What Do Insurance Customers Want? Best Guide For Building Strong Client Relationships
TLTR:: Here’s a detailed and thorough guide on what insurance customers want in order to build strong relationships.
Let’s talk about what insurance customers want. As an insurance agent, it’s important to understand that insurance is a “grudge purchase.” A “grudge purchase” is a product or a service that people HAVE to buy and don’t really want to buy. Almost all of your existing, as well as future clients, are likely to want to invest their money in anything else but insurance. Often, it’s something that’s bought out of guilt.
The general image of insurance companies is that they are untrustworthy or even evil. According to Accenture, studies have found that only 29% of customers are actually satisfied with their current providers. As an insurance company or an insurance agent, your primary goal is to make sure your clients are happy. Insurance as an industry relies heavily on its customer base.
Here are some tips that you can apply as an insurance sales agent to understand what insurance customers want and how you can deliver:
In this blog
Coverage Transparency is What Insurance Customers Want
“The first step in exceeding your customer’s expectations is to know those expectations.”— Roy H. Williams. It’s always a good idea to know what insurance customers want. An easy way to discover what insurance buyers want is by understanding more about their surroundings and a little about their life. Maintaining open communication is quite important for building solid relationships with your clients. By learning about them, you will have opportunities to share your expertise to advise them of any insurance pitfalls they might encounter. Making sure that there’s transparency when it comes to issues such as underwriting, pricing, claims, fraud, and more, will go a long way in persuading your client that you’re firmly committed to their satisfaction.
A portion of customers are quite willing to share their personal information with carriers. Personal information includes things such as the date of birth, nationality, hobbies, gender, marital status, etc. Others are not so trusting. Reuters found that many clients don’t feel comfortable sharing personal information because they fear it being leaked to third parties.
To be an efficient insurance agent, it’s important to collect data on your customers. By doing so, you can make better policies for your customers. At the same time, it’s also important to keep the information to yourself and make sure your clients are aware that you will never share it. Insurance agents who refrain from leaking personal client information will keep their clients happy.
Non-Sales Related Communication
Typically, there are only three times that you, as an insurance agent, connect with your clients. These times are when trying to convert them as a lead; when renewing their package; and when assessing their claims. While this is quite efficient and makes your work easier, making an extra effort when communicating can help you drastically improve client relationships.
Try including your client’s birthdays on your calendar so you can drop them a wish on their special day. Scheduling quarterly calls with your older clients is also an excellent way to stay in touch.
What Insurance Customers Want: Customized Coverage
Chances are that many of your potential clients will turn into cold leads. This happens because not everyone wants to invest in insurance at all times, despite it being well established that insurance is quite an important investment. Try customizing your insurance plans according to what insurance customers want. Incorporate policies that help customers get the coverage that they need.
You could also tailor your coverage for specific times or specific products. For example, a person who is going on a vacation might want to invest in a three-month insurance plan. Adding this neat little trick to your existing plans can make a world of difference. Chiefly because it’ll make your client feel prioritized and make their overall experience easy.
Furthermore, it’s important to include only relevant policies in your insurance coverage. For example, if you are catering to a client from California, then it’s a waste of their time for you to include tornado coverage in their insurance policy. Instead, a coverage package that provides protection from fire or earthquakes would be much better.
What Insurance Customers Want: Be Technologically Friendly
In an interview with Forbes, Larry Keefe, Chairman and CEO of Starkweather and Shepley Insurance Brokerage, Inc, highlighted the importance of convenience in the modern insurance industry. He noted that the clientele you have as an insurance agent is the same clientele that is likely to buy from Amazon and order Starbucks on their mobile device. What’s the difference between ordering something off of Amazon and purchasing insurance coverage? The answer: digitization. In comparison to the ease of ordering a cappuccino via a mobile app, buying an insurance policy can feel like a hassle.
One thing to understand when exploring what insurance customers want is that being up-to-speed with technology and new trends is vital for any business. By making yourself and your business more adaptable as the times change, you are likely to appeal to a larger customer base.
Bonus Tip: Educate Your Customers
Have you ever wondered why iPhones are so high in demand despite their high prices? It’s because they educate their target audience about their products. An average Apple customer doesn’t mind the high prices because they value the product that they use.
This same model can be used to increase customer satisfaction when selling insurance. Price satisfaction was seen to increase in clients when they are educated about the value of the product they were using.
There are a lot of ways to discover what insurance customers want. One of them can also be by helping clients through the insurance claim process in a faster and easier way. Customer relationships are important for any business to grow.
What are some of your tips to maintain client relationships? Let us know in the comments below!
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