First thing first, before moving to the ways to improve, let’s understand the terms renewal rate, premium, and sales enablement.
Renewal is a percentage that measures the number of customers that renew at the end of a period versus how many total customers could have renewed. Having a high renewal rate allows you to predict revenue more accurately. It can also help you identify trends in your service delivery and strengths and weaknesses in your product offering.
An insurance premium is the amount of money an individual or business must pay for an insurance policy.
The sales enablement process helps sales and customer-facing teams improve customer interactions and add value to every customer touchpoint.
At the intersection of these three lies business growth. When your renewal rate, the monthly premium rate is high, and the sales enablement process is efficient, your insurance revenue grows multiple folds.
On average, it costs five times as much to attract a new customer than to keep an existing one. If your customers are happy with your product or service, they will become your brand advocates and tell others about your services.
It requires excellent user onboarding, intuitive product design, intelligent analytics, and more to bring tremendous results to your insurance firm. Here in this blog, we will discuss seven ways to improve your insurance renewals, premium payment, and sales enablement.
7 ways to improve your insurance renewals, premium payment, and sales enablement
- Notify customers when it’s renewal time: Well-timed, proactive, targeted communication based on the customer’s life cycle can motivate customers to renew and pay their premiums. Reminders combined with other pertinent information make for happy customers. Leverage humanized push notifications based on customer’s renewal status to enable increased renewal and premium payment rate.
- Provide omnichannel support to pay premium payment: Offering multiple channels to renew and pay a premium, such as an app, website, digital kiosk, etc., gives customers the flexibility to choose how to renew their policies. Providing a seamless, consistent experience allows customers to pay premium conveniently and quickly. Reach out to your customers about renewal options through in-app messaging, pop-ups, emails, SMS, and real-time push notifications.
- Optimize the renewal process: The renewal process is sometimes more complex than it seems. If not done thoughtfully, it can lead to a higher churn rate instead of an increased renewal rate. To avoid this, don’t just rely on guesswork; instead, perform A/B tests on renewal notifications, messaging, renewal emails, policy campaigns, and more to see what actually works.
- Segment and analyze your customers: Get a comprehensive view of your customers’ data and segment based on locations, renewal rate, in-app behavior, customers who have churned in the last month, and so on. Identify commonalities amongst the customers Gain insights and trends into why customers churned and how you can prevent those from occurring in the future. A robust segmentation and analytics engine can help you garner insights to tweak your sales and marketing campaigns.
- Deliver a stellar onboarding experience: Make it as simple as possible for your customers to derive the maximum benefit possible from your offerings in the first week of onboarding. You should develop a smooth, seamless, well-designed, and thoughtfully orchestrated onboarding sequence to show off your features, train customers using tutorials, and reduce the time customers will spend contacting customer support.
- Check-in with and cross-sell the customer: Regularly check in with your customers and share greetings on special occasions to make a healthy bond. Streamline communication and find opportunities to cross-sell and up-sell your policies.
- Gamify the sales process: As a sales organization focuses more on KPIs such as conversion and retention rate, high-quality engagement by gamifying the sales process. Encourage agents to deliver these KPIs by leveraging game mechanics such as badges, points, leaderboards, competitions, etc.
Many insurance organizations look at enablement primarily from the perspective of sales or customer success teams. If those teams are motivated to do their jobs well, customer success will logically follow.
Train your agents effectively and systematically by gamifying their learning experience to ensure top-of-the-mind recall about the insurance product features and benefits.
Create competitions among the sales team to encourage sales and performance with rewards such as points, badges, coins to create a sense of accomplishment and grow your revenue.
How can Upshot.ai Improve Insurance Renewals, Premium Payment, and Sales Enablement?
Upshot.ai is a 360-degree customer engagement and gamification tool that can help insurance companies with overall business growth by improving their customer retention rate, renewals, and sales enablement.
With more than 18 tools, upshot.ai is all in the platform leveraged by successful Fortune 1000 companies of today such as Panini America, SBI Life Insurance, Kotak Life Insurance, Puma, Amway, and more.
We have helped an insurance company with 43% growth in just 4 months by leveraging features like personalized push notifications, in-app messages, gamification, timely surveys, segmentation, tutorials, and more.
The era of innovative consumer engagement and retention in insurance is booming, and now is the time to seize this exciting opportunity for your business. Schedule a demo and know how you can supercharge your insurance business using the usphot.ai.