Here’s How Ladder Adapted to COVID-19 and Is Helping Advisors Better Engage with Customers
Customer engagement is not something which gets covered much in the insurance business, focused as we often are on data-driven personalized premiums or streamlining claims processes. Yet, engagement is just as important in this sector of industry as in any other.
According to research by Salesforce, 80% of customers regard the experience they receive with a company to be just as important to them as the product and services they are actually there to purchase. They expect brands to make sure they are able to access those products and services with the minimum amount of fuss and inconvenience possible.
This is, of course, driven largely by the fact that we are no longer operating in a local marketplace but, thanks to the internet, a national – or even global – one.
Ladder
As one of the newer players in the life insurance game California-based startup, Ladder has found itself in a time where its products have become incredibly relevant. Thanks to the global COVID-19 crisis, people perhaps have mortality on their minds more than during other points in history, and this has been reflected in revenues growing almost four-fold during the pandemic.
"It made them really think about their people," said CEO and Cofounder at Ladder, Jamie Hale. "‘These people are important to me, and I want to make sure these people are taken care of.’"
With its philosophy of providing flexible term policies that can easily be searched for and purchased online, Ladder’s approach is remarkably similar to many of its peers’ However, Ladder has the critical added detail of being vertically integrated – building user-friendly and modern interfaces, and the risk-based algorithms that determine pricing, while simultaneously providing next generation underwriting, instant issue, and policy administration.
This does mean Ladder has to deal with additional overhead costs, but the price is worth paying when the innovative startup can enjoy significantly more control over its policy design and the manner in which it can implement updates and changes. This allows it to offset the extra overheads in sales and pass those savings onto the customer – at a time where nobody needs the additional stress of having to negotiate hard with their insurance provider.
"I know first-hand how life insurance can change a life," said CEO and Cofounder at Ladder, Jamie Hale in a statement. "With our carrier in operation and this new round of funding, we are in the position to greatly accelerate innovation in service of families and communities. I am so excited to see our original vision continue to materialize."
Customer Relationship Management
All of this comes together in the brand-new deal Ladder has just signed with leading financial services CRM platform provider Redtail Technology.
Now live for advisers in all 50 states, this fresh partnership will bring a host of proprietary Ladder technology to Redtail, including the Ladder Quote Tool, the Ladder Insurance Calculator, and the Ladder Referral Portal. This integration into Redtail’s advanced CRM software will empower advisors to more easily make accurate decisions regarding the kinds of insurance their clients need, while the Ladder Referral Portal provides a convenient and streamlined way for advisors to send their clients applications to apply.
"We are thrilled to partner with Redtail Technology to provide solutions that meet advisors where they are," said Head of Ladder for Advisors, Diana Angelini in a press release announcing the partnership. "This new integration will make it easy for advisors to access trusted life insurance technology and seamlessly refer their clients through their CRM that they already use every day."
With Ladder’s flexible insurance products which allow customers to make changes to their policies at any time, the need for effective CRM and customer engagement is of the utmost importance. And, with circumstances revolving around the COVID-19 pandemic evolving so rapidly – especially regarding the latest Omicron variant – Ladder is likely to see an even greater demand for these services.
"Through this new integration with Ladder, we're able to introduce further efficiencies for advisors who include insurance services as a part of their comprehensive financial planning offerings," said Redtail CEO, Brian McLaughlin. "Ease of access from Redtail CRM to critical tools supporting the life insurance component of their practice will be a huge plus for advisors, and we're excited to work with Ladder in making that available."
Final Thoughts
Customer engagement and relationship management is becoming more important than ever thanks to the ongoing COVID-19 crisis – especially when it comes to life insurance. With Ladder’s flexible policies and Retail Technology’s CRM platform working together in harmony, customers can be confident they will be able to get the best insurance for their situation.
You can hear Ladder Cofounder, Jeff Merkel, speak at Digital Insurance Summit 2022, taking place in May at the Renaissance Chicago, IL.
Download the agenda today for more information and insights.