There are a number of challenges facing modern insurance organizations, but one key area of focus deals with reducing customer churn by improving overall policyholder satisfaction levels. Policyholder satisfaction, however, can be impacted by so many different factors that it's often difficult for organizations to know where to start. That's why we encourage insurance organizations to start with their most important and frequent customer touchpoint: premium payments.
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.
The insurance space is a highly competitive one, where the expectations for innovative payment options have been steadily growing for years. Large competitors in the industry recognize that digital payment offerings are now an essential aspect of a positive payment experience, which insures satisfied customers. Part of this is shifting demographics. The Millennial population has officially surpassed the Baby Boomer generation, and Millennials complete payments through their insurance carrier’s website or mobile platform at extremely high rates. However, even the Baby Boomers are turning to digital payments in unprecedented numbers, which just goes to show the universal need for e-payment options.
Insurity Connected is an annual client conference that brings together some of insurance’s leading industry analysts and executives to discuss the latest trends, actionable insights, and best practices. This year, the conference took place virtually throughout May. There were a variety of sessions aimed at helping insurance companies effectively meet heightened customer expectations and address changing marketing trends.
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