3 Ways to Boost Insurance Customer Retention

We found that 33% of insurance coverage clients switched suppliers within the final 12 months. This tells us one thing is lacking — and there’s a enormous cost-savings alternative on the desk for insurers in relation to stepping up their service supply. Recognizing these gaps in customer support is important for bettering insurance coverage buyer retention.

As you’re most likely conscious, insurance coverage can really feel like a disconnected business. Policyholders can hear from many various individuals — contact heart brokers, service managers, and brokers and brokers — usually making it arduous for them to get the type of consideration they need.

Shockingly, insurance coverage executives don’t essentially acknowledge this service hole. We just lately performed a survey on customer support with Business Dive, discovering that 60% of executives stated that their clients are both largely or extraordinarily glad. This leaves many brokers questioning how they will get higher at insurance coverage buyer retention. 

For those who’ve handled a lot of shopper turnover these days, it is likely to be time to look at your method and see for those who can enhance and innovate your customer support. 

Let’s check out 3 ways insurance coverage corporations can swap up their methods to maintain their shoppers joyful — and on board.

Enhance insurance coverage buyer retention by anticipating shoppers’ wants

Rising a shopper base is vital, however so is buyer retention. Connecting knowledge sources in actual time helps brokers count on shopper wants earlier than issues grow to be a problem. 

In line with our survey, 76% of insurance coverage executives reported that buyer inquiries initiated by way of one channel are seen to brokers in different enterprise areas. Nonetheless, solely 24% of execs stated that buyer requests to mid-to-back-office brokers are absolutely related and built-in. And 56% report that just some capabilities are related — however not all. 

When all departments are in a position to see well timed knowledge by way of consolidated techniques, your organization has a greater view of the purchasers’ wants. You possibly can attain out to shoppers based mostly on their wants now, not what they stated once they signed up.  

Get articles chosen only for you, in your inbox

Enroll now

For instance, issues like a brand new deal with or the addition of a brand new automobile can imply adjustments to an insurance coverage coverage. Anticipating their wants when these items change and alerting shoppers lets them know you’re looking for them past the onboarding. 

These calls are a wonderful alternative for brokers to ask in the event that they meet their shoppers’ expectations and acquire perception into methods to spice up insurance coverage buyer retention. Clients don’t at all times have the time to take the initiative to supply their enter. Asking them is one other option to discover out what’s on their minds. 

Provide a human contact

Six in 10 insurance coverage executives informed us that when their clients have a query, they’re almost definitely to immediately contact somebody they’ve beforehand talked with. This is a chance for brokers to grow to be educators. 

Buyer calls permit brokers to place a human contact on complicated insurance coverage insurance policies or claims that may contain massive life moments. By schooling, you will get clients to imagine that higher protection exists. It additionally makes it extra seemingly they may keep and shield themselves with additional insurance policies.

By automating knowledge entry and different time-consuming processes by way of Salesforce, Holmes Murphy freed their representatives to focus extra on providing personalised customer support. Automation enabled Holmes Murphy to simplify the renewal course of for purchasers. This elevated renewal speeds by roughly 20x, saved about 44,000 hours of worker time, and eradicated an estimated $1.1 million in value.

Be in all places your shoppers are 

Telephone service is vital, however insurance coverage executives acknowledge that there’s a necessity to speak with clients the place they wish to talk. 

In our survey, 50% of executives stated internet expertise is one space the place their firm ought to focus consideration. Moreover, 46% stated the cellular expertise is a precedence, whereas 42% listed app improvement. 

Higher communication alternatives assist brokers attain extra shoppers. Strive asking your shoppers about completely different strategies of communication to see which of them they like. Take notice and make that the first methodology transferring ahead. Private touches like these additionally assist with insurance coverage buyer retention.

Hold your shoppers joyful and on board

Whereas insurance coverage is an business that’s generally recognized for buyer “switching,” it doesn’t must be. How will you improve insurance coverage shopper retention? 

Offering wonderful customer support, pondering innovatively, and providing the most recent expertise offers companies a aggressive edge — and retains clients glad for the long term.

This text was written in partnership with David Deitch, director at Slalom.