Top 6 strategies to conquer customer satisfaction

Satisfied customers are the backbone of any successful business, particularly in the competitive landscape of Insurance. Since acquiring new customers costs 7 to 9 times more than retaining existing ones.

You read that right – we’re diving into the subject of building, conquering, and creating customer loyalty. And yes, you might be nodding along, thinking, “Here we go again,” but it’s high time we move beyond the promises in those annual reports to real, tangible action. While we’re zooming in on the insurance sector, let’s be clear: these insights have universal appeal. The ultimate truth bomb? We’re all customers at heart, and we’re drawn to companies that genuinely invest in the customer experience, no matter the industry. Let’s explore how making that investment can transform any business.

Don’t worry, insurance mavens! Below is your guide to happy (and loyal!) customers – follow these customer strategies to stay ahead of the curve:

6 strategies to conquer and build customer loyalty

1. Customer-Centric Culture 🫶
   • Establishing a customer-centric corporate culture is the foundational step towards elevating customer satisfaction. It requires a holistic approach where every employee, regardless of their role, understands and values the impact they have on the customer experience. Trainings, workshops and evaluation of customer requirements are essential. Maybe this sounds easy – but be honest with yourself, are you doing this on a regular basis and not just once, twice a year when you are asked to by management?
2. Trust + Privacy = ❤️
   • Nothing spells love like trust and respect for privacy. Clear and transparent communication is a linchpin in the pursuit of heightened customer satisfaction. Create transparent, easy-breezy experiences that let your customers know they’re in safe hands. Moreover, by getting it right, the usual disputes over details can be virtually eliminated.
3. Timely Claims Management as a Lever ⏰
   • The main mission of any insurer is to protect its policyholders from the risks of everyday life. With a claim every four years, claims management is often the only point of contact between the insurance company and the policyholder. Ensure their loyalty, according to Accenture the strongest factor to improve satisfaction is the time it takes to get claims handling and assistance.
4. Convenience beats it all 📱
   • Convenience is one of the single most important factor when trying to both meet and elevate your customers expectations. Customers are looking for the quickest and easiest way, be it shopping for new clothes or filing a claim the process expectations are the same. You should be able to do it from everywhere and at any time of the day. If you can provide real-time response, seamless digital journeys, that are easy to navigate you’ve come a long way. If you can’t? 84% of your customers are willing to turn their backs on you.
5. Customer interactions are a common misconception 🤐
   • The human element cannot be overlooked in claims management. Training staff on empathy and effective customer service can make a substantial difference in how customers perceive their experience. Empathetic interactions, especially in the stressful context of filing a claim, can leave a lasting positive impression, turning a potentially negative experience into a loyalty-building opportunity. BUT – do not confuse customer satisfaction with human interaction, the next generation of insurance customers do not want human interaction, calls or conversations at all. (This is specially true for volume claims – and not life and/or complex large claims). They simply want their claims solved – and if it can be done automatically without and intervention by a claims handler or customer service/support it’s a big bonus!
6. Simplicity, simplicity & guess what – simplicity! 🫰
   • In the world of AI, advanced analytics and big data, keeping things simple is key to win the customer-race. Forget about all the bells and whistles – what matters at the heart of the customer is a process that’s easy-peasy (even for the claims handler involved). We’re talking intuitive interfaces and smooth procedures that make life a breeze for customers and users. Complexities? Nah, they just lead to headaches and annoyed customers. Keep it simple, and you’ll see loyalty soar. Trim down those unnecessary steps and cut out the jargon, and voila! Suddenly, the claims process is a walk in the park.

Customer retention in the insurance industry is a complex issue for several reasons:

• Until a few years ago, customers were very loyal. The fast-moving customer is something that is very recent.
• Customers choose an insurance out of convenience and not desire.
• Insurance customers buy the service before they use it – while the customer would rather not have a reason to use it at all.

Customer retention is a very important economic issue

In the past, insurance customers were loyal, but today they are very fast moving. However, customer loyalty is an important issue for this sector of activity since, as in most sectors, retaining a customer costs much less than acquiring new ones. The best way to build customer loyalty is to make sure that the customers are satisfied with the services they have subscribed to, and in the insurance industry, the quality of the services will be tested especially when a claim is filed. This is the key moment in the customer relationship between the insurer and the policyholder. In this article, we would like to give you the keys to understand the challenges of customer loyalty in the insurance industry and show you how remote claims assessment can play a key role in your loyalty strategy.