Four Steps To Simplify and Forge Deeper Connections

Our world is changing fast. Consumers have new purchasing expectations, and they demand simplicity at every turn. In fact, 64 percent say they’ll pay more for simpler experiences.1

In order to stay ahead, it’s crucial to understand the reasons behind consumer behavior, and where it might be headed next. Doing so will help you forge deeper connections with members—today and in the future.

Here are some steps to help you grasp the changing life insurance landscape, and to simplify your products and services in response.

1. Identify with today's consumers.

Credit union demographics are shifting, with multicultural membership growing 61 percent in the last five years.2 And with more seniors heading online—45 percent visit provider websites—plus 79 percent of millennials wanting life insurance that’s easy to understand, there are many unique demands to address.3 Make sure to work the values of these hardworking consumers into your communications to truly resonate

2. Realize the wide range of reasons for owning.

Life insurance is a versatile financial tool, but when one out of three people admit they don’t have enough, it’s crucial to help them understand all that it can do. For 54 percent of consumers, life insurance helps pay off their mortgage, while 52 percent use it to supplement retirement income.3 Making your program simple will help more members understand its role, and get the protection they need.

3. Understand the need for speed.

Amazon has made speed and ease the norm, which consumers now expect in every transaction—including buying life insurance. If your purchase processes aren’t fast or simple enough, consumers will head elsewhere for an easier experience. Offering budget tools and an ultraresponsive website will help you put life insurance just a few clicks away.

4. Get involved in the community.

Consumers today are more scrupulous than ever, and brands have few places to hide. Only the companies that share consumer values and meet their demands will stand out. And, since 53 percent of consumers want institutions that are active in the community, your credit union will continue to reap the benefits of being a good local steward.2

Simplicity is everything

Take these necessary steps to stay ahead in the competitive life insurance game, and forge better member connections overall.

1 Siegel & Gale, “Global Brand Simplicity Index 2017,” January 2017. 2 CUNA Mutual Group and TruStage®, “What Matters Now: Insights From Multicultural Consumers” research report, 2018. 3 Life Happens & LIMRA study, “2017 Insurance Barometer.”
TruStage® Insurance products and programs are made available through TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company and other leading insurance companies. CUNA Mutual Group Proprietary and Confidential. Reproduction, adaptation, or distribution prohibited.