Improving customer retention is vital to keep and grow revenue. Avoidable churn is essential.
Technology is today supporting the broker to offer the best product or service, at the right moment and at the right price. Still many customers want personal advice, so we believe in the right balance between clicks and personal service.
Brokers should invest in providing personalized experiences and creating Multiple Touchpoints for their customers. At the same time, they should create a product “ecosystem” or service rather than a single insurance contract. And on top of that? Digital efforts should be expanded.
We see that investments in digital marketing (including consolidation through mergers and acquisitions) are being stepped up to generate leads for new sales and engage with existing customers and markets. Digital Platforms are being deployed by insurance broking firms for brand promotion and trust-building in a competitive market — and for dissemination of specialist knowledge to develop risk strategies. This is no longer the playground for large insurance companies.
Not an easy task? Working with the right technology partner will certainly help.
As customers, we expect our interactions with our insurance broker to be personalized, mirroring the individually tailored digital experiences we’re now used to. One way of doing this is by using artificial intelligence to support your proposal activities by using computer algorithms. Such a Data Driven Approach will enable you as a professional advisor to adapt to the changing mindset of your customer, without needing to invest heavily in new tooling and solutions. In brief, the customer expects you to find the sweet spot where the offerings and the experience that you deliver match evolving expectations.
Using digital platforms for brand promotion
At this stage, digital marketing is vital for your business and brand awareness. It seems like every other brand has a website. And if they don't, they at least have a social media presence or digital ad strategy. Digital Content and Marketing is so common that consumers now expect and rely on it as a way to learn about brands. In fact your brand is being developed by the number and quality of the touchpoints that customers have with you in combination with the brand promise and quality of service that you provide to your customers. The brand value is a complicated balance of who you are, what the perception of your customers is on you and what the customer expectations are. You want to make sure that every customer interaction is of the same quality, regardless the channel and the person who is interacting with the customer.
Long story short, to be competitive as a business owner, you'll need to embrace some aspects of digital marketing.
The goal is to be present with the customer when he or she needs you. The better you as broker/advisor can personalize the offer for the customer, the more likely he will accept it.
With the growth of Digital Channels, there are several options for a customer to purchase a policy, such as personal sales, an intermediary, your website or comparison portals. A lot of customers are willing to use digital and remote channel options to complete tasks and transactions, it is critical to meet customers on diverse channels with a highly personalized approach regardless of the purchase platform.