Clients expect to be able to find the information they need when they need it. For the insurance industry, that means opening up access to a wide range of channels. It also means delivering a high level of service across all of them. As a first response, millennials and Gen X customers go online to research products. They find self-service portals more attractive than traditional call center help lines or in-person meetings with agents.
There's a real opportunity for providers to deliver a smooth online experience, guide customers towards the right policy, and differentiate themselves from the competition in a crowded field. Clear cost savings can be made with the self-service model, and that makes it possible to offer more competitively priced products.
Adapting and complementing
To make the most of this opportunity, insurers have to design self-service portals that are intuitive and accessible. Clarity and usability are essential. This new channel should also be supported by traditional sales channels. Many customers will start their journey online but will eventually make that phone call to a live agent.
By adapting your existing products and services, and blending in traditional sales support, insurers can meet the expectations of potential customers shopping around for a new provider. Self-service portals lead to more comprehensive and accurate inventories for home insurance, they reduce the cost of acquisitions and investigations, and the claims process is faster, which boosts efficiency and customer satisfaction.
A good first impression
Since the first contact with a customer is most likely online, it's smart business to create that strong first impression. If customers are impressed, they're more likely to commit, to consider other product lines, to stick around, and to recommend your services to friends and family. Investing in a consumer-friendly self-service portal presents an opportunity to build enduring relationships with your prospects and customers.
The following infographic provides a detailed overview of the online customer service process.
Scott Lacourse is a director at Enservio, a provider of contents claim software, payments solutions, inventory and valuation services for property insurers.
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