Four Ways Not to Lose an Insurance Customer
Insurance companies always focus on keeping lifetime customer loyalty. When it comes to one-to-one interaction, it is easy for companies to understand and resolve policy-holder problems. It does not matter whether businesses solve problem online or by direct interacting when a customer complaint, it is necessary to solve issues as soon as possible. Consumer expectations are increasing day-by-day. These create challenges for the insurance business to generate new ideas to match the level of expectations. The customer expects their policy provider should take care of their digital demand too. To win the customer businesses always try to provide the best service and product. The insurer that equips with better digital presence gets the customer.
Here are some points for an insurer to keep the customer for a long time.
• Optimize digital interaction:
Digital interaction with the customer is efficient and manageable. This interaction can create a long-term relationship with the customer or convert it into a complete disaster. Insurance companies collect suggestions, feedback from customer about the product or services a consumer purchase. The data collected from different survey give a more lucid look at what can be accomplished for customers. Insurance companies should keep updating about what digital experience can help policy owners.
How to enhance the digital platform:
Focus on the power of automation.
Understand the data and analytics.
Update business platform with new technology.
Use the power of digital connection to create brand loyalty.
• Improve the Underwriting Process:
Underwriting is the fundamental of the whole insurance business. An underwriting is essential to create the right insurance contract. A good underwriter aims to balance risk with premiums. The symmetry between the risk company takes and the premium amount a policy-holder pay depends upon the underwriting. A bad underwriting can cause a disaster for the business, and it affects the business intensely. Underwriting needs an applicant’s data. It depends upon what kind of insurance they are applying. For example, Life insurance underwriting assesses the risk of insuring the applicant based on age, lifestyle, occupation, health, family medical history, hobbies, and other factors. It takes lots of time to collect and analyse the complete data and select the final premium amount. The steps that are involved while creating an underwriting are documents request and their verification. Request to the applicant for additional information to support the underwriting decision. Updating underwriting document and requesting for approval from an insurer. All the steps covered within the specified timeframe. An insurer should consider the innovation and updates in underwriting.
• Accelerate Claims Handling:
Claims processing is by far the highest expense within insurance companies. The way an insurer manages the claims process is fundamental to its profits and long-term sustainability. The claims process is time-consuming and labour-intensive. Digital platform helps insurer and insured to connect and make the right decisions. For claiming process insurer should focus on providing an engaging user experience and faster settlement of issues.
For example, in a car accident, the policy owner wants to claim for car insurance. The policyholder can instantly send photos of the car to the insurer through his/her mobile phone. These photographs can be view as evidence. If claims are complicated customer can connect through live stream video to provide a clear outlook.
At this kind of situation, an insurer needs to make quick decisions. The technologies like AI and ML help the insurer to make the right decision. An insurer can examine all the evidence and start the assessment without further delay. The faster resolution of the claim helps to improve customer satisfaction. Through digital claim process, a customer has more control over the process.
The technologies like IoT, AI, ML, drone, and many others are used by the insurer for claim processing help provide instant solutions without human interference.
• Enhance Customer Communications:
A customer must feel good after they connected to the business. Customer judges a company according to how they respond to their queries and questions. Connecting with the policy owner and communicating help to understand what the consumers are expecting form business. Quality customer communication helps ensure that customers feel valued and understood, no matter where their brand engagement happens online. A quality conversation with the customer maintains customer retention rate and improve customer loyalty. The technologies like automated email, a chatbot can improve communication they should be updated time-to-time.
Insurance customer prefers the technology which enhances their life and solves issues. An insurer should focus on improving customer interaction and customer journey.