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Customer Engagement in the Insurance Industry

By: capturecode | Sep 3, 2014

Customer engagement remains the buzzword across all business sectors, including insurance. The interaction between an insurance company and a policy holder is not always direct, owing to the presence of an agent who connects the seller and the buyer. Even in this digital age, many people rely on agents to buy insurance policies, and companies encourage it too. Regardless, the insurance industry must focus on the experience that its primary customer, the policyholder, has with the brand.

 

Creating a valuable experience for the customer

Considering that the agent plays an important role in bringing business to the company, some may wonder who the real customer here is – the agent or the policy holder. The answer to this question is clear – one who pays for the service is always the customer, which means that the policy holder is the main customer of the insurance company. Therefore, the focus must be on creating a valuable experience for the policy holders through planned interactions via the preferred touchpoints. Investigation of the customer’s overall journey is also essential to create a highly valuable experience for the customer.

 

Engagement to encourage loyalty

Customer engagement is not only about customer interaction and experience. It is also about creating a long-lasting relationship with them that will encourage a sense of loyalty. Long-term planning will aid with word of mouth publicity as the policy holder will be more inclined to recommend your service and product to others.

Understand that at times, cross selling strategies and up selling strategies may come in the way of creating loyal customers, which is why it is important to strike a balance between the two. Sometimes, you may have to lose a little revenue or encourage the customer to go for a low-cost option to gain their trust. It could also mean asking them to not buy a specific product you offer, keeping in mind their best interests only.

 

Change if needed

Ensuring that your customer enjoys the right kind of experience is key. This is possible only when companies are willing to assess their own standing first and even change if required – in terms of quality of products or services, the processes, the metrics and also the expectations of their in-house customers or employees.

Insurance companies should start finding ways to leverage social media and mobile platforms to find out what their customers expect and also set parameters to measure effectiveness of their processes to build long-term relationships.

The bottom line is that customer engagement in the insurance industry is possible, although not easy.

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