Frankly nobody wants to have a conversation with their insurance company every day. If they do, the expression “You need to get out more” comes to mind.
However, the optimal level of communication is what insurers should be looking to facilitate. But what is optimal?
Customers want to interact Whenever and However they feel the need. With millennials in particular, the “just-in-time” principle, rather than the traditional “just-in-case” applies and makes this even more dynamic and digitally based.
Insurers have a very different agenda: they want to minimise the cost of interacting but see the need to optimise for the purposes of building brand, relationship and the ability to renew.
The rapidly growing world of AI in insurance is the answer.
By leveraging all the data an insurer has about their client, they can predict when a trigger events is going to happen with an individual client and proactively reach out to that policyholder to address the issue. This could be an upsell or cross sell opportunity but equally it could be a prompt to prevent something that would result in a claim. As the Internet of Things becomes more prevalent, the hose pipe of data being received by insurers grows exponentially every day. How they receive, process, analyse and make decisions on the basis of this data in real time, then respond using the appropriate channel of communicating (one hopes from their omnichannel set of options) will determine which insurers survive in the always on digital world and those who just whither and die.
All sci-fi future stuff? No, this is already happening, to scale with insurance companies around the world.
So, if you are wondering where you customers have been disappearing to, look no further than your competitors who have already cracked the questions of Data and AI.
Rocket Referrals analyzed data from over 20,000 insurance consumers and found that 81% of all negative feedback was due to a lack of regular and meaningful communication from their agent. The most successful insurance agencies have two things in common: referrals and high client retention. Both of which rely, above all else, on keeping the client happy. When there are holes in communication, clients feel like the agent doesn’t care about them, and the slightest trigger can prompt them to shop around.