Loyal customers are the lifeblood of many businesses, and the insurance industry is no exception. A happy insured will renew their policy every year, promote the carrier to others and cost far less than a new customer to service. A great experience can turn a customer into a promoter with a lifetime value that’s three times that of a passive customer, according to Bain & Company research.
The trouble is that building strong customer loyalty is a real challenge for insurers, largely because they have little contact with their customers. One of the few times when there’s an opportunity to make an impression is when a claim is made, so it’s imperative that the customer experience is good.