The $100 Million Client Experience Blind Spot
Originally posted by: Zinnia
Imagine finding out you’ve been walking past $100 bills scattered on your office floor every day for the past year. That’s exactly what’s happening in life insurance and annuity companies right now – except we’re not talking about loose bills, we’re talking about millions in untapped revenue and cost savings hidden in plain sight.
The Hidden Math of Customer Experience
Let’s run a thought experiment with a mid-sized life insurance carrier:
Meet Assurity Shield Life, a mid-sized insurance carrier with 50,000 loyal policyholders and an average annual premium of $3,500. Despite their stable position in their current market, they’re facing challenges: a concerning 12% annual policy lapse rate and a customer satisfaction score of 65% that leaves room for improvement.
As they eye expansion into new markets, Assurity Shield knows these metrics tell a deeper story about their operational readiness and customer experience. The question isn’t just about growing their footprint—it’s about understanding how these numbers will shape their expansion strategy.