In this day and age, it can be hard to retain loyal policyholders.
What was once a visit to the local insurance company has become a process that can be completed 100% online, with no in-person communication. Retention is difficult to maintain in a time where policyholders can go on their phone or computer, choose from different companies and view all of their potential premiums whenever they want.
How can you use innovation to retain policyholders in a time marked by the convenience of new technology? Let’s dive into how you can promote your business and retain policyholders in an in-person and online world.
Why Customer Satisfaction is Key to Retaining Policyholders
When policyholders are working directly with you or your company, it can be a very stressful time in their lives. If their home is damaged due to a natural disaster, such as a flood, tornado, fire, etc., they can be flustered and will need support to streamline their claims process. During this time, you must provide quality services to keep your stressed policyholders happy.
Here are some statistics that prove that customer satisfaction will positively impact your company:
- 71% of satisfied consumers say they will definitely renew their policies with their current insurance provider (J.D. Power).
- 43% of consumers are willing to pay more for greater convenience (PWC).
With customer satisfaction in mind, discover strategies that can help you retain your policyholders below.
Strategies for Retaining Policyholders
Creating retention strategies for policyholders can be difficult but policyholder retention is incredibly important for insurance businesses. According to NU, insurance agents can expect to spend seven to nine times more money on acquiring a new policyholder rather than retaining their current ones.
With the ever-changing and innovating industry, it’s essential to stay ahead of the competition and obtain long-lasting policyholders. The following strategies can help you and your insurance company to better serve your existing policyholders by increasing customer satisfaction while simultaneously gaining new policyholders as well.
Provide Innovative Technology Solutions
With technology constantly evolving, you must develop technologies that will help make insurance claims convenient for your policyholders.
According to a Global Insurance Consumer study, 66% of respondents over the age of 55 said they would like internet chat and video claim processes to replace in-office claim processes. Meaning, it may be time you start actively investing in innovative technology to help assist every policyholder with their claims regardless of age or situation.
Since policyholders want to move to a digital customer experience, you must develop strategies that will help make the claims process easier for your customers and make them feel like you are listening and caring for their situation.
For example, you might consider having live chat rooms available on your website so that your policyholders can have immediate access to your online support. You may also want to decide if your company should invest in a mobile app that can provide your policyholders with emergency help, personal customer support and payment methods.
According to J.D. Power, 67% of policyholders used smart devices to pay their latest property insurance bills or submit a claim. Meaning, it’s time for you to bring innovative technology to your provided services.
By creating these virtual support portals, you can put yourself ahead of the competition and show your policyholders that you are a company that listens and cares for their situation.
Gain Policyholder Trust
Did you know that insurance scammers are trying to collect money from innocent policyholders?
These scams typically come in the form of an ad that requires an email and phone number, which they use to tell policyholders they can reduce payments if the policyholder supplies their credit card information. These scams have caused a great deal of conflict for insurance companies and have made many policyholders find it hard to trust any insurance organization. To learn more about insurance scams or check if there are any local to you, visit the Insurance Bureau of Canada website.
Gaining policyholder trust is more important now than ever. There are various ways that you can obtain policyholder trust, including:
- Providing excellent customer service.
- Understanding policyholder’s concerns and effectively responding to and resolving them.
- Sharing testimonials on social media or your website.
- Being transparent about claims and other information that directly affects your policyholder.
Obtaining trust from your policyholders is essential in retaining customer loyalty. Practice providing your policyholders with quality treatment, regardless of whether you are talking with them on the phone, computer or in person.
Acquire Additional Support in Times of Need
At times, policyholders will have requests that may be out of your scope of work. For example, if your policyholder loses their home due to a fire, they may need help finding a housing solution that allows pets, is wheelchair accessible or is in a specific location. If your policyholder has special accommodation needs, it may be hard for you to help them find housing while working on their claim.
If your policyholder is displaced, do not take all of the heat and overwork yourself. To constantly provide exceptional customer service, you need support.
ALE management solutions can support your displaced policyholders that are in dire need of finding a temporary housing solution so you can focus on the claim.
Let Accomsure Help You Retain Your Policyholders
The insurance industry can be highly competitive, but by providing constant communication, support and innovative processes, you can stand out from other companies in the industry and keep your policyholders satisfied, so they don’t leave you for a competitor.
Let Accomsure help you come out on top. Accomsure is an ALE management company that will help support you with all of your displaced policyholders. We can provide support to your displaced policyholders and put all of our attention into finding suitable temporary housing, regardless of their unique requirements.
Accomsure values communication and support, and we ensure all of your policyholders are provided with nothing less than the best service from us. Contact us today!