How digital transformation of insurers can help keep customers loyal

Customer loyalty becomes a challenge for insurers. According to Accenture’s 2015 Global Consumer Pulse Research, only 29% of people worldwide are satisfied with their insurance providers, and fewer than 16% of all insurance customers would renew with their current insurer.

The question is, what can insurers do to boost customer satisfaction? One huge area of research uncovered by Accenture has to do with digital technology. We live in a digital world, and customers expect to be able to interact with their insurers digitally – not through the mail, or through the phone. And if insurers don’t keep up with customer trends and satisfy their needs, their satisfaction rates will continue to fall.

What are insurance customers looking for?

The Accenture survey revealed some surprising statistics. Consumers rated digital and cross-channel engagement as extremely important to their satisfaction. 47% of the surveyed consumers said that they would prefer a more comprehensive online interaction with their insurers.

However, just having an online presence isn’t enough.

49% of the surveyed consumers had made a purchase of an insurance policy online but only 15% of those surveyed customers are satisfied with the online insurance policy purchase process.

Optimize the claims process – and build customer loyalty

The biggest cause of customer resistance in the insurance industry is a poor experience in the claims process. Any insurance claim is, by default, a stressful event. So insurers should take all steps necessary to minimize this stress.

The best way to do this is to implement Intuitive online claims processes that eliminate duplication of labor, inefficient processes, and gives customers the resources they need to resolve their issues.

So, by providing a great online tool with which to process claims, insurers will be able to deliver an enriching and positive customer experience.

Advanced payment systems ensure timely payouts 

Advanced electronic payment systems are also a huge factor in consumer satisfaction. Even if a claim is processed effectively, consumers don’t want to wait for payments. Traditional paper checks can take weeks to get to the recipients, further increasing their stress.

Integrating digital payment solutions such as Deluxe eChecks for insurance can help you resolve claims, issue payment quickly, and cut down on the paperwork.

This, in turn, leads to higher policyholder satisfaction rates, easier claims processes, and a higher rate of customer advocacy and loyalty for your company.

Transform your company – and get ready for the digital age

By transforming your company into a savvy, digital-ready insurer, you can speed up the claims and payment processes, using smart digital insurance portals and easy-to-use payment solutions such as Deluxe eChecks. eChecks are traditional checks delivered via email using a highly secure platform, which allows faster processing and higher customer satisfaction. Meeting the demands of your customers increases their loyalty to your brand, allows them to act as advocates for your services, and reduces customer resistance.

Customer ExperienceInsurance Trends