The Best Customer Engagement Strategy For Insurers In 2020

Just like any other service provider, customers are expecting insurance providers to give them an exceptional experience. While price is an important aspect of purchasing an insurance policy, by 2020, customer experience will overtake price and product as the key brand differentiators. Moreover, 88% of buyers will pay more for better customer experience, according to ShipEarly.

With demanding customer expectations, having a sound customer engagement strategy is the next thing that insurance companies should focus on. REVE Chat has compiled some strategies that insurers can choose from:

Give social media support

Nowadays, the majority of the population uses social media to connect with businesses and expect them to be available on social channels for assistance. According to GlobalWebIndex, 54% of social browsers use social media to research products. With unstoppable growth, every insurance business needs to use social platforms in the best possible way to connect with customers better.

Provide omnichannel customer support

Most customers start interacting with a business on one channel but continue their conversations across other channels. Thus, delivering consistent customer experience across all touchpoints is the key to customer engagement and loyalty. Regardless of the number of touchpoints involved, customers review their journey with a business as an overall experience. Nowadays, omnichannel engagement is becoming synonymous with excellent customer experience.

Omnichannel customer support is all about providing consistent, personalized, and seamless customer experience across multiple channels, including website, social media, and SMS. Delivering an omnichannel strategy to meet customers’ expectations boosts the growth of your business.

Offer real-time support with live chat

Live chat is one of the most popular customer support tools that provide real-time assistance. Customers need queries solved and a sense of reassurance that can only be offered through live support. Live chat platforms allow agents to turn every interaction with visitors and customers into an excellent experience and helps build strong relationships.

Automate customer engagement with chatbots

Chatbots are computer programs that can interact with humans in real-time over the internet. The purpose of these automated tools is to support and streamline the overall customer experience with your business.

Since chatbots work 24/7, services are always on and available when a customer seeks or needs them. Besides making insurers’ services more accessible and automated, chatbots also make it easier to understand the exact intent or need of the customer. A customer reporting an accident and filing a claim on the spot is a classic example of the benefits of having a chatbot available to engage at the time of the customer’s need and in their preferred channel.

For organizations that want to build enterprise-grade chatbot solutions, ServisBOT can help. The company supports the principle of deploying an army of insurance bots that can do everything from generating a quote, onboarding a new customer, renewing a policy, collecting payments, and many other use cases.

One of ServisBOT’s insurance clients who took hold of the chatbot opportunity early on quickly saw an 80% increase in self-service sales for those that interacted with their bot, as well as a 20% increase in the number of quotes generated, according to Cathal McGloin, the start-up company’s CEO.

Hold personalized conversations with video chat

Video chat is one of the advanced customer engagement tools that help insurers in providing excellent service to their customers. It eliminates the requirement of standard phone support and provides real-time support to customers wherever they are without any hassle.

Deliver live customer engagement with co-browsing

Co-browsing solutions allow customer service agents to provide real-time assistance. Visual engagement takes your customer service to the next level by bringing in a personal touch and resolving queries right on time. In fact, it leads all other interaction channels with a customer satisfaction rating of 78%, according to Forrester.

Secure regular communication

The best way to help your business stand out in the insurance market is to stay connected with customers and prospects. Even if web visitors didn’t become a customer at the first interaction, they could still be potential buyers. For instance, you can send newsletters to share targeted information with existing customers and attract new ones at the same time.

Gather customer feedback for continuous improvement

Understanding the customer journey and collecting solicited feedback are essential aspects of excellent customer engagement. When asking for customers’ feedback, you’re enabling them to review your products and/or services and express satisfaction or dissatisfaction with them. Real-time customer feedback helps you, in turn, to create effective marketing strategies based on customers’ needs.

Developing a thoughtful customer engagement strategy should be one of the core foundations of your business. To thrive in a competitive market, you need to focus on understanding your customers’ needs, identifying your core message, and communicating it effectively. Implementing the proper strategy will help you build stronger customer relationships, get better conversions, and improve the bottom line of your business.

Learn more about the emerging trend of AI technology in the insurance industry