Part 3 of the Series,
Effective Engagement: How to Profitably Engage Consumers
Claims is an oft-overlooked opportunity for consumer acquisition and customer loyalty building. Below is an overview of claims engagement as a value proposition.
The Problem with Claims Today:
For the typical policyholder, making a claim on a policy is an opaque process that leaves her without direction for how to proceed, even where to begin. Insurers recognize this problem and have been increasingly asking Sureify what solutions we are working on. To be honest, we hadn’t thought about it until insurers brought it to our attention, but now we see the potential for claims engagement to be a type of effective engagement, attracting more customers by making both policyholders and beneficiaries/administrators feel secure and cared for.
Value to New Policyholder:
Security: Most policyholders are completely ignorant of the claims process. This can leave them with a sense of insecurity. Assuring the policyholder that everything will be smooth sailing for her beneficiaries in the event of her death allays anxiety regarding these events. Thorough claims engagement gives the policyholder peace of mind.
Value to Beneficiary:
Education: The beneficiary will learn about what she needs to do on her end in the event of the policyholder’s death. She will also learn quite a bit about life insurance generally.
Access: The beneficiary will have easy communication lines for any questions and concerns, especially in the event of the policyholder’s death.
Security: The beneficiary will rest easy knowing that she is properly cared for and that her benefits will be easily and quickly claimed.
Value to Insurer:
Customer Acquisition: Through claims engagement, you can turn potential claimants into actual customers. Imagine an insurance company reaching out to you, a non-customer, and warmly, but instructively presenting the details of the policy and the claims process. If you’re like me, you’d feel secure and cared for, and your mind would be at ease. This is a powerful connection to make with potential claimants, a connection that puts your insurance company, securely and with fondness, in the forefront of their minds when it comes time for them to buy policies. Then, the beneficiary will first think of your amiable engagement and resolve to do all future insurance dealings with your company and none other.
Customer Loyalty Building: Going above and beyond for your customers engenders their loyalty to your company, which improves persistency.
Claims Engagement is Easy: Because Sureify will do everything for you, digitizing and streamlining claims engagement, so you don’t have to waste your manpower on it.
Conforming to Consumer Expectations: In the Digital Age, opening up efficient paths for those doing business with you is key for meeting consumer expectations.