Research by Ernst & Young from 2014 shows insurance customers around the world want simple, personalised communication from agents and brokers. In 2019 you don’t need to wait for your customer to come to you. Reach out to them with useful information before they know they need it. This does not mean bombarding them with newsletters or social media posts. Instead focus on getting to know your customers and providing them with relevant content. There is some work involved in understanding your client's specific needs. You should:
- Delve into your website’s analytics
- Ask existing customers to complete a survey
- Speak to agents in your brokerage
Use this information to understand customers pain points and provide answers to their queries before they get in contact.
The challenge with this approach is often scaling the service but technology like chatbots can help. It is estimated the global chatbot market will reach $1.25 billion by 2025. Research from 2017 shows the insurance industry is already heavily invested in this new technology. The advantages of chatbots for brokers include:
- They are available 24/7
- They can help customers with standard queries
- They help simplify the claims and renewal process
Although chatbots are excellent at simple tasks like finding a customer's balance or enabling them to make a payment, they are often not capable of handling more complex queries like a disputed payment or complex question about a product. This is why finding the balance between technology and people is also important.