Customers need to be in control of how they engage with the insurance industry. Positioning the customer as the relationship driver is at the heart of what we do at LegacyShield, and it’s what we’re encouraging our fellow industry experts to do in partnering with us.
Uber has done this remarkably well. Users can order a car from their phones and see when the driver will arrive. Customer-driven and transparent in one fell swoop. Their platform is cutting-edge, but they owe their real success to their business model: putting their customers in control.
We’ve even seen a similar shift in the employer-employee relationship in favor of giving the individual more control. Over the last decade, companies have been transferring more responsibility and risk to their employees. It used to be common for the company to assume the role of health and retirement administrator. Now, it’s up to each employee to run point on his/her financial future. This includes health plan allocations, retirement planning, etc.
For example, employers have moved away from pensions and company-sponsored retirement. Now, 401k(s) are more common. These are funded by the individual and matched by the company up to a certain percentage. Employers continue to contribute but they no longer dictate the terms. The same goes for health care. While they provide and contribute to a plan, many companies are encouraging the use of health savings accounts as a supplement to their health plans. An HSA gives employees the freedom to decide how much to set aside for medical expenses for the year.
The corporate motive behind this risk shift might be different from that of Uber’s, but the outcome is the same: more consumer control.
Our software, Link, gives its users that same control. Because it’s a manufacturer-agnostic platform and customers can engage any financial services company or agent they choose, they have the freedom to organize their financial lives as they see fit. They’re not limited to just one carrier, as they would be with a carrier-developed platform.
Here’s an analogy that may help connect the dots. Link is to the insurance industry as Intuit QuickBooks is to accounting. QuickBooks is bank-agnostic because it pulls information from several banks and credit unions, allowing customers to organize their business accounts. If customers engaged with each financial institution separately, as they would if they used a bank-specific system, it would take much longer and be far less accurate. With QuickBooks, all of that business’ information is aggregated into one tool and the customer can get a complete financial picture in one central location.
That’s exactly how Link by LegacyShield works. Customers can see all of their personal financial information in one place, regardless of where they bought the policy or who administers the account. And they can choose how and when they want to engage with each industry professional. The choice is theirs, as it should be.
To learn more, visit our blog: Let’s Link – Collaborate with Clients in a Secure Virtual Workspace.