Unexpected premium increases. Some members will wonder why their rate has gone up or even question whether the increase should have happened at all. It seems many members assume that a premium should remain the same over time. So when change does come, it can leave them feeling unprepared and uninformed. And that contribute to doubt.

Of course, questions are to be expected. As one member explained, “If I don’t feel like there’s a big discrepancy from the last bill I received, then I just start making payments and move on. But sometimes I want to know what’s going on.”

Members may not be aware how insurance works. When they’re initially discussing product options with a distribution professional, they may not know the price will change over time. And as they continue navigating more experiences that don’t cover this topic, like completing digital tasks or reading general communications, it can leave them uneducated until the moment their premium increases. By this point, they may have become comfortable with what they felt was a stable price. Remaining uniformed contributes to them not understanding why their bill changed. And at this point it can be more challenging to explain why.  

The most effective way to help members avoid sticker shock about a premium increase is to be proactive. Make it a habit to educate members about changing prices (a common aspect of the insurance industry) further upstream in their experience. Explaining this in the Decide Core Four experience can proactively manage their expectations. And when they onboard to Nationwide as a new member in the Manage Core Four experience, reinforce the same message again. It presents opportunities to establish a stronger relationship based on forthrightness and trust. It also reinforces Nationwide’s value— that we prioritize our members’ education so they feel confident and protected.