Consumers want it now. They want quick access to their new or replacement card, so they can download the hottest new show on their favorite streaming service, order delivery from the deli around the corner, or purchase the perfect athleisure wear outfit to enjoy it all. Digital issuance is the key to ensuring your cardholders have their new card as soon as they request it. Keep your card front-of-phone and top-of-wallet, so you don’t lose out on any purchasing opportunities, especially card-on-file transactions and recurring subscriptions.
LEVERAGE Payment Solutions has partnered with Fiserv to discuss digital issuance and cardholder expectations in a digital-first world. Learn about:
Join us for the Digital Issuance: Exceeding Cardholder Expectations in an Evolving Digital World Webinar on November 16, 2022, at 2:00 p.m. EST.
The gap between those who say they need life insurance and those who say they have it is growing. In fact, it’s more than doubled since 2011.
There are two factors at play:
First, the desire for helping protect what matters most with a life insurance policy grew significantly during the pandemic. Thirty-one percent of American consumers surveyed said they were more likely to buy life insurance because of COVID-19.
Second, consumers have lost tolerance for long, drawn-out buying processes. Especially since the pandemic streamlined so many day-to-day experiences, people have raised their expectations of simplified customer service.
The Problem: Heaping Worry on Top of Work
Life is busy and only getting busier. A quarter of respondents to a recent survey explained that they didn’t have life insurance simply because they “haven’t gotten around to it.” Heap worry (and the discomfort of contemplating death) on top of an overloaded schedule, and it’s easy to see why people put off shopping for life insurance.
Even as more people recognize the need, obtaining a policy remains an overwhelming task in the minds of many. They are worried it will take too much time to research options and find a provider, too much back-and-forth with a broker, too many medical questions – or worse, an exam.
And after all that, they worry about being able to fit costly premiums into the already tight budget. Nearly half (49%) of survey respondents without life insurance named “too expensive” as a reason.
The Solution: Digitalization Upends the Old Insurance Paradigm
No one can blame consumers for thinking this way. After all, getting a life insurance policy hasn’t been easy in the past. Fortunately, digital technology and transformed processes have turned the old paradigm upside down.
Credit unions have the distinct opportunity to show off this new paradigm with the integration of simplified life insurance offerings.
Here are three ways your credit union can help simplify life insurance for members:
The Results: Good for Members and Credit Unions
Putting life insurance into the hands of more members benefits credit unions as much as members. Aside from helping boost the overall sense of financial security of a membership, the products introduce much-needed non-interest income amid fast-shrinking margins. It also moves the credit union closer to earning primary financial institution relationships with more members.
Offering a simplified life insurance experience also could have a direct impact on a credit union’s diversity, equity, and inclusion (DEI) initiatives. The 2022 What Matters Now research also found that Black and Multiracial consumers are most likely to purchase life insurance in the next five years. Research from LIMRA’s Life Happens study echoed those findings, uncovering that the perceived need for life insurance is highest among respondents identifying as Black (75%), Asian (72%), and Hispanic (69%).
The Future: A 60 Million Member Opportunity
Forty-four percent of people surveyed say that if their household’s primary earner died, they would feel financial hardship. Life insurance policies can help remove much of the fear and anxiety that contributes to feelings of financial insecurity. Unfortunately, too many credit union members are putting off the buying process, moving through life weighed down by anxiety and without critical protection. Eliminating the stress of obtaining life insurance is one way your credit union could affect meaningful change in the lives of the millions of U.S. adults without life insurance.
For more information about CUNA Mutual Group, contact a LEVERAGE Business Development Consultant at firstname.lastname@example.org or 855-9EXPERT (855-939-7378).
LEVERAGE is excited to announce a new partnership with CU NextGen, a Credit Union Service Organization (CUSO) that builds software bridges through customized solutions for your credit union.
CU NextGen offers a variety of options to help credit unions maximize their member experience. Their most popular solution, Member Relationship Management (MRM), brings non-integrated platforms together to truly present a 360-degree view of the member. This is done by pulling relevant information from multiple system silos and presenting it comprehensively within MRM. Another great feature offered is AppForms, a no-code platform for easily building business applications.
CU NextGen also offers myriad other services, including fraud management, biometric authentication, and RPA Genie. RPA Genie is an intuitive drag-and-drop automation workflow designer that helps credit unions become more efficient with daily processes. The platform helps credit unions by providing a system that supports a traditional option of integration using APIs.
Our daily lives have changed drastically over the last decade, and how we interact with friends, family, colleagues, and even businesses looks very different. We’ve evolved to become digital-first beings, never far from a screen and driven to connect digitally. How has your organization responded to these changes? Perhaps adding some application forms or chat to your website and app? But how can you meet your members where they are—OnScreen—and provide an optimized, seamless experience?
In the age of consumer choice, members control the conversation and member service has become a key differentiator. Digital Member Service platforms, like Glia, can help you offer a seamless experience and improve satisfaction. Benefits of Digital Member Service include:
Why Glia Digital Member Service Technology?
Glia provides digital-first member service technology that is reinventing how you support your members online. Unlike fragmented point solutions, Glia's platform was architected from the ground up to seamlessly unify all digital channels in an easy-to-use Digital Member Service solution that meets the security and scalability needs of the most discriminating financial institutions.
Glia enables representatives to engage with members where they are online, see their screens, and co-pilot them to resolve issues or complete applications without having to re-explain as they go.
To help credit unions stay current in meeting the needs of members, LEVERAGE has partnered with DELUXE to provide an array of products and services that can be combined and customized to meet the needs of your membership. DELUXE offers proven and tested solutions ranging from traditional receivables services to digital receivables and payables services.
We are leveraging existing capabilities while making smart investments to continue being the world's preeminent check company.