In an industry with infrequent customer touchpoints, like insurance, every policyholder interaction holds a lot of weight. Your organization only has so many opportunities to connect with insureds, which means one negative experience could result in a cancelled policy or, worse, customer churn.
Losing business to customer churn is a notorious challenge in the insurance space. Part of what makes this loss so difficult is trying to determine why your former policyholders are leaving – an investigation almost as frustrating as the churn itself.
There are a few common reasons for customer turnover, some of which are out of your control as an insurance provider. But, fortunately, one of the primary drivers of churn is something that your organization can actively address and impact: customer frustration.
Anyone who has been involved in purchasing software for their organization has heard of the term SaaS, or Software as a Service. And while many people understand, at least on some level, what SaaS is, it’s often hard to quantify the benefits of SaaS for your organization. For insurance companies, SaaS solutions provide a number of unique benefits that can drive real business results.
In the insurance industry, there are several key challenges that organizations need to address to remain competitive and keep policyholder satisfaction high, such as:
- Improving policyholder retention and satisfaction
- Ensuring accurate account reconciliations
- Keeping up with innovation