5 WAYS TO ENSURE CUSTOMER LOYALTY IN THE INSURANCE INDUSTRY
Loyalty is essential for any industry, the insurance industry being no exception. Companies that successfully win the loyalty of the customers discover that they stay longer, recommend the company to their friends and colleagues, and buy more products. Concerted efforts to win customer loyalty have been made in recent years by insurers. Let’s take a sneak peek at five ways to ensure customer loyalty in the insurance industry.
- CONNECTING WITH THE CUSTOMER
Customers today, expect high-touch, personalized service across markets. The insurance industry is a low-touch industry by nature as a customer does not get in touch with the insurance provider too frequently. In such a scenario a meaningful interaction of customers with their insurer is a sure shot way to ensure their loyalty. It would be of essence to point out that the quality of the interaction matters. A satisfied customer will not only remain loyal but will reward the insurers by providing fresh leads
- MAKE IT DIGITALLY PERSONAL
Most insurance customers across the world are digitally active. This means that they prefer to go online to research products and conduct meaningful interactions with insurance providers. Insurance companies would do well to offer their digital customers personalization, understanding of needs, and ability to resolve issues.
- ECOSYSTEM SERVICES
Insurers must provide services beyond insurance. For example, a person insuring his home would also want emergency repair services, alerts about damage and automatic shutdown of appliances during fires and floods, remote monitoring, etc. Where health is concerned customers look for disease screening, online diagnostic expert guidance during treatment and recovery, digital access to medical records, help to find doctors and scheduling appointments, and more. Insurance providers would make a mark in the market if they provided ecosystem services.
The top loyalty driver in insurance services is pricing. Commoditization of insurance is the natural by-product of the rise of digital comparison tools and aggregators. Customers look for the best price offered online. Competitive pricing would go a long way as a loyalty driver.
- LOYALTY PROGRAMMES
Recognizing and rewarding loyal customers must form an integral part of the marketing strategy adopted by insurers, Quick and easy to redeem rewards to loyal customers would be a strategically sound step towards retaining them.
We, at Data Direct, offer insurance providers in the UAE with loyalty services ideally suited to their customer base. We believe in developing customized loyalty programs that attract new clientele and simultaneously retaining existing ones.