Customer behavior across industries is changing due to technological advances. With changing times, customer expectations, especially from the insurance industry, have evolved and compelled insurers to revamp their product and services. This paradigm shift in behavior came about with an increasing number of millennials and zillennials who prefer direct digital touchpoints with insurers. To enhance customer experience, optimize the way you engage with your insurance customer engagement and retention.

Also, research from Forrester on the insurance industry revealed that of those customers who felt valued, 87% would advocate for their provider, and 74% would stay with their current insurer. 

So it’s become imperative to improve the customer experience for better engagement and retention. Each interaction shapes the customer’s experience with your company, leading to healthier relationships and loyalty. When you deliver excellent customer service and personalized experience, and address customer feedback promptly, then your customers will keep coming back for more. 

In this blog, we have covered the top 6 strategies to optimize your customer experience for better engagement and retention in the insurance industry.

Strategies to Improve Customer Engagement and Retention

1. Understand before you Engage

Understanding the needs of your customer is critical for superior customer engagement. In the ideal insurance world, traditional segmentation is ineffective for knowing the customer in detail, including demographics, behavior, psychographics, etc. To better understand them in today’s digital world, insurers should map the customer journey throughout the lifecycle and leverage segmentation solutions that provide deep insights to understand the customer. 

2. Optimize Customer Onboarding

First impressions usually set the tone for the future interactions you will have with your customers. A smooth onboarding process minimizes frustration and allows them to understand your product’s value at the very beginning. Onboard your customers with tutorials, screen tips, and engaging emails and build a positive relationship with them.

3. Personalize interactions

Personalization requires a holistic view of the customer, which can be obtained through your customer’s database, or to broaden the scope, you can use a data management platform to source and analyze the customer’s data to provide a personalized experience. When you engage your customers with personalized recommendations and interactions, they feel empowered to participate and engage. 

4. Streamline Omnichannel Experience

Engage your customers across multiple channels and deliver an omnichannel experience. Focus on making all channels as easy to use, consistent, and engaging as possible. Send meaningful and relevant messages on their preferred channels at the right time to have a more significant impact on your engagement rate. 

5. Send timely reminders

Engage your customers by sending timely policy renewal reminders, premium due dates, and birthday or anniversary wishes. Also, be proactive in rewarding renewals using gamification mechanics such as badges, points or virtual coins, etc. 

6. Ask for feedback

Measure customer satisfaction levels and their experience with your company by sending in-app surveys and NPS requests and asking for their feedback. Customers are generally not pleased with mundane surveys, which do not add any value to their time. Make sure your survey is short and crisp, with specific questions that can be answered in less than a minute.

There are great tools in the market to conduct surveys, whereby you can design and initiate surveys in a matter of minutes and get results all in one platform. You can also reward customers for investing their time and submitting feedback.

Wrapping up

Boost your insurance customer engagement and retention using these success strategies. Research from McKinsey shows that if you deliver a better customer experience, you’ll get more customer engagement and retention, which ultimately increases your revenue and growth. If you are looking for expert help in improving your customer engagement and retention rate and enhancing the overall customer experience within three months, then book a demo with our experts now! 

Also Read: How Gamification is Influencing the Insurance Industry

About Upshot.ai

Upshot.ai is an omnichannel, user engagement, and gamification platform that helps digital product owners and marketers improve their product adoption and conversions. Fortune 1000 companies such as GE, UHG, Puma, Sony, ITC, and Tenet Healthcare are using Upshot.ai and observed a massive increase in product adoption and YoY increment in revenues.

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