One of the main drivers of customer satisfaction in any industry isresponsiveness, and insurance is no exception. In today's 24/7,constantly connected world, expectations are rapidly shifting.

Customer service through internet-based businesses like AirBnB and Uber is setting a higher bar ofcustomer expectations; and insurers may feel they are coming upshort. Instant, real-time access to data and services, multipleomni-channel messaging options and 24-hour customer support linesare not unusual.

If customers can't get what they want, when they want it, thenthey'll go to a competitor. Conversely, great responsiveness leadsto satisfaction, loyalty and will even convert some customers intoevangelists for your brand.

Losing out on leads

Leads are squandered when insurers fail to respond in a timelymanner. Online insurance buyers wait an average of 2.3 days to geta call after submitting an online quote form and a shocking 39percent of potential customers do not receive a call back,according to Velocify's Insurance Industry Online BuyerExperiences study.

The research also found that the average wait-time for an emailresponse was 22 hours, even though responding within 20 minutes canincrease conversion rates by 49 percent. Given the fact that emailautomation is so easy nowadays, this is unforgivable – especiallyto millennials.

According to an Accenture Global study, two-thirds of consumersprefer to use digital channels to check on claims status, while 53percent will not recommend a carrier to friends and family if itlacks the option to use digital channels. Mobile access andself-service portals where policyholders can go to create their ownhousehold contents inventories, are becomingmore popular.

(Photo: iStock)

Building a solid online portal

Existing customers expect swift responses to queries,transparency and speed in claims processing, and flexibleself-service options that meet their needs. Luckily, there are newtechnologies out there to meet these requests and to help insurersplug the gaps in their online customer experience.

Related: 5 top insurance tech trends for2017

There are also benefits to self-service systems that allowcustomers to log on and fine-tune their policies at times that suitthem, without the need for an insurance agent to take a call andwalk them through it. Instead of trying to call during officehours, they can log in at any time to update inventories, review oradd coverage, and pay premiums. This can simultaneously reduce theburden on carriers and boost customer retention.

Policyholders should be able to select the options they want,especially for items like settlement payments, with options likepreloaded debit cards, ACH transfers, or direct payments to thirdparties according to their preferences and needs. Some platforms offerindemnification beyond the standard issue of paper checks. Not onlydoes this boost customer satisfaction, but processing fundselectronically reduces substantial settlement costs.

Personalization is another important piece of the puzzle. Showinsight into common customer problems and empower them to configurethe precise coverage they need. A one-size-fits-all policy approachsimply won't cut it.

The longer the response time to an inquiry, the lesssatisfied the customer becomes. (Photo: iStock)

Reduce response times

Research shows a direct correlation between responsiveness andsatisfaction. The J.D. Power 2016 U.S. Property Claims SatisfactionStudy suggested that belt tightening in the industry led to adecline in customer responsiveness, triggering a subsequent declinein customer satisfaction.

Shifting traffic from call centers to web portals can lead tosignificant reductions in the time it takes for customers or leadsto get what they need. The majority of customers try a company'swebsite before calling. If they can get their question answered,their quote assessed, or their claim processed quickly through aweb portal, then most policyholders will choose that option. Thiscould significantly reduce call center time, and allow agents tohandle urgent queries requiring their expertise.

Of course, pushing customers onto the web only works if yourcompany's online customer experience is good and you have aflexible portal with the backend support required for smoothoperation. Investing resources into the online customer experienceis no longer an option. If you want to stay competitive, it's anecessity.

Whatever digital transformation you adopt, whatever technologiesyou employ, and whatever products you offer, the aim should alwaysbe to create a better customer experience and reducing responsetimes is a big part of that.

With more than 20 years in insurance, Scott Lacourse isdirector of marketing at Enservio, a provider of contentsclaim software, payments solutions, inventory and valuationservices for property insurers. Contact him at [email protected].