Both technology advancements and the reality of a multi-generational workforce have monumentally shifted the ways in which people engage and communicate, including your customers – your policyholders. You’ve probably heard the buzzwords and themes surrounding engagement, but engagement in the insurance industry isn’t just a trend. It’s a shift in mentality. A permanent one. And, one that you should jump on board with right away. After all, your customers already have.
The Value of Engagement
Are you always available when a customer needs you? More often than not, you probably are. And, that’s a good thing. In fact, according to Salesforce, 75% of consumers say it’s absolutely critical to interact with a salesperson who is available when they need them. No waiting period.
Have you adjusted to the specific needs of each individual policyholder or member? Do you call those who prefer to have conversations over the phone? Do you email those who prefer email? Do you email those on Mondays who prefer to hear from you on Mondays? Or, are you just using blanket communications to cover an entire customer base regardless of individual preference? According to an IBM report, 76% of consumers expect organizations to understand their individual
needs. Why? Because each of your policyholders has a unique situation, goal, challenge and risk—if you show them that you’re listening, they won’t find a better partner than you come renewal time.
Speaking of renewals. Many insurance carriers communicate with their policyholders on a few occasions: binding, renewal and if there’s a claim. That’s simply not enough. It’s vital to communicate with your customers often and on their own terms. But, what do you have to say?
Give Policyholders What They Want
Engagement isn’t just about talking to your customers during their preferred dates and times. It’s also about giving them something of real value – something beneficial that reflects the relationship with you. Offer communications that contain real value, such as webinars, articles, surveys and incentives.
It’s not all about new, new, new. You can augment your core principles, such as phone conversations and distribution interactions with email communications, social media, online tools and resources and mobile communications.
But again, be mindful of customer preferences – such as method, topic, content choice and frequency.
Get What you Want too
The best relationships are mutually beneficial. And just because you’ve shifted your mentality to better reflect the needs of your customer doesn’t mean you can’t benefit too.
Customized and mindful communications are more likely to be accepted by your policyholders, which ultimately improves their outlook of you. After all, well known research from Bain & Company shows that increasing customer retention rates by only five percent increases profits by
25 to 95 percent.
Relationships – More is More
Take steps to improve your customer relationships now.
- Understand that your policyholders want more from you.
- Develop a plan of action.
- Experience better and move valuable relationships for you and your customers.
With this new mindset, you’ll open the door to increased customer retention, higher customer satisfaction and a competitive edge for new business opportunities.