\n

5. Getting married<\/b><\/span><\/h3>\n

Marriage and combining households always spark an insurance conversation as many variables change at once. Probable changes to coverage include:\u00a0<\/span><\/p>\n