Technology has allowed single-state insurers to compete with national carriers, but when the national carriers can spend millions marketing their company to customers the smaller carriers need to find a niche that will retain their policyholders and possibly attract a few from the competition. For North Carolina Farm Bureau Mutual Insurance Company, the battleground was electronic billing.
"We were receiving feedback from our customers that they wanted electronic billing—the ability to go paperless," says Linda Squires, senior executive of operations for NCFBMIC. "We had customers that wanted services that we were not offering online: accessing declarations, getting proof of insurance. The bigger picture for us was to stay competitive and meet customer expectations."
Customers have expectations of going online to conduct transactions. NCFBMIC established a strategy to offer such service as a way to retain customers and offer a better level of service than what their competition was offering.
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