Boosting Customer Engagement In The Insurance Industry

Boosting Customer Engagement In The Insurance Industry

It is well known that traditional insurance is not one of the most attractive venues to discuss customer engagement and value journey. As a traditional measure of customer satisfaction, the retention rate has always been used, with insurers generally aiming for customer satisfaction if their retention rate exceeds the competitive benchmark.

What do you think, is this good enough? In today’s digital marketing world, is it enough to measure customer engagement by customer retention rate? With declining engagement margins in financial services, consumers want similar experiences regardless of whether they transact with a retail bank account, purchase insurance products, or shop on e-commerce platforms. The consumer is becoming more demanding, more focused on e-transactions, and more impatient for the engagement engine to fulfill their needs.

Here are a few tips for successfully navigating the customer engagement cycle in digital insurance.

Engagement Strategies For Customers

1. Your Customer Is Your Main Concern

Without understanding your customers, you won’t be able to engage them. Therefore, assume your customers’ position. Why aren’t they buying a policy or renewing it? You’ll probably have many segments to choose from in insurance, so start with those that are proving difficult and build up a buyer persona to understand the customer. As soon as they hear about insurance, they think about it until the moment they click the ‘buy policy’ button. You will have more success interacting with consumers if you know them better.

2. Provide a Personalized Experience

Customer perception is that all insurance companies deliver the same products. Insurance is really intangible, and the fact that people make claims so rarely makes it even harder to distinguish one insurance company from another. Insurance is not that individualized. Even no-claims bonuses and black boxes work the same no matter which company you use. Provide customers with a bit more. It’s engagement customers who are more likely to notice these extras, as insurance tech companies develop solutions that stand out from the competition.

3. Take It Easy And Don't Go Overboard

A quality engagement is more important than a quantity one. The more engagement your company’s Facebook page gets, the fewer customers you will attract. Instead, work on improving the page. Respond to social media questions when they are asked. Additionally, other people will see that you are responsive, so helping them will help you both. It’s important to make the most of every interaction with your customers to build up trust between you and your customers, even though customer engagement should increase.

4. Take Advantage Of New Companies

New companies are known to be great at customer engagement, so it’s no surprise that they’re on the ball. Lemonade, an online chatbot startup that processes straightforward claims instantly, gives customers a shorter wait time than big companies. While the advertising for life insurance company DeadHappy has garnered attention due to its unconventional strategy.

5. Ask Your Customers What They Think

You can use surveys to gain insight and remind your customers that their feedback is taken into account with an occasional survey. If your survey contains confusing questions or multiple stages, people will become frustrated and abandon it halfway through. Make the survey short, and be as specific as possible in the questions. And always thank the participants!

Conclusion

Consumer engagement is well underway in the insurance industry, and it’s time to take advantage of this exciting growth opportunity. The best products and services will be those that align better with the needs of consumers and make the buying process seamless and natural.

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