The changing landscape of business in general has completely shifted consumer expectations. No matter the industry, business leaders must adapt to these shifting expectations if they want to connect with consumers to be successful.
Much has changed in the insurance landscape in recent years, and insurance agents have had to implement new practices to meet these shifting expectations. Here are some ways in which they must adapt to meet the changing expectations of consumers.
Personalization
Consumers today demand that most aspects of their interactions with insurance companies are tailored to them. This includes not just the services that are provided to them, but also the communications they are sent. When consumers get personalized services and messages, they feel like they are valued. In other words, they feel less like a number and more like a valued customer.
Luckily, there is a lot of data available for insurance agents to help them accomplish this. Using technology tools that can track consumers’ behavior on social media and websites can help them deliver meaningful, personalized service to potential customers.
This could include personalized messages for digital advertising, email marketing, and even prospecting. When you integrate personalization into your overall approach, you’re more likely to not only gain more customers, but gain customers who purchase more from you.
Catered Coverage
Consumers today also demand that the insurance coverages that are provided to them are in line with their actual usage. Younger generations, such as Millennials, aren’t as interested in broad, generic insurance products. They desire coverage that is catered to their specific situation, so that they aren’t paying for something they’ll never need and never use.
One example of this is usage-based auto insurance. Companies provide customers with specific devices or mobile apps that can track how often they drive, how far they drive, and their behaviors on the road such as their speed and braking usage. All of this data is used to compile a profile on the driver. Ultimately, the goal of this type of coverage is to provide the lowest premiums possible for people who drive safely.
Part of the reason for the increase in demand for catered coverage is today’s gig economy. Consumers who are drivers for popular delivery app companies may need extended insurance coverage only for certain periods of time. Usage-based auto insurance could allow them to turn off and on when they need a particular coverage.
Choices
Choice has always been important to insurance consumers. For today’s consumer, this doesn’t only refer to the insurance products they can buy. It also includes how they communicate with their agents, how they decide what to buy, how they make payments, and how they initiate claims.
One of the biggest factors in this regard is providing consumers with multiple channels of communication. It’s no longer good enough to provide a telephone number, physical address, and email that consumers can use. Insurance agents must provide their current and prospective clients with multiple channels of communication. In addition to the ones stated above, this includes a well-designed website, social media pages, and a mobile app.
The name of the game here is self-service. Agents should provide consumers with convenient ways in which they can conduct every aspect of their customer journey with their insurance company. This includes getting an accurate quote, purchasing a policy, making premium payments, asking questions or gaining more information, and submitting a claim with supplemental photos.
Service
Consumers have so many options today when it comes to insurance companies that, on the surface, not a lot separates one agent from the next. Most insurance policies are similar to each other, meaning a consumer’s purchasing decision often comes down to two factors: price and service.
The first part of that equation is often out of the control of the insurance agent. The premium cost the insurance company offers the consumer isn’t something that the insurance agent has much control over, outside of recommending ways to bundle insurance policies to lower overall costs.
The second part, though, is well within the control of the insurance agent. Agents who provide outstanding customer service and create a rich customer experience are able to delineate themselves from the competition.
When two competing companies are relatively similar, consumers will often choose the company that provides better service. Consumers want to do business with businesses and people they relate to, and who they think value them as a customer.
That’s why it’s essential that insurance agents today go above and beyond in customer service. This includes not just answering customer inquiries and crafting good insurance policies, but helping customers through their journey and supporting them completely along the way.
Insurance agents today accomplish this by providing educational resources, insurance tips, and other valuable content that people can consume. By showing consumers you care about them, you’ll be engendering a sense of authenticity in consumers, which will ensure that they trust you.
Contact us today to learn how we can help you establish and grow your insurance business!