Customer Expectations in Insurance
Whether you know it as customer service or a customer experience, meeting customer expectations is familiar territory to insurance agents. But the stakes for meeting expectations in a digital world are higher than ever and insurance agencies must rise to the occasion. Online customers can have expectations that may seem over the top, but when you consider the on-demand landscape you’re working in, they’ve become the norm.
What Are Customer Expectations?
Consumer expectations are the behaviors and processes consumers anticipate when interacting with a brand — and those expectations are higher than ever. According to a Salesforce survey, 66% of respondents expect brands to understand their needs and 80% consider the customer experience to be as important as the products and services. And there’s plenty of evidence the expectations will continue to rise — according to Microsoft, more than half of customers have higher expectations after only a year.
Quality service, competitive pricing, and desirable products are no longer enough to create loyalty. These factors have become the minimum customers will accept, rather than the benchmark for meeting expectations. So why have expectations risen to such a high level? The desire for proactive service, connected experiences, and personalized interactions are driven by consumers’ experiences online, and you can bet there’s more to come.
Rising Customer Expectations: Is Your Agency Ready?
Much of the insurance industry’s market is online, so a modern agency must stay in step with advancements if they want to get their share. If your agency isn’t capitalizing on omnichannel marketing to reach the broadest audience possible, you’re falling behind. If your agency hasn’t adopted automation to fulfill growing expectations of your customers, then you’re behind.
Failing to adopt modern technology in a competitive industry like insurance can make your agency appear out of touch with your digital customers’ needs. Besides failing to meet the ever-increasing demands of your customers, your agency is also leaving a lot of money on the table. How much money? According to a MIT study, companies that are considered digitally mature experience 26% more profit than those who aren’t.
You can bet those digitally mature companies are meeting consumer expectations and are prepared to meet even greater ones using technology and automation. So how can you make your agency digitally mature to meet the increasing expectations of your customers? Remember, modern customer expectations aren’t that different from traditional expectations, but they must be met with a customer experience that is personal, fast, and easy.
Here are three foundational elements for meeting, and exceeding, consumer expectations:
- Get Personal
Many agents are used to providing personalized service in the real world and take pride in knowing their customers. But the digital version of personalization is much more comprehensive and requires an agency’s culture to be customer-centric. That means personalizing the customer journey at every juncture and with every interaction.
How important is a personalized experience for meeting expectations? According to Epsilon research, 80% of customers say they are likely to patronize a brand if the company offers personalized experiences.
- Be Quick
The internet is all about instant gratification, and customer expectations from an insurance company are no different. Customers expect you to solve their issues quickly and satisfactorily on their terms. That means your agency must respond to any issues reported on social media, your agency website, review sites, and via email immediately.
According to a Statista report, 28% of customers expect a response on social media within an hour! How do you meet those fast response times your customers expect across so many channels? You use available technology and automation to improve the customer experience by making response times a top priority.
- Make It Easy
Your customers don’t want to jump through hoops to get the insurance they need. They want straightforward answers to their questions and a one-click experience when they’re ready to buy. How can you make it easier to do business with your agency?
For starters, make learning more about your services intuitive, whether a customer is on your website or your Twitter feed. Create digital forms that are short and only request necessary information. Use email automation to inform your customers about renewal dates and products to protect their assets.
If you’re ready to keep up with the ever-increasing customer expectations, let Agency Revolution give your agency a jumpstart. Our intelligent automated marketing platform, Fuse™, can help you meet your customers’ expectations today and in the future.