Money is tight. Everyone wants to feel as if they are getting the most out of every dollar spent. While brand perception and trust are vital, many insurers have refined their customer satisfaction focus to now pursue and measure customer loyalty.
Like many other industries, the insurance industry is experiencing diminished returns on traditional advertising designed to improve brand loyalty and fuel business growth. Ads are no longer a reliable means of driving new business especially with younger, tech-savvy consumers. As a younger generation begins to make insurance purchasing decisions, it is vital for insurance agencies to harness technology in order to connect with customers and build brand loyalty.
Now more than ever, insurance providers are struggling to increase customer retention and are in need of some help. A recent study conducted by Satmetrix gathered the average customer loyalty of various industries and found that insurance was one of the lowest, with a customer loyalty rate of 23 percent. It is likely there is a correlation between this percentage and the lack of technology insurers have to utilize that would strengthen relationships with existing customers. Consumers are clearly expecting more from their insurance companies and increasingly desire a more personalized and proactive touch.
So how can technology help? Read More »