Business Insights from the Safety Net Alliance

Over the last two and a half years, we have both served and learned from a growing and primed audience of digital natives in our role as broker of record for the Safety Net Alliance.

The foundation of all of our work at Harmonic Financial Technology is built on three pillars:

Understanding our customer’s needs

Building technology products that meet those needs

And doing so in a manner that is seamless and compliant with the complex financial rules and regulations within our industry. 

The Safety Net Alliance was designed to offer a path and community for consumers to build their safety net and, ultimately, financial resilience. 

Through it, we're learning how digital natives and millennials think about financial planning. We understand why they procrastinate, what they think is most important, what they want, and how they most build trust with a brand. 

So far after 2.5 years of operation, Safety Net Alliance has engaged 30k+ members and extended over $300MM in complimentary insurance protection. 

As a test, Safety Net Alliance offers a complimentary $10k AD&D policy as an introductory member benefit. Giving away this complimentary policy that helps families weather an unfortunate event turned out to be  a powerful–yet friendly–way to introduce financial resilience, and engage the audience. Using the free benefit, we  “hook” consumers with ease and trust rather than trying to engage them in a dry and heavy conversation about preparing for the worst.

We now have a wealth of knowledge about how digital natives want to discover, acquire, and interact with resilience-related products and services–both as consumers and business professionals. And we saw an important gap in the industry and need in a market. 

Some of our core insights include:

  • Offering free insurance is a powerful motivator for consumers and helps kickstart the conversation on building overall financial resilience. We discovered that those who activated the free insurance policy were more than 2x as likely to start building their Safety Net than non-recipients.
  • Offering an easy-to-sign-up, comprehensive, and complimentary offer serves as a positive greeting to ease busy consumers into the planning process–reducing (if not eliminating!) the overwhelm and procrastination that comes alongside an often heavy, complicated topic.
  • Simplifying and gamifying the process (both digitally and educationally) helps ensure engagement. We incorporate congrats, easy tips, and pathways into our product–all features that are a part of some of the most successful digital tools of our day. 

These insights informed our new product line within Harmonic FT: our Insurance-as-a-Service offering. Our Insurance-as-a-Service offers embed directly into the user experience your consumers use every day. 

Now, you can be the first to start the dialogue and build the trust with your customers by incorporating insurance products into your offerings–and gain additional revenue while helping your customers build overall financial resilience!

And you can utilize our data-driven user flows for the best results. We discovered that those who activated the free insurance policy were more than 2x as likely to start building their broader Safety Net than non-recipients. By utilizing our embedded flow and incorporating the complimentary AD&D policy as a conversation starter for more customized and larger life insurance policies, you’ll discover more success and more revenue.

Let us do the legwork and you build the revenue.

Are you ready to help your customers build overall financial resilience and open a new source of revenue?
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