Other parts of this series:
One of the best ways to grow your small commercial business is to increase retention. Increasing retention starts with what carriers do right after the sale. To see why, think about a recent purchase you made that you feel good about.
For instance, my family recently bought a smart smoke and carbon monoxide detector for our house. It came in a beautiful package. It was easy to open. It was super simple to install, leading me along the way and connecting me to videos and support as needed. It came with an app that helped me control the device and connect to its more advanced capabilities.
Now think of a sale you were dissatisfied with or experienced some buyer’s remorse. What was that like? Did it feel as if it was just a transaction? Did you have to figure it out for yourself? How was the support? How was the service?
Chances are that your bad experience didn’t just relate to the product or service, but to your entire first engagement with the company following the purchase.
Now think of how you engage a customer after a successful sale. What is their experience like? Accenture’s work means we see a good sample of the industry’s conduct here. Common sights include:
- Multiple different groups trying to reach the customer.
- Just mail a policy and bill.
- 50 different emails, half of them trying to sell other services.
- Mistakes and errors on policies, bills, and forms.
- Lots of confusion and lack of support.
But it doesn’t have to be that way.
Winners in retention are the ones that make the customer feel great about their purchase from the moment they say “yes.” They are going to design digital concierge services that enable the customer to navigate the on-boarding process, to get connected to the value-added services they want, and to feel informed, connected, and valued across the process.
The good news for small commercial providers is that there is a huge opportunity to boost the quality of their onboarding. If the rest of the industry does not follow suit, those providers that do take action are likely to enjoy a significant competitive advantage.
To get the conversation started on creating a best-in-class onboarding experience, just reach out to me here.