Other parts of this series:
Winning in small commercial insurance will depend on retention of customers with digital concierge services that enable the customer to navigate the onboarding process, to get connected to the value-added services they want, and to feel informed, connected, and valued across the process.
One of the best ways to grow your small commercial business is to increase retention. This starts with what carriers do right after the sale. Think about a recent purchase you feel good about. We recently bought a smart smoke/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 caused 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 insurance sale? What is the experience like? Working with the insurance industry, we have seen:
- 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 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 who are going to make customers 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 onboarding process, to get connected to the value-added services they want, and to feel informed, connected, and valued across the process.
In my next post, I will take a closer look at how carriers can improve operations, especially through service level agreements. Feel free to contact me with your comments, questions and feedback.