Thesecret to understanding the needs of your clients is to listen tothem. (Photo: Shutterstock)
In this crowded marketplace, it can be difficult for insurers todistinguish themselves from competitors on price and coverage.Performance in claims handling and excellence in customer servicecan offer a much-needed competitive advantage. Insurers who striveto place their clients' needs front and center can turn any insuredevent into an opportunity to refine their processes, improveretention and build brand loyalty.
Listen to feedback and analyze data
The secret to understanding the needs of your clients is tolisten to them. Throughout the life of a policy there will be manyopportunities to get feedback from your clients, but this wealth ofdata can easily be squandered. It is quite a challenge toeffectively leverage all the data from phone calls, surveys,web-based forms, mobile apps and social media. Data will becollected by different individuals and departments but must beconsolidated in one location to be analyzed. Get this right and youcan get ahead of the competition and significantly boost customerloyalty.
Make it easy for customers to give feedback and respond inreal-time so that they know you are listening. Become an advocatefor your customers by sharing the data you gather at all levels todrive improvements. Connect customer feedback to business outcomes.Measure and monitor metrics such as customer retention, range andextent of coverage requested, speed of claims handling, andlikelihood that the insured would recommend your products and usethem to benchmark your service against your competitors.
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