Reports indicate that policy holders are rejoicing over insurance tech. They anticipate greater efficiency, better communication, quicker claim response and increased self-service options. And technology-driven insurance providers should rejoice, too. Increased efficiency and customer satisfaction improves retention within the highly-saturated insurance industry.
Here are some tips for making clients happier and increasing client retention:
Adopt Efficient Technologies & Process
Small to mid-size insurers continue to develop customer engagement models that are unique to their niche and customer base. Too often, generic CRM software focuses primarily on sales and marketing, and fails to integrate complex policyholder data. Choosing a custom configured insurance CRM software solution provides smaller insurers with flexible options, allowing them to integrate data across silos and create a satisfying and efficient customer experience. This, in turn, leads to greater retention.
Pay Attention and Be Proactive
Many enterprise-level insurance operations resolved their marketing and sales silo problem by creating a chief customer officer. This position removes the customer experience from the marketing and sales realms and works to strategically map the customer’s journey, improve their experience and retain their business. However small-to mid-size agencies may lack the internal resources required to create such a new, customer-focused position. This doesn’t mean that smaller insurers can’t pay attention and be proactive when it comes to customer retention.
Insurance CRM software helps to track customer trends and behaviors across modules, allowing staff, regardless of their position, to monitor analytics and engage customers at crucial moments.
Go Beyond Client Expectations
Taking action during crucial moments exceeds policyholder expectations and increases retention. With insurance CRM software, staff are able to access policyholder history and information efficiently, making wait times shorter for long-time policy holders. At the same time, insurers can review their core competencies and ease pain points for technologically-savvy customers who appreciate self-service and quick claims.