Customers matter more than ever. Sure, the insurance market is changing rapidly. And yes, new laws and regulations like the Patient Protection and Affordable Care Act are transforming the way people buy health insurance. And financial technology, or FINTECH, is driving innovation and change in the insurance industry as well. However, more than anything else, customers are changing the way we think about insurance. And if you can keep your customers happy, you’re going to have a competitive edge over your rivals. So what do insurance customers want, anyway?
Tech, Tech, and More Tech
Yes, there are still brick and mortar insurance companies with insurance agents inside. But insurance customers would rather shop online, compare rates, and purchase a policy using their smartphone or mobile device. If you’re going to compete in today’s insurance market, that means embracing technology and operating on the platforms where your potential customers are. So invest in a good app designer as soon as possible.
Transparency is Key
Today’s tech-savvy insurance customer wants you to play it straight with them. Transparency is more important than ever. They want to understand the policy you are offering them – the premium, the deductibles, and all of the particulars. They expect you to be up front with them. And if they catch a discrepancy between what you tell them and what they find out from reading a review of policies on social media, they’ll never forgive you. So be as transparent as possible.
Customer Service is King
Insurance customers expect responsive, effective customer service. And they want it NOW! Meeting clients’ customer service needs can be extremely challenging. They don’t want to be kept on hold for an hour, waiting to make a change to their policy. They want to be able to talk to an agent rapidly when it comes to filing a claim. If your company can get customer service right, they’ll get plenty of return business and customer loyalty; it will probably help you attract new clients as well.
Meeting customers’ expectations can be challenging, but you can do it if you try hard enough. And remember, the team at VerifiaBill is here to help. We keep track of the latest technology innovations and the rapidly changing expectations of our clients and offer you a convenient, efficient, and transparent service.