The missing ingredients
The concept of building a loyal customer base is nothing new. It is done by either having differentiated product pricing structures, loyalty rewards, and/or the utilization of social media platforms to drive interaction with their customers. Behind all these endeavors, one fact remains; insurance companies and agents still seem to be falling short in delivering on their promise of customer centricity and customer experience even though these lie in the center of their value proposition. Evidence for this can be clearly seen from insights in Singapore, for example, a region with a fast-growing economy and a consumer base that has come to be known for high expectations, most of which produced disappointing results on all spectrums of consumer experience measured. A study by Forrester in 2019 revealed that on a general business level, only 39 percent of customers returned positive feedback of “emotional” customer experience. In terms of ease of access and interaction with brands, this percentage was slightly better at 41 percent. However, for overall accomplishment and satisfaction with business interaction processes, only 38 percent of users felt true accomplishment. On a sectoral level, the insurance industry was not exempt, with home and automobile insurance registering 55.8 out of 100 in the consumer experience. It goes to show that there is much work to be done, especially because only 15 percent of Singaporeans are well insured.
Here are 3 ways insurance agents can do better
1. Understand the value of first impressions
The phrase “first impressions matter” is the building block of good customer experience. Millennials have grown from looking for more than the lowest cost products to an overall experience that makes a lasting impression. Today's leading companies make sure they have an all-encompassing service setup to anticipate all the customers' initial queries and help them get started with ease.
2. Be open to digitization
If there is one lesson Covid-19 has taught us all, it is that the digital age is not a few years down the line, or next year, or even tomorrow. It was needed yesterday, and we need to act today or risk irrelevancy. Changes need to be made to traditional processes, particularly with regards to the onboarding and management of insurance policies. Today’s customers require greater independence and value time efficiency; two metrics revealed to be at the center of customer satisfaction in research by the Singapore Management University’s Institute of Service Excellence. Digitalization should not be viewed as a threat, but a means to boost efficiency and productivity.
3. Have a dynamic outlook on product offerings and business models
The world is changing not only due to technology and automation but also the shifting landscape of cultures brought on by years of globalization. Therefore new dimensions of risks and liabilities keep arising, creating an opportunity in the industry for the insurance of non-traditional intangible assets. One example is cybersecurity insurance, which is a rising concern with the increasing adoption of digital systems.
Are you wondering if your organization can meet up with the points highlighted, particularly with regards to the scale of work required to digitize and unify your processes to a standard worthy of what customers have come to expect? Well, do not fret, Insuree is here to fill the gap. Our platform allows for the unification and management of all your client's and prospect's insurance policies; while maintaining simplicity. As an agent, we can help you make a great first impression by taking away the frustrations of the client with timely information on the nature of products you are offering, easing the onboarding process, and bringing you one step close to that sale and sustainable insurance business.