COVID-19 has long-reaching effects for many policyholders. While they may know their immediate pandemic-related concerns, insureds aren’t always aware of the smaller hazards that can affect their personal property. Insurance providers can seize this opportunity to drive value for their customers during these challenging times.
Insurance companies can use the following methods to deliver superior service to their customers:
Communicate more often. Customer confusion is high as they begin to question if their existing coverage meets their shifting needs. They may also have concerns about making payments if the pandemic impeded their ability to work. Increasing communication to address these concerns can ease the customers’ tensions. For example, insurance providers can update customers on new billing options, flexible payments, or changes to payment plans.
Be prepared for more claims. Customers that own rental properties may not realize it, but they’re likely to see more claims as the pandemic continues. Many people are working from home and leaving the house less. As a result, tenants are causing more wear and tear than usual. Insurers can give their customers simple tips to avoid some common pitfalls. Some examples include switching out old batteries in smoke detectors or making sure appliances are in good working order (i.e., replacing washing machine hoses to avoid water damage).
Take steps to prevent insurance fraud. Insurance companies often experience more instances of fraud during times of economic hardship. However, the financial fall out of fraud affects insurance providers and customers alike. Those losses often translate into higher premiums for customers. As a result, many insurers are turning to artificial intelligence to flag potentially fraudulent files for additional review.
Focus on digital innovation. Customers’ preference for technology isn’t a new trend, but COVID-19 has created more urgency than ever to provide digital services. Insurance providers should center their innovative efforts on digitizing services and solutions. Conducting business online allows customers to remain socially distanced while receiving the services most important to them. For example, providing additional channels of communication such as chat and text allows customers to find answers to their questions quickly without waiting on hold or for an email response.
COVID-19 has created uncertainty and confusion for many customers. Insurance providers can help alleviate those concerns and drive value by providing support where customers need it most. Contact the experts at Actec to learn more about improving the customer experience.