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Shehnaz Abdul Jabbar
Shehnaz Abdul Jabbar March 22, 2022

The insurance industry is not exactly associated with the most positive emotions from the customer’s point of view. It is generally considered a “low-touch” industry, continuing to fall short when engaging with consumers. 

Global digitalization and pandemic have profoundly impacted the insurance industry due to customer behavior changes, and customer experience is quickly becoming the new battleground for insurance companies. 

What is needed today is a new closeness and empathy between the insurance company and the customer. A closeness that passes through digital and brings benefits on both fronts in a perfect win-win perspective.

Upshot.ai

It is long overdue for insurers to tackle their deep-rooted negative image by focusing everything on Customer Engagement and building a path that results in loyalty, even more so in trust and advocacy.

Companies that don’t digitize their delivery, service, and communication channels will fall behind in this increasingly technology-centric world.

Customer engagement is a significant driver for profitability in the insurance industry for two reasons:

Insurance brands with higher customer engagement have higher levels of retention:

Insurance brands with higher customer engagement have lower levels of churn. Higher customer engagement has a strong positive correlation to retention, positively impacting the bottom line by saving insurers money and pulling more customers into their product portfolio. 

Higher customer engagement means less price sensitivity: 

As customers grow more content with the service they receive from their insurer, they are less likely to shop around for better deals. Satisfied clients have a higher level of engagement and are much less price-sensitive than those who actively seek out alternatives. For brands that fail to engage their existing customer base, this means letting your notice be the only thing consumers pay attention to when deciding whether or not it is time to switch insurers!

1. Understand before you engage

Customer engagement can’t start without understanding the needs of your customer. In the typical insurance world, traditional segmentation is inadequate for understanding the customer in detail, including demographic dimensions like age, income profile, employment, and location.

Generic customer segmentation will yield generic results and outcomes, wherein the result-set can be generalized to a broader group of customers rather than specific customer needs.

Obtaining information about customer behavior and expectations provides you with the insights needed to make intelligent business decisions. Identification of customer persona through real data of your users can enhance the understanding of customers. One example of this is offering usage-based and personalized insurance products. Data allows insurers to analyze patterns, enabling them to group people or only contact people with specific issues.

2. Offer Personalized Solutions

The insurance industry is highly competitive. Since rates are often comparable among top providers, you must find other ways to separate from the pack. Personalization is one way to do so.

According to IBM’s Elevating the insurance customer experience study, 64% of consumers want their insurers to understand them well. 

The ability to tailor experiences and messaging gives providers a competitive advantage over their contemporaries.

The cornerstone of customer engagement, personalized messaging allows insurers to connect with their policyholders on a more visceral level. 

Personalization requires a holistic view of the customer, obtained through your customer’s database. You can use a data management platform to source and analyze the customer’s data to provide a personalized experience. Engaging your customers with customized recommendations and interactions makes them feel valued and engaged, increasing retention and persistency.

3. 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. 

4. Send timely reminders

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

5. Ask for feedback

Measure customer satisfaction levels and their experience with your company by sending in-app surveys 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. 

Using Upshot.ai, you can design and initiate surveys in minutes and get results, all in one platform. You can also reward customers for investing their time and submitting feedback.

Final Thoughts

In the Insurance Industry, the insurer-customer relationship is a valuable competitive differentiator throughout the customer journey from the initial consultation to support and claims. Many insurance users describe their relationship with insurers as a love-hate relationship. 

To make it a more-love-less-hate relationship and drive loyalty, insurers must create new touchpoints and find meaningful ways to engage more with customers by adding value to the relationship through proactive, personalized, and contextualized experiences.

How can Upshot.ai help

Upshot.ai is an omnichannel, user engagement, and gamification platform that helps digital product owners and marketers improve product adoption and conversions.

With Upshot.ai, banks and FinTech firms can enhance the digital experiences they offer with pre-built gamification features while providing personalized insights, actionable recommendations, and contextual nudges designed to deepen their relationship with their users.

Book a demo of the most comprehensive user engagement and gamification platform to achieve your digital product goals. Join our communities for more insights, guides, and best practices that keep you updated with proven strategies and tips to supercharge your campaigns.

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