Now, where in all this do you find the time to nurture new clients or sustain long-lasting relationships with your existing clients? Here’s why we think this is of paramount importance.
According to Nick Chadwick, a senior researcher at Fuel Cycle, which advises insurance firms on managing customers, “In 2018, it will be crucial for insurers to focus on engaging millennials who will soon take over the baby boomers.” Incidentally, millennials are the least insured generation who dislike hard sell. They need to be engaged through multiple platforms like social media, emails, online communities and more. Furthermore, there’s an increasing demand from customers to have insurance transformed into a ‘high-touch industry’. It not only builds loyalty but for an industry which sells more or less similar products, it also helps businesses carve an edge over their competitors.
Take this statistic, for instance. According to a study by Bain & Company, insurers who built loyalty by embracing digital platforms and re-training their sales teams to be more engaged with their customers, gained 20 percentage points in Net Promoter Scores over a three year period, whereas those who didn’t focus on loyalty lost out by similar margins.
So, how do you find the time to build loyalty when a large chunk of your day goes in filing paperwork and performing reactive tasks?