As consumers expect more personalized and on-demand services, insurers can learn from other online platforms how to tailor their touchpoints for policyholders. (Photo: 13_Phunkod/Shutterstock)Even before the onset of COVID-19, the price of auto insurance policies is what motivated the majority of consumers in their purchasing decisions. A recent survey conducted by MDgo confirmed this sentiment, with 52% of consumers choosing cost as the major driver when purchasing auto coverage.
With new actors entering the market and shaking up customer engagement models, auto insurers are challenged to focus on their on-going customer experience and the quality of their touchpoints “after the quote” to improve customer retention and their return on policy investment.
So how can insurers exceed customer expectations post-quote?
- Be there to support policyholders when they need it most.
General consumer trends favor personalized and on-demand services. Based on just a quick look into other industries — think Amazon for e-commerce or Netflix for content creation — customers are presented with contextual insights and personalized recommendations in real-time. These features will earn their trust and keep them coming back for more.
With platform economy companies setting the customer experience bar high, auto insurers should be considering how they can offer policyholders the same sense of security and support in their purchasing decisions to maintain their loyalty. This starts with an understanding of when and how to offer those personalized touchpoints, shaped around key moments in the policyholder’s customer journey, such as when an accident occurs.
With access to accurate and real-time accident detection, auto insurers can engage policyholders based on their specific circumstances, vehicle damages, bodily injuries and location. Auto insurers can also offer customers lifesaving attention by automatically alerting first responders when there’s been a serious accident. Taking the initiative to look out for customers can help shift the focus from price to the quality of customer engagements during policy renewal discussions.
- Show that data privacy matters.
In addition to expectations for tailored customer care, consumers want service providers to respect their privacy and personal data, or at least be transparent about how it is used. As a result, auto insurers may sense resistance from customers around installing devices that track their driving behaviors and habits, even if it means receiving a discounted rate.
Therefore, to gain access to the detailed accident data that powers personalized customer engagement and experiences, auto insurers should not only focus on collecting user-based data on an on-going basis but also offer to only collect data at the moment of an accident, when it’s needed most. By letting customers know that their privacy is respected, and data is only collected to provide them with a direct benefit like contacting first responders, auto insurers can earn consumer trust for the long run.
- Acknowledge customer expectations in real-time.
Platform economy companies have also served consumers by leading them to related products on a site. Consider how many different products you can purchase on Amazon alone. Supplementary or additional purchasing recommendations are usually embedded right into customers’ shopping carts, so they don’t need to go far to find the next item on their wish list.
For auto insurers with access to advanced vehicle damage and bodily injury data, meeting customer expectations at key moments can be as simple as suggesting a complementary product during an online shopping experience. Auto insurers can leverage their knowledge to provide policyholders with a tailored response to their immediate needs, be it a reference to a nearby repair shop that specializes in certain kinds of damages or a recommendation to immediately visit the hospital based on the severity of injuries. These capabilities allow auto insurers to deliver added value that is personalized to customers in their moments of need. It also shows that the insurer is committed to an agile and tailored customer experience.
When managing accident scenarios, auto insurers can improve the quality of their customer touchpoints post-quote through lifesaving potential, data privacy for drivers, and insights into bodily injuries for a seamless and personalized experience overall.
Shahar Samuel is vice president of business development for MDgo. Contact him at [email protected].
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