Six ways for insurers to promote trust, and build meaningful customer relationships which demonstrate they care, are highlighted by GlobalData Financial Services.
Trust: Insurance brands need to show they care for their customers. Insurers need to build a reputation and brand personality that consumers can trust. Customers must ultimately be reassured that claims will be paid, and that they will pay a fair premium for cover.
Transparency: Transparency is key to trust. It should be explained to customers, for instance, how their premium has been calculated and where their money is going.
It is about making sure customers are informed about what they are buying and what they can expect from their insurer. Another example could be providing a claims service that easily guides customers through the process.
Communication: It is also important how information is communicated to customers. Insurers should speak to customers on an equal level, removing jargon from marketing, and explaining terms in everyday language.
Video and visuals could be used to better engage and inform customers. Apps and online platforms that allow users to interact more often with their insurer will be attractive. Products and services should be simple and easy to use and interact with.
Build meaningful relationships: Customers expect to be treated fairly and to have a good customer experience as standard from any brand they interact with.
Increase consumer engagement: Insurers should increase the number of customer touch points with their brand outside of purchasing a policy and making a claim.
Some insurers are using the Internet of Things to personalize insurance and provide rewards based on individual customer behavior, which will improve engagement.
Insurers can additionally create challenges and games customers can engage with. Outside of this, insurers can create blogs and advice pages, create customer communities, and promote content relevant to what customers are insuring on social media. It is about providing fun and engaging added-value services outside of insurance policies.
Work towards risk prevention: To show they care, insurers must seek to help customers prevent claims. Improving customer risk will benefit customers’ lives by avoiding unwanted events, in addition to lowering potential claims costs for insurers. Lowering risk can be the aim of setting challenges and games, and personalizing policies based on behavior.
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