Redefine Customer Communication in Insurance to Build Long-lasting Relationships

Scenario 1: On a relaxed weekend evening, two best friends, John (customer of insurance provider A) and Martha (customer of insurance provider B), met for coffee. Halfway through their catch-up, John’s phone beeps. He was peeved, which aroused Martha’s curiosity at the odd reaction from her otherwise calm friend. John lamented that he received a last-moment reminder from his insurer for his motor insurance renewal! And that too, an email!

Martha sympathized with John and showed how her insurance provider sends her renewal reminders on different digital channels – emails, SMS, and messenger (her preference)- at regular intervals starting 90 days before policy lapse.

Take away: Martha is satisfied with her insurance provider B and renews the policy on time. And John switched his provider from A to B.

Scenario 2: John receives a timely notification (3 months prior to the policy lapse) on his preferred channel – SMS. And thereafter, subsequent reminders at intervals. He has enough time to sort out his finances and renew the policy. During his coffee outing with Martha, motor insurance doesn’t make it into their conversation.

Takeaway: John is a happy and engaged customer, and switching providers doesn’t cross his mind.

So, what exactly prompted this change in the second scenario?

The real game-changer for the insurance provider in this scenario was a personalized and flexible approach to customer communication. Embracing a customized insurance communication approach can work wonders for insurers wishing to build long-lasting relationships with their customers.

But how can insurers make this happen?

First Let’s Look at the Pain Points That Insurers Face

Error-prone and Tedious Communication Journeys

Insurers who execute their customer communication process manually face the risk of higher chances of errors, which can lead to dealing with vexed and exasperated customers.

Furthermore, the customer communication journey becomes inefficient and time-consuming without a centralized application to help insurers monitor, manage, and keep track of the communication processes.

Low Process Visibility

To satisfy and retain customers, it is a must for insurers to stay on top of all stages of insurance communication. But low process visibility and delayed updates on customer insights can lead to a setback for insurers when it comes to taking corrective actions in time.

Lack of Seamless and Personalized Customer Communication

Legacy systems can complicate the process of managing customer communication flow for insurers across channels and platforms. Additionally, the presence of multiple legacy applications can result in a lack of personal touch, making it harder for insurers to connect with their customers.

Unlock the potential of on-time and personalized customer communication to boost your insurance renewal rate

In the first scenario, John felt disconnected from his insurance provider, and the last-minute insurance renewal reminder ruined his experience. Inopportune and non-personalized communications and notifications to customers can destroy their trust in the brand. In industries like insurance, where customer acquisition costs are too high, customer retention becomes the source of profitability.

Insurers can maximize customer retention at multiple stages during the insurance journey. Right from acquisition through every interaction (including mid-term adjustment, claims, up-sell, and cross-sell activities) and finally, policy renewal, insurers need to close the communication gap to up their retention rate. To do this, insurers need to adopt a modern customer engagement platform to send targeted, personalized, on-time communications to customers on their preferred channels throughout their insurance journey.

Here’s why a modern customer engagement platform can help organizations reshape their customer communication journey

Timely and Defined Communication

Opportune time, once lost, can prove to be costly for insurance carriers. Those who recognize this and implement timely and prompt customer communication can extract far better results.

A modern customer engagement platform helps insurers set up communication journeys for different insurance processes based on a specific time or event – for instance, insurers can set up reminders across portals for policy renewals at frequent intervals.

Set up Multiple Communication Journeys

Everything starts and ends with the customer. Hence, a customer-centric approach is pertinent for any insurer to thrive in their insurance communication journey. With a modern customer engagement platform, insurers can swiftly design insurance communication journeys across channels to connect with customers at each stage and at their convenience.

Journey Mapping

To successfully wow their customers by delivering personalized experiences, insurers can’t afford to miss out on engaging with them at each touchpoint. This becomes easier with a modern customer engagement platform that allows insurers to map their customer journeys based on timelines or events with reminders, notifications, and documents.

Newgen’s omnichannel customer engagement platform is perfect for insurers looking to modernize their communication journeys, engage effectively with customers across channels, and get real-time insights on customer actions.

Need more details on our solution? You can schedule a demo here