A customer retention rate is important in any industry, but absolutely crucial to an Insurance Company. We all know that in simple terms, a retention rate in the insurance industry just means keeping customers at renewal time, year after year, for as long as possible. Specifically, this piece will cover 5integration strategies to increase your renewal retention rate.
Think of a good retention rate as a positive customer review or survey. Satisfied customers will renew their policies with you less likely they will shop around for a better rate. The more positive customer experiences they have, the more years they’ll renew. In addition, they will tell their friends and family about your company, giving you more new business. A promoter of your company is invaluable. A happy policy holder is going to help increase your overall retention rate & net promoter score. The problem most insurers have is that they don’t have scalable systems or integrations for their staff to truly offer efficient and timely customer service.
Integration really just means merging 2 or more items seamlessly that will talk with one another. Software integrations that are deployed efficiently can share records and updates in real-time. Integrations are supposed to make for happier employees and happier customers only having to enter data once, creating less work and saving time. Integrations must be scalable and duplicatable. If easier submissions, faster quotes, claims, and increased sales interest you, then integration should be a consideration in your Marketing, Sales and IT strategy.
Imagine an integration that talks with your current system & allows your policy holders & potentials real-time information about their application, policy or claim without ever having to call or email your agency staff? Saving them and you time. Customer-facing software offers a great way to create new touch points–effectively expand brand awareness, manage customer relationships, and offer seamless engagement. The right software applications can cause your customer experience to skyrocket, create efficient business processes, and result in a healthy ROI–really!
It’s so important for your prospects & policy holders to feel important during every stage of the customer life-cycle. How you interact with a lead or prospect vs. a long-term policy holder is very different and your team should have a system that tracks & monitors that and houses all info in one location. Your team needs a solution that works for them, not against them. Here at Noodle Group, we often remain anonymous and become an extension of our client’s team to do work for their clients. Our integration is fully customizable for tablet/mobile and, include a web-based dashboard, real-time tracking, report generation for sales teams, a robust cloud-based backend, automated HTML emails with targeted content, marketing analytics for opens / clicks, and more. No matter the solution you choose, make sure it is customizable for your company’s unique & specific needs to make your customers and internal team’s life easier, not more complicated.
Similar to a customer portal, an internal, agency-facing portal or dashboard is for helping your teams work together and more efficiently. An agency-facing portal should be customizable for your book of business, staff, and company needs. Your staff should be able to login and have access to your company information at all times, from anywhere. Have visibility in the progress of work in real-time and the confidence that files will be secure and available for sharing as needed. Internal company portals will allow for remote work capabilities as well. In this current climate, that is a must.
Are claims taking too long to process? Are your insureds having to wait for long periods of time for their claim checks? Are your payment systems out of date or lagging? Though it may seem like only a small part of what you do, it may affect your retention rate immensely. Digital payment & claim systems are the new way, and the only way to efficiently help your customers. It is also another avenue to increase retention. People expect digital & online payment options. If your current system doesn’t offer this, consider adding an integration that will allow for it and working with a company that can seamlessly make it happen.
Imagine having a custom dashboard that you can see all of your company’s reports in one place? No more constant downloading and sifting through information to make sure it is accurate. Saving you and your team a ton of time, time in which they can be better serving your policy holders, and prospecting for new ones. Noodle Groups custom integrations to an all-encompassing dashboard for your staff can show you daily, weekly, monthly & yearly reports in real-time. Give your team the tools they need to be successful. Give them more time to spend with policyholders, and follow-up conversations, offering the best customer service possible, increasing that retention rate over-time.
Is integration your company’s next step to a better retention rate? Find out more here.
Identity Verification to prevent Identity Theft is not a new concept. It has been around since the early days of banking and became more nuanced as the financial services industry embraced technology. Though the general concepts of identity verification have remained the same, the execution of those concepts has changed significantly. Not only is the goal to keep your data and your customer's data safe & secure, but it is also crucial that the process is quick, seamless, and a good experience for existing insureds and future customers.
AI is exploding and it is getting a little crazy. Here are four principles or safeguards (I am calling them laws) that we will be using and advising others to use when it comes to leveraging AI technology while protecting their for-profit or non-profit enterprises and systems.
Keeping overhead costs low, providing a quality product or service in a timely manner, turning customers into promoters, and increasing overall profits--these are every business owner's dreams, right? There is a way to help with that dream. It is called digital payments.
