Adriano de Matteis explores the ZMOT concept and how insurers globally could put it to work.
Some insurance companies are already aware of this need, and have transformed their web presences to cultivate consumer trust and confidence.
The South Africa financial services company BrightRock Ltd (www.brightrock.co.za), for example, has assembled a simple, uncluttered website that explains, in clear and easy-to-understand language its needs-matched products, services and philosophy.
It also explains to consumers the process of finding out more about its products and how it can help. BrightRock’s site also features ‘The Bright Side of Life’, a dedicated portal where visitors can click on ‘BrightStuff’ – entertaining, informative articles with tips for improving health and enhancing quality of life – and ‘BrightSpots’, which features interesting and fun local leisure time activities.
SunLife of Canada’s interactive online magazine, ‘Brighter Life’ (http://brighterlife.ca), provides tools geared to self-education about retirement needs, from retirement income calculators to YouTube videos explaining the range of available plans and products.
It also features tools to keep customers engaged, from Twitter feeds and portals containing a broad range of articles about money, health, family, working life and retirement.
Its financial knowledge quizzes and tools enabling lifestage planning and no-obligation help determining how much insurance a visitor to the site might need. The site also features a free monthly newsletter and help finding a financial adviser.
Presenting informative, uncluttered websites that describe offerings clearly can simplify the research and decision-making process. They can also strengthen the bond of trust between insurance companies and their potential customers.
However, the key for insurers seeking to elicit and leverage the ZMOT from their website visitors will be their ability to develop e-underwritten products that can be applied for easily, without the need for copious disclosure, with decisions rendered while the customer is still on the website.
As the insurance industry’s capacity to provide simplified, cost-effective underwriting for life and pension products continues to improve, companies are more likely to experience Moments Of Truth, be they First or Zero. And there is no moment like the present to prepare.
Adriano de Matteis is assistant vice president, Business Development EMEA at RGA Reinsurance
