Insurance companies run any number of ads to try to lure new customers; however, retaining customers is just as critical for success. The best way to keep customers loyal is during the claims process. When a customer files a claim, they are often in a vulnerable state. They likely experienced a loss of some kind (i.e. car accident, theft, etc.) and need their insurance company to help them through the process. If their experience is less than satisfactory, customers may begin looking for a new insurer.
First Notice of Loss
First notice of loss (FNOL) is one of the greatest opportunities for insurers to guarantee customer satisfaction. This period of time is when the client is most upset as they are filing a claim right after an accident or loss. Insurers can improve their customers’ satisfaction during this phase by minimizing the amount of effort the client has to put forth. However, while FNOL plays a pivotal role in customer satisfaction, it presents less of an opportunity to improve the overall claim experience.
Acting in the Client’s Best Interest
While many insurers know that FNOL is vital to customer satisfaction, not as many realize that customers place a higher premium on their insurance company acting in their best interest. This part of the claims process can improve customer satisfaction and the overall claims experience. Factors affecting this include:
- Managing the client’s expectations
- Minimizing or eliminating surprises by supplying the client with solid information
- Resolving the client’s issues the first time
Dialing in the Claim
Insurance adjuster can use a few additional approaches to improve the claims process. While they do not do much to improve the customer’s overall satisfaction, they do affect customer retention. These include:
- Knowing the client’s personal information
- Providing a personalized experience
- Finding the client’s preferred contractor for repairs
Insurance companies that focus on the above can improve their customers’ satisfaction as well as their overall claims process. These two factors are vital to improving customer retention. If you’re losing customers to the competition, it may be time to overhaul your claims process. Contact the experts at Actec to learn how we can help.