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4 Ways Insurance Companies Can Better Engage Customers
For years, the retail and financial services industries have put an emphasis on customer engagement and the relationship they have. For the insurance industry, it has been different. Insurance companies would work to acquire new customers and often their relationships would be limited to sending a renewal notice every six months or a year. As competition increases, companies in the insurance industry need to find a new way to keep their customers engaged and avoid churn. Here are four ways insurance companies can make sure they are engaging their customers in the right way.
How easily have you made it for your customers to interact? If a customer needs to file a claim, do they wait on the phone before being transferred to multiple people only to go through a long process to actually file the claim? In any way you can, you need to make it easier for customers to get what they want. Think of how easily a company like Amazon has made returns for their customers. They can drop off their package at one of the many conveniently located return locations- including storefronts like Kohl’s. Amazon has made customers feel more comfortable ordering online, knowing that if they do need to make a return, it will be a seamless process. Insurance companies need to both do the same, and re-assure their customers that the process will not be difficult through communications.
Provide Answers Through Content
Similar to removing friction, how easily can customers find answers they need regarding your insurance lines or even just insurance in general? Do you have easily accessible content created so that customers know what is covered for them? How about content to better explain to younger generations what they receive in return for being insured? Perhaps you can create a short video that quickly explains the risks of not being insured to appeal to younger audiences and inform them of the value you provide. Think of ways you can seamlessly educate your customers on your products and their value.
Align With Social Issues
When targeting the younger generations, it is particularly important to align your brand with a cause that they can get behind. The younger generations are interested in being customers to companies that feel the same as them on issues and work to help better them, with 73% of people believing companies should do more than just offer a product or service. Many brands have done this successfully, but it is something brands need to take on carefully, as there have been brands who take the wrong stance and paid for it. Be sure to take the time to understand a cause that is important to your audience and share with them how your brand supports it.
Help Clients Take Advantage of Discounts
Offering discounts seems obvious, but helping customers take advantage of these discounts is key to keeping them engaged. A great example of this in the insurance industry is Allstate’s Drivewise program. The program rewards auto insurance customers for safe driving by tracking things like time of day the customer is driving, speeds they drive and not using their phone while driving. The program also gives customers personalized feedback on how to be a better driver. Customers who drive safely receive money back every six months. Programs like this are a win/win for the company as well as the customer. The company has customers that are accident-free, while the customer can monitor their driving and get rewarded for being careful.
Insurance companies need to be sure they are taking steps to build customer engagement. Check out this video where our CEO, Ron Jacobs, discusses how insurance marketers can overcome three of the greatest challenges in the industry today.