Auto premiums have been steadily rising for years, and 2023 is shaping up to be no different. In fact, rates are projected to rise 12% in 2023 according to a recent report by Insurify.
How can you remain competitive in the market when you can’t promise the best deal every time?
88% of insurance customers demand more personalization from providers. Thinking back to when you received outreach from a salesperson or from a marketing campaign, how many times have you responded to a generic template that was clearly sent out in a bulk email?
Your customers feel the same. A great way to add a personalized touch to your insurance products, which naturally are relatively inhuman in nature, is to take extra time to get to know your client and to send personalized and specific outreach. For example, an idea for renewal could be an email reminding them of their renewal coming up, and also asking about their kid’s baseball league. Similarly, a handwritten card or gift on important anniversaries is a thoughtful touch.
Bottom line, it takes a few extra minutes to build better trust and relationships with your customers to dramatically impact your retention rates, which saves and makes you more money YoY.
Offer Self-Service Functionality
It’s no secret that Millenials and Gen Z are more inclined to utilize and prefer a digital experience, as well as the ability to self-service. However, self-service functionality doesn’t have to mean an expensive and/or timely technological overhaul. There are simple measures that you can offer your customers to satisfy these needs.
An option that is extremely common within the U.S., but definitely a deal breaker for a majority of Americans, is the ability to pay for services with a credit card. In fact, 84% of consumers say that the ability to pay with a credit card is either non-negotiable or at least “nice to have” when working with a vendor. Similarly, the ability to offer auto payments is attractive to a good chunk of consumers – 39% to be exact.
At a minimum, consumers would like to have the ability to at least login and view coverage information online. Beyond that is when a business can start to distinguish itself from its competitors without grappling on price.
Want to learn more about how you can leverage technology to improve your digital buying experience and increase customer conversion and retention rates? Download our white paper, Appropriately Pricing Insurance Opportunities and Driver Risk.