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Wins the last mile in insurance



Too often in insurance, especially in commercial insurance, we think we have won the customer when they decide to buy our policy. But that's a mistake. What most industries today realize is that you win the customer when you can create a great experience the first time they use or engage a product.

Think about the latest product or service you purchased for yourself or your business. What is your lasting impression of that company based on? Is it about how easy it was to buy it, how cheap it was? Or was your lasting impression based on when you were allowed to use or engage in the product?

Learn From Leading Companies

Today, leading product services have fantastic engaging packaging, websites, apps and videos to help you get started. Everything is tailored to ensure that the buyer's regrets are eliminated and that you as a customer are waved by the first experience. Why do leading companies do this? Because they know that it is your impression of their actual product or service that will guide your review and your long-term use of the product.

Insurance has incredible storage numbers ̵

1; often during the high eighties to low nineties. This means that it is difficult to drive movement and growth in the industry, so winning sales is crucial. But that is not the end of the customer journey.

When we win sales, we should make sure we win customers' hearts with their first experience. This is especially true for insurance because many customers can never have a claim, so their only impression is what happens after the purchase.

What are common problems with customer experience in insurance over the business after sales?

  • High levels of confusion and uncertainty from customers about what they have bought, especially in small commercial
  • The need to issue the policy due to errors
  • Issuance of policies that are delayed by months in some cases
  • Errors in initial bills have been known to be as high as 5 percent

The design, processes and management of the onboarding experience are still some of the most dated methods in insurance today in the industry. The use of mail and paper is not uncommon. Rather than driving pleasure, onboarding has been the focus again and again for short-term cost savings. And yet, we know that having a great onboarding experience can help improve retention by 2 or more points.

The next step

It's time to rethink when we have won a customer in insurance. That is not when they choose to buy our policy. It is about when the customer leaves their first experience satisfied that they made the right decision.

If this is not how your business measures success today, it may be time to rethink or talk to someone who can help.

Do you have thoughts on how the industry can improve its onboarding? I would love to hear them. I can be reached here.

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