Be Honest. How're We Doing?
As much as Pacific Life enjoys hearing about how great its service and products are, there are always ways to improve. To stay on top of everything, Pacific Life needs honest, straightforward feedback and discussions with financial advisors—just the sort of thing its advisory boards provide.
The Retirement Solutions Division’s Pacific Advisory Group regularly meets with division leaders to discuss ideas including marketing and product design. Though discussions can be long and detailed, the efforts are worth it. One participant estimated that Pacific Life implemented two-thirds of the suggestions from the group. Ultimately, this translates into improved products for policyowners as well as better services for financial advisors.
Advisory boards for the Life Insurance Division (LID) play a similar role. The division gathers with groups of producers selling through different channels and markets, usually at the start of the year, to learn about changes in the market, clients’ expectations, and how Pacific Life can provide better products, service and technology solutions.
One new trial program that came directly out of LID’s conversations is Project Nurture. Producers had mentioned their struggles with getting leads and customizing materials to their clients. Pacific Life realized it could analyze its customer segmentation, match up marketing materials that would be relevant to someone’s life stage, and provide this information to producers.
The 2017 pilot was a success. In fact, it was so successful in helping to establish and follow through on leads that the trial has been expanded.