In a competitive market, insurers can struggle to stand out from the crowd. By embracing customer experience and the customer journey, insurers can engage potential and existing customers, separating themselves from the pack. For insurance companies to provide a positive customer experience, they must update tactics, embrace digital communication, and focus on customer service.
Customer Experience for Insurance
For insurance agents, customer experience is a key part of optimizing their business. According to a recent J.D. Power Shopping Study, insurance customers are more likely to look to their agent for help as opposed to a company website or call center. Representation by a local agent has also increased by 45 percent over the past five years, shedding light on the importance of a personalized experience.
How can agents achieve a positive customer experience? It must first be broken down into actionable items with measurable results. By using these steps, agents can reexamine how they interact with their customers and make the best decision on how and when to engage them.
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Personalized Video Engages Customers
Insurance customers respond better to personalized videos than other forms of contact like emails or digital ads. With videos, customers are more engaged and more likely to absorb the information they see. Using the EngageOne video platform, insurance companies have launched data-driven video campaigns that are created and targeted using existing coverage, deductible, and customer information.
“In 2015, we identified a communication gap in our welcome to new customers,” one company representative explains. “They receive a lot of mail from us, but few take the time to read through everything line by line. Based on observations of claims, we realized many auto customers did not truly understand their policies.”
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Insurance Options Weigh on Customer Experience
For auto insurers, the process of a customer buying a new vehicle is part of the customer journey. Often, insurance isn’t a major conversation in the buying process but rather a check in a box. Insurers need to make insurance coverage and policy a more prevalent part of the buying process. With every uninsured or underinsured driver that makes it off the lot, there is the risk of financial loss as well as a negative impact on customer experience to the company.
One in eight drivers in the U.S. are uninsured and some are in lenders’ portfolios – bringing delinquency rates and losses to $1.4 trillion in 2018. To lessen this risk, insurers should be a larger part of the buying process – ensuring a positive customer experience for the consumer in front of them, and the promise of the ability to provide their services to other customers in the future.
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