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Like any other business, insurance companies must invest wisely to be successful. Many insurance companies focus on financial investments when it comes to improving their competitive advantage. However, in today’s challenging environment, having a healthy portfolio is not enough. Here are three winning investments every insurance company should make to be successful.

People

Good insurance companies must invest heavily in their people. They should strive to recruit the right employees, who have the aptitude to work well within the company. They should provide compensation, benefits and a work environment that makes good people want to stay on the job. And insurance companies should invest in their best people; they need to provide training and education opportunities for them that make them more effective. This will help them add to the company’s bottom line.

Platforms

Today’s insurance customers expect and demand powerful insurance tools that they can access easily with their mobile devices. Insurance companies must invest in their online platforms so that customers can shop for, review, and manage their insurance policies online. Here at VerifiaBill, we have exemplified this approach. We have used our expertise to create and invest in new products and to create a platform that embraces the future demands and characteristics of health insurance.

Customers

While marketing is important, it is critical that you invest in the customers you already have.  Repeat customers, after all, account for nearly half of the revenue of most businesses. Provide effective customer service so that your current customers remain satisfied with your products and services. Also, provide feedback venues, and listen to what your customers tell you. Use their constructive criticism to improve your products. Finally, you should reward loyal customers with price discounts and other perks, so they keep coming back for more.

Parting Shots

Successful insurance companies focus on more than just financial investments. They put time and effort into their people, platforms, and their customers, and achieve outstanding results. Is your insurance company investing wisely?