Mar 07 (newsonjapan.com) - Insurance can be a rather profitable field for those who do right by the business. In the United States alone, the insurance industry experiences a yearly market growth rate of about 2.8 percent.
But not all insurance companies have been on the receiving end of such benefits. In fact, even as the market for insurance grows larger and more dynamic, many insurance brands have found themselves bleeding money. Quite a lot of these losses can be attributed to one important phenomenon: customers leaving because they’re no longer happy with what these brands can offer.
Though the exact causes for this customer dissatisfaction may vary, one common pain point is the user experience provided by the company’s insurance platform. If you’re having a hard time onboarding new customers or securing the loyalty of old ones, part of the problem may lie in your current stack of insurance technology. Should this be the case, upgrading your insurance management system may solve some of the enduring issues your customers have with your business and, ultimately, get you back on track to being profitable.
With this in mind, what are the most noteworthy customer-related issues that stem from an outdated insurance platform, and how can you fix them? You’ll find the answers in the analysis below.
What’s Causing the Bleeding? 3 Alarming Problems That May Stem from Your Insurance Platform
Three issues that you may recognize in your own situation are the following:
Your Customers Think Your Insurance Delivery is Inefficient or Unreliable
It’s a bad sign when your customers are hesitant to transact with you on your own platform, or if they’ve openly complained about inefficient and unreliable service from you. Perhaps your current insurance platform can’t handle a large volume of cases, or perhaps it’s built on silos that get in the way of promptly settling your customers’ concerns. Either way, if your customers can’t trust that your system can give them a consistently good experience, they’ll be out the door at the next opportunity.
Your Insurance Processes are Redundant or a Trouble to Complete
Do your customers feel like they have to jump through several hoops or input the same information over and over again to do simple things like verifying their policy? If your current system can’t make these processes simpler, faster, or more accurate, then customers will feel like they’re wasting their time. They also won’t hesitate to move on to other companies with speedier platforms. Truly, holding onto outdated, inefficient processes is a surefire way to lose these customers to your competitors.
Your Customers’ Insurance Experience Feels Dated
Finally, your customers may be dissatisfied because it doesn’t feel like their insurance experience has changed with the times. Tech literacy has increased both among older and newer generations of insurance customers, and these markets like to see improvements in the systems that they engage with.
Given this, it will not be enough for you to rely on minimally digitized versions of your legacy system’s analog processes. For you to truly impress your customers and keep them within your orbit, you will need to consider a revamp of your insurance management system and a full-scale digitalization of your insurance delivery.
The Final Word
It’s never easy to accept that your business may not be doing as well with its customers as you had hoped. But if your system is plagued with the problems listed above, customers won’t think that their insurance coverage is worth the expense or the hassle.
That said, the onus is on you to revisit your current system and transition from an outdated platform to an up-to-date one. While you still have time, consider going through the necessary growing pains and modernizing your company for success in the future. The investment will help you live out your company’s values for the years to come. More importantly, your efforts can cultivate those same values within a contemporary market.
To give your organization a head start, here are a few suggestions on what you can do to improve your insurance platform, and the benefits these changes can provide to you and your customers:
- Make the switch to a cloud-based insurance solution. Doing so will keep your company’s most important data from being walled off in siloes, thus allowing for better synergy between departments.
- Start implementing a more data-driven approach to your offerings. Being able to collect and analyze large swaths of data can provide your company with valuable insights on how you can better serve your customers.
- Prioritize quick and frictionless insurance experiences for your customers. The fewer hoops customers have to jump through just to accomplish the simplest tasks, the more likely they’ll be to stay with your company.
- Give your customers the ability to personalize their insurance programs. By using a platform that makes it easy for you to roll out highly customized programs, your customers will gain the impression that you truly understand their specific needs and desires.
Given all the above features and benefits that the right insurance platform can provide you, the sooner you leave your old one behind, the better. Make sure to choose a platform that you can depend on for the long haul and that will continually improve the way you deliver insurance. The result will be a larger share of the market and a legacy of dedication to the growth of the insurance sector.
