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Home / Insurance / Customer onboarding process in insurance: #1 Checklist 2023

Customer onboarding process in insurance: #1 Checklist 2023



Congratulations! You have gained a new insurance customer. They’re excited to work with you, and you’re excited to start giving them the coverage they need. But before you can officially begin your business relationship, there is one more important step: the customer onboarding process in insurance.

The customer onboarding process is critical to building a robust and lasting relationship with your new customer. It’s an opportunity to learn more about their needs and expectations and to set the tone for your future interactions. In addition, it paves the way for building customer loyalty and trust – two important ingredients for a successful insurance business.

So what exactly is customer onboarding in insurance? And what is the best way to go about it?

What is a customer onboarding in insurance?

Customer onboarding in insurance is the process of gathering and verifying the information needed to provide coverage, issue a policy, and ensure the customer understands their policy.

It is important to note that customer onboarding is different from sales or marketing activities such as lead generation or product promotions. Instead, it is focused on the post-sale process to create a new customer for success.

There are some important steps involved in customer onboarding in insurance, which we will cover in more detail below.

What is the importance of customer onboarding in insurance?

There are a few key reasons why customer onboarding is so important in the insurance industry:

Collect accurate information and reduce misconceptions

The customer onboarding process is your opportunity to gather all the information you need to provide proper coverage. This includes things like contact information, date of birth, policy start date and more.

Incorrect or missing information can lead to misunderstandings about the coverage provided, which in turn can lead to customer dissatisfaction. By taking the time to gather accurate information beforehand, you can help reduce the risk of misunderstandings and misunderstandings later.

You can also take this time to communicate any intricacies of the policy to the customer. This can help prevent customers from claiming coverage they didn̵

7;t realize they had, or that isn’t included in their policy. It also reduces the risk of misuse of the policy, which can lead to higher premiums or even cancellation of the policy.

Increases the customer relationship

Take the chance to make a good and lasting first impression during the customer onboarding process.

Your goal should be to make the onboarding process as smooth and easy as possible for your customer. If they have a positive experience during the onboarding process, they are more likely to continue doing business with you in the future. With 28.5% of customers report a great experience after completing a sale with their insurance company, it’s clear that customer service matters.

On the other hand, if the onboarding process is confusing or frustrating, it can turn customers away before they even get started. By making customer onboarding a priority, you can help increase customer retention and loyalty in the long term.

Cross-selling and up-selling opportunities

Finally, the customer onboarding process provides an excellent opportunity to cross-sell or up-sell additional products and services. For example, if a customer buys car insurance, you can offer them the option to add renters insurance or life insurance. Or, if they are already renters, you can suggest they add flood insurance or pet insurance.

By offering additional products during the onboarding process while ensuring successful customer management, you can help increase revenue and scale your business. Plus, it’s a great way to build lasting relationships with your customers by providing them with the coverage they need.

The ultimate checklist for a customer onboarding process in insurance

Now that we’ve covered the basics, let’s take a look at the ultimate checklist for a successful onboarding process.

Basic information

  • Collect basic information: Contact details, date of birth, address, social security number and driver’s license number
  • Let your customer know where they can get the information
  • Prepare contract: Once you have all the necessary information, you can prepare the contract for your client to sign.
  • Send contract for signature: Once the contract is prepared, send it to your client for signature.
  • Receive signed brokerage agreement: Once you receive the signed contract, you are ready to begin onboarding your new client!

Welcome

  • Prepare a Welcome Package: This can include things like a welcome letter, information about your business and services, and anything else you think would be helpful to your new customer.
  • Send welcome package: Once you have prepared the welcome package, send it to the customer’s address.

Scheduling

  • Schedule Consultation Calls: Once they have received the signed agreement, contact your client and schedule a consultation call. This is an opportunity to discuss the policy in more detail and answer any questions they may have.
  • Confirm consultation date: Make sure you and your client are on the same page about when the consultation will take place.

Call preparation

  • Prepare Call Agenda: Having an agenda for the consultation call will help you stay on track and cover all the necessary topics.
  • Prepare the client’s to-do list: After the call, you should have a list of next steps for your client. This will help them know what they need to do to get started with their policy.

Consultation call

  • Understand the customer’s situation: Understanding your customer’s perspective is key to providing them with the best possible service.
  • Review the to-do list: Revising the to-do list from the preparation stage helps ensure your client knows what they need to do next.
  • Discuss expectations: Discussing expectations is important to set realistic expectations for both you and your client.
  • Align your priorities: Make sure your priorities are aligned with your customers so you can provide them with the best possible service.
  • Determine which documents will be needed: Describe the documents you need to ensure a smooth process.

After call

  • Determine next steps: After the conversation, you should have a clear understanding of the next steps that need to be taken.
  • Send customer summary after call: Sending a call summary to your customer helps them remember what was discussed and what needs to be done next.
  • Request documents from the client: Now is the time to request all the documents that were discussed during the conversation.

Future meetings

  • Schedule a follow-up meeting: Schedule a follow-up meeting with your customer to check in and see how they are doing.
  • Confirm follow-up appointment date: As always, confirm the date and time of the appointment with your client.

CRM

  • Update customer profile in CRM: Updating customer profile in your CRM helps you keep track of their information and interactions. InsuredMin insurance CRM functions a great way to manage your customer’s information as well as track your marketing and sales efforts.

Guides

  • Provide instructions for accessing online accounts: If your customer is new to using online accounts, be sure to provide them with instructions on how to access their account. Written or video guides can be helpful for this.

Response

  • Ask for Onboarding Feedback: Your goal is to provide an excellent customer experience, so be sure to ask for feedback from your customer after they’ve gone through the onboarding process.
  • Receive the completed feedback survey: After you receive the feedback, take some time to review it and see what areas you can improve.

All-in-one CRM for insurance companies

The way you interact with customers during the onboarding process sets the tone for all future interactions. It’s important to take the time to get it right so you can provide an excellent customer experience.

InsuredMine CRM is here to help you streamline your customer onboarding process. Our all-in-one CRM for insurance companies offers everything you need to manage your customers, sales and marketing in one place.

Request a free demo and see how we can help you streamline your onboarding process.

Request a free demo




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