Customizing vs. personalizing your life insurance program
Many life insurance marketers equate “customization” and “personalization” as synonymous terms. Knowing the distinct differences will help guide your discussions with teams, partners, and all key stakeholders.
Put simply, customization is targeting a group of consumers with the right product and message, and hopefully at the right time.
When we consider the life insurance industry, there are also ways we can customize products to fit changing consumer needs. Areas such as how coverage is structured, timing of coverage and amounts, new concepts, such as pay-as-you-need, and offering more access to benefits for the policyholder are just some examples. From the perspective of how we communicate, it’s vital to know your customer’s preferences too.
Personalization is a package of experience, product, content, etc. that’s focused on an individual. As we delve more into the granular level of personalization, you start to leverage data to boost the power of your marketing messaging to individuals.
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