Retaining customers has historically been difficult for insurance companies as many policyholders focus purely on price and will turn to price comparison sites for the best deal when their current policy is up for renewal.
Delivering a tailor-made experience that goes above and beyond the norm that builds trust, brand loyalty and that retains consumers requires the need to understand your customer on another level. This enhanced understanding helps to meet and exceed their expectations. Understanding how customers utilise their policies, when and how they drive, and the health of their vehicles offers insurance companies insight into behaviours which allow them to offer not only a tailored solution but also the knowledge to retain these customers much more efficiently in the future
Below are some ideas on how to build an eco-system to help retain customers.
A company connection is at the heart of customer retention. Companies can provide a product but offering an efficient and enhanced service truly adds value to the customer’s life and their requirements. In this day and age, customer’s expectations are rapidly increasing, and we understand that excellent service is what truly makes a business competitive and increases customer loyalty. At Trakm8, we have recently launched our enhanced portfolio of ‘Connectedcare’ services that work alongside our driver data analytics to give insurers a more detailed insight into the health of their customers vehicles enabling them to further understand and manage individual risk profiles.
Customers appreciate saving money, no matter what business you’re in! Taking control of their finances reassures them that the power of saving money remains in their hands. ‘Pay as you Drive’ (PAYD) or ‘Usage Based Insurance’ (UBI) policies are an innovative and practical way of potentially saving money on insurance, based on the quality of the policyholder’s driving habits and usage. Discounts are provided on premiums for the amount of usage and their driving habits and encourages drivers to become more aware of their behaviour on the road, preventing traffic incidents.
Don’t underestimate the power of information. It’s vital to provide a service for a client where they feel secure and understand the additional information that you provide them. Offering consistent and valuable interaction using tailored data adds value and increases brand loyalty. Trakm8 recognises that both our clients and indeed their customers, benefit from advanced insights and is why we’ve created a user-friendly app that can be white-labelled and works seamlessly with our insurer platform, allowing all parties to view driver data, scoring, vehicle health and push messages to the customer.
Customers need to feel comfortable and confident in the service on offer, as well as having the knowledge of how to use it. The customer’s sense of ease and reassurance comes from the financial accessibility of the service itself, how user-friendly it is, and the assistance a company can provide if they have issues. With the case of insurance, instead of needing to find and send on documents that can be time-consuming or stressful in the event of an incident, our app enables users to easily upload incident information and documents for the Insurer to process.
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