64% of all Americans think having a will is important, but only 32% actually have up-to-date documents in place. This gap represents tens of millions of people with good intentions who have not acted to protect their families from the potential confusion, heartache, and turmoil that inevitably occurs when wills, beneficiary designations, and a rudimentary listing of financial and other accounts are not in place. Can American companies and organizations take steps to help close the gap?

In a previous blog series, I discussed how nonprofits, financial planners, and insurers, among other organizations, can make a dent in this critical planning chasm by offering simple, intuitive, inexpensive online estate planning tools like the kind available from companies like LifeLegacy. Here’s one specific example of such an opportunity.

Meiji Yasuda and LGA

In light of Meiji Yasuda’s recent acquisition of Legal & General America’s (LGA’s) U.S. protection business, there exists a strategic opportunity for the company’s US business operations to chip away at the “under-willed” population by integrating online estate planning services with its life insurance offerings. LGA currently has approximately 1.4 million customers! LifeLegacy, one of the country’s leading online estate planning providers, is currently an LGA strategic partner and can assist Maiji Yasuda in delivering on their management philosophy of “Peace of Mind, Forever.”

Enhancing Customer Value Through Comprehensive Financial Security

Americans often view the drafting of a will as a proactive measure to ensure their specific wishes are honored posthumously, thereby preventing potential disputes among heirs. However, because roughly two-thirds of all Americans remain without a formalized estate plan, complexities and unintended asset distribution will inevitably occur upon death.

By offering estate planning services to prospective and in-force customers, Meiji Yasuda can provide clients with a holistic approach to financial security, encompassing both life insurance and the assurance that their assets will be distributed according to their wishes. This comprehensive service not only enhances customer satisfaction but also fosters long-term relationships built on trust, caring and reliability.

Aligning with Meiji Yasuda’s Management Philosophy

As we mentioned, Meiji Yasuda’s commitment to delivering “Peace of Mind, Forever” is deeply embedded in its corporate ethos.

This philosophy emphasizes the importance of providing lifelong protection and after-sales service that is finely tuned to the needs of customers. Integrating estate planning services aligns with this mission by addressing a critical aspect of financial well-being that complements the financial protection benefits of traditional life insurance.

Furthermore, Meiji Yasuda’s “Customer-Oriented Business Operations Policy” highlights the company’s dedication to thoroughly promoting a customer-oriented approach and providing optimal products and services that address customer needs.

Offering estate planning services is a natural extension of this policy, ensuring that clients receive comprehensive solutions that safeguard their interests and those of their beneficiaries.

Capitalizing on Market Opportunities

The acquisition of Legal & General America’s U.S. protection business not only expands Meiji Yasuda’s footprint in the U.S. market but also presents the company with an opportunity to differentiate itself among term life insurance competitors by offering value-added services. Estate planning is a service that perfectly complements life insurance, as both are integral components of a sound financial plan. By providing estate planning services, Meiji Yasuda can attract a broader client base seeking comprehensive financial protection solutions.

Moreover, the integration of estate planning services can lead to increased customer retention and cross-selling opportunities. Clients who engage in estate planning are more likely to recognize the value of life insurance as a tool to provide for their heirs, thereby enhancing the overall customer lifetime value.

Implementing Estate Planning Services

For life insurers who distribute their products to the mass market via multiple distribution sources, offering an online estate planning tool to prospects and customers pre- and post life insurance sale across all channels makes a lot of sense:

1. Partnerships with Brokerage Firms: Meiji Yasuda has a unique opportunity to stand out among a sea of term life insurance providers by offering LifeLegacy’s white-labeled online estate planning platform as an added service for broker distributors. LGA already has distinguished itself with the use of best-in-class broker-facing apply and buy technology. Adding estate planning services can help attract prospects pre-sale and ensure more persistent business once a policy is in-force.
2. Consumer-Direct Offering: LGA has a robust “direct to consumer” model for selling term insurance. Offering online estate planning services integrates well with a superior digital quotation and application user experience. When presented during and after the sale, estate planning can clearly distinguish the company and enhance the consumer experience

Conclusion

Integrating estate planning services into Meiji Yasuda’s U.S. offerings presents a strategic opportunity to enhance customer value, align with the company’s core philosophy, and capitalize on a critical market need. This initiative not only provides clients with comprehensive financial protection but also reinforces Meiji Yasuda’s commitment to delivering “Peace of Mind, Forever.”