Increasing customer loyalty across the insurance industry

Eclipse spoke to Modern Claims Magazine around how insurers can better present information to their customers, and how this can help to increase understanding and engagement. 

The insurance industry is renowned for struggling when it comes to customer engagement and forging long-term, meaningful relationships.

Traditionally, insurers have far fewer opportunities to interact with their customers than for example, banks or retailers, therefore putting them at a disadvantage, which is further strained by the fact that many people only require communication from their insurance company at stressful times, therefore eliminating the opportunity to build a strong customer relationship.

Additionally, following the rise of comparison sites, interactions are dwindling even further, and so a result, it’s crucial that these opportunities for interaction are valued and managed as efficiently as possible.

The most effective step to engaging customers is providing personalised communication. Rather then sending out blanket statements, renewals or cover letters, insurers should utilise the reams of data available to them and input this into customer-specific documents. Similarly, insurers can use the data to provide appropriate special offers – such as free reviews of a pension plan in advance of a forthcoming retirement date. Data can also be used for preventative measures by reaching out to those customers who have perhaps enquired or searched the company website for information on cancelling a policy – and such pro-activeness may save a policyholder who is leaning towards switching providers.

Prior to sending out this personalised information however, insurers first need to make use of the data they hold on customers and ensure it’s integrated into one centralised claims management system, serving to provide a holistic view of the customer. Implementing a comprehensive software platform with the ability to cleanse, validate and eliminate duplicate data entry will increase the quality of service to customers by streamlining processes and providing intelligent, contextually sensitive documentation.

Further, drilling down into this data to gain deeper analysis and insights into customers will enable insurers to identify trends that can then be turned into product development and tailored services, as well as analysing individual customers in order to create new opportunities to build meaningful relationships.

Taking into account the above, the key is to have the data, systems and cultural commitment across all levels of an organisation. By taking advantage of readily available case management software solutions and integrated analytical capabilities, insurers have the chance to identify what their customers want, and use this to share meaningful, engaging content, serving to increase loyalty, and start the process of building richer and more focused consumer-centric relationships.