The insurance marketplace today faces one of the biggest hurdles, which is to retain their customers. The present environment depicts a low trust confirmed in the insurance companies by their clients as trusting some of the policies has become a tough ask. However, with emergence of Big Data and Analytics insurers can very well churn out vital information regarding customer’s habits, preferences, behavior, which eventually leads to increased interaction among the two.
According to recent financial reports of various small, mid-sized and large insurance companies, it cost them seven times more to pull in more clients than to retain the existing one. Inniti with its cutting edge claims management services offers insurers, customer retention services as well. We present customized solution to each and every step of client interaction that leverages the work load of insurance companies to constantly keep in touch with their customer base.
So are you ready to provide benefiting administrations and experiences that will make the policyholders stay with you? Here are five vital tips to retain customers via Big Data and Analytics.
- Get acquainted with client values and qualities
Through our experience in resolving claims related issues we found that while insurers understand well how to face risks, but they frequently neglect to connect with their customers on an individual premise. Despite the fact that insurance is intricate, customers need to be involved rationally and emotionally. When insurance companies get acquainted with client values, the chances of them sticking to your company can raise.
- Have an active dialog with them
The world of Big Data provides ample of opportunities to have a dialog with the insurance buyers through online channels. Using social media analysis and conversations to have an active dialog with customers helps them in productive engagement and resolves any issues pertaining to their policies. Insurers can use analytical dashboards to know about their wants and needs sustain a healthy conversation about things that are useful to the client.
- Support clients in problematic areas
Give special assistance to clients in areas they value personally, even if they are not correlated to your center of activities. Offer insights to your clients in valuable regions that are broadly identified with their coverage: for instance, traffic or weather updates for auto insurers. Create social network communities hosted by you, to share news, tips and improve exchange like-minded people and your insurance company.
- Improve every part of communication with each policyholder.
Our research shows that proper correspondence with clients sets off a positive chain response. In the first place, it increased communication channels like telephone, cell phone, fax and email. Insurance buyers when administered individually, feel a sense of security and also authority. A personal touch to your communication increases trust and bolsters positive interaction and eventually expands emotional involvement. Emotional connection and involvement is required as it enhances the loyalty factor for insurance providers.
- Risk Mitigation and prevention services
With predictive modeling tools available, analyzing risks on customers policies and letting them know about it, is a great way to retain most of your client base. With Big Data and analytical dashboard present at your fingertips, one can call, fax or mail in advance to people whose policies have expired, claims have been denied or payment not done. Start offering these at the beginning of the contract relationship. Later on, insurers can use telematics, and prevention services.