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.
Many insurance providers are experiencing a crisis of trust among their customers. In an industry where trust and competency are everything, many insurers are coming up short on both in their customers’ eyes. With massive business interruptions and even more denied claims due to pandemic clauses, COVID-19 has left many businesses and their insurance providers without many options.
It’s no surprise that the customer’s experience is now the top priority for many insurance providers. Even before COVID-19, many industry experts reported that customer satisfaction would be a key factor in growth opportunities. With the pandemic putting a microscope on customer pain points, insurance providers can improve their customers’ overall experience in the following ways:
- Embrace digital interactions. Insurance providers already know they need an online portal and a mobile app at a minimum in their efforts to go digital. However, many have failed to keep pace with customer expectations, which haven’t changed following the pandemic. Customers want to be able to access their bills, policy details, and more whenever and wherever they may be while still having the option to speak with a representative about issues that are more complex. Insurance carriers need to ensure the service they provide is consistent regardless of how the insured initiates contact.
- Simplify the experience. Insureds are more stressed than ever due to COVID-19. Whether they are using a mobile app or browsing their insurance provider’s website, they want to be able to find what they’re looking for with ease. Their tolerance for confusing apps and websites is at an all-time low. If an insurance provider’s website isn’t intuitive, it will only aggravate customers during an already hectic time.
- Provide customizable products and solutions. Insureds are trying to strike the balance between keeping their premiums as low as possible without leaving themselves vulnerable to risk. A potential solution growing in popularity is limiting coverage to only when insureds need it. This reduces their overall premiums without increasing their risk profile. For example, a business or homeowner near the coast needs flood insurance due to hurricanes. However, hurricane season only spans from May through November. Some insured may prefer to only enable coverage during the months that the risk of flooding is high to keep their premiums down.
- Be available. Covered incidents don’t usually do the insured the favor of occurring during regular business hours. Similarly, many insureds have urgent questions that may not be able to wait until normal office hours. Providing a chat or text service that allows insureds to get answers to their questions regarding their claim status, coverage, and more can improve the customer experience overall.
Actec understands the challenges insurance providers are experiencing in the wake of COVID-19. That’s why we strive to provide top-notch solutions to help you meet your customer’s needs. Contact us to learn more about implementing text and chat support to improve customer satisfaction.