Insurance touches a lot of aspects of a customer’s life, yet it is also one of the industries that are struggling to win customers. Many factors, such as lack of digitization, poor interaction with customers, complex procedures, and lack of personalized service are identified as major reasons. Ultimately, all these boils down a lackluster customer experience.
If you are hoping to upgrade CX in your insurance company, you have to devise effective strategies that actually work. This means you have to dive into the root of the problems and find feasible solutions. Here are 3 major steps to follow when working on CX to become an outstanding insurance company.
Understand your customers
Start from scratch. A CX strategy that doesn’t align with your customer needs, expectations, and preferences is futile, no matter how perfect it may seem. So, knowing your client base is the most important step of formulating effective CX strategies. If you are just starting up, it will also help you approach a ripe customer market successfully.
Performing market research and collecting customer-related data using social media, purchase history, and customer support can help massively in this case. They help you identify different channels through which customers reach out to you. Moreover, you can also segment customers based on important demographics for marketing and sales purposes.
Once you have gained a thorough understanding of your customers, you can map out the customer journey or update the existing one, outlining every single interaction. If you need an effective customer journey template to utilize, check here. By studying their behavior, you will also understand how to retain customers effectively throughout the customer journey.
Rely on customer feedback
Customer feedback is invaluable to every business. For insurance companies that are struggling to attract and retain customers, the key to unlocking the underlying causes of dull customer experience is to ask the customers. So, focus on collecting feedback through reviews, surveys, and other available methods to understand the difficulties faced by customers.
Feedback acts as a tool for improvement, a metric for satisfaction, and the cue for important business decisions. Utilizing feedback also helps you identify the kind of tailor-made services clients are expecting from you.
When collecting feedback, focus on the following questions. What’s the main factor that drives customers to buy an insurance policy? What do your customers expect from your insurance cover? Can they retrieve information on the insured subject whenever required? What are the channels through which they reach out often?
Initiate a closed-loop process
According to a survey by Bain and Company, one of the major reasons why the insurance industry is lagging is because they fail to maintain frequent interactions with customers. So, gathering feedback isn’t enough. You have to identify the true pain points of the customers and fix them.
The answer is to initiate a closed-loop process where you not only rely on customer feedback but also utilize it to maximize the efficiency. Implement a system where employees regularly follow-up with customers to understand their needs. Depending on the size of your business, you can determine if you are going to respond to customer feedback and concerns individually or generally. Let customers know that their insurer is available, reliable, and trustworthy.
If your insurance firm has made improvements based on gathered data and feedback, let your customers know via a newsletter or a social media post. You would be amazed by how customers respond to your efforts. You can even assign some effective metrics such as NPS, CES, and CSAT to understand your plan is delivering expected results.
Where to get help?
If you have limited experience in planning and executing CX strategies, you can hire experienced CX professionals to help you with it. They will be able to identify what’s lacking in your existing CX methods and the most effective ways in which your business can overcome them. Feedbackly provides very effective resources to help businesses enhance their CX strategies as well as create new strategies that actually work to support growth! From customer journey mapping templates to special software to gather and analyze feedback, Feedbackly is equipped with the best tools to assist you in all three steps.
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Jaakko is an award-winning CX professional and entrepreneur at Feedbackly, founder and community professional at the biggest entrepreneurial digital community in Finland – Yrittäjä.io. He is a notorious keynote speaker from entrepreneurial stories to day to day human communications and customer experiences.