.svg)
Even before the onset of COVID-19, the price of auto insurance policies is what motivated the majority of consumers in their purchasing decisions. In fact, a recent survey conducted by MDgo confirmed this sentiment, with 52% of consumers choosing cost as the major driver when purchasing auto coverage. And with new actors entering the market and shaking up customer engagement models, auto insurers are challenged to focus on their on-going customer experience and the quality of their touchpoints “after the quote” in order to improve customer retention and their return on policy investment.
So how can insurers exceed customer expectations post-quote?
1. Be there to support policyholders when they need it most
It’s clear that general consumer trends favor personalized and on-demand services. Based on just a quick look into other industries - think Amazon for ecommerce or Netflix for content creation - customers are presented with contextual insights and personalized recommendations in real-time. It’s these features that earn their trust and keep them coming back for more.
With platform economy companies setting the customer experience bar high, auto insurers too should be thinking of how they can offer policyholders the same sense of security and support in their purchasing decision so that they will be motivated to stay on board. This starts with an understanding of when and how to offer those personalized touchpoints, shaped around key moments in the policyholder’s customer journey, such as at the moment of an accident.
With access to accurate and real-time accident detection, auto insurers can engage policyholders based on their specific circumstances, vehicle damages, bodily injuries and location. Even more, auto insurers can offer their customers lifesaving potential by automatically alerting first responders when there’s been a serious accident. Taking the initiative to look out for customers by offering them lifesaving potential can help shift the focus from price to the quality of customer engagements in your policy renewal discussions.
2. Show that data privacy matters
The buck on customer expectations doesn’t stop there. In addition to expectations for tailored customer care, consumers want service providers to respect their privacy and personal data, or at least be transparent about what it’s being used for. As a result, auto insurers may sense resistance from customers around installing devices that track their driving behaviors and habits, even if it means receiving a discounted rate.
Therefore, in order to gain access to the detailed accident data that powers personalized customer engagement and experiences, auto insurers should not only focus on collecting user-based data on an on-going basis, but rather offer the option to only collect data at the moment of an accident, when it’s needed most. By letting customers know that their privacy is respected, and that data is only collected to provide them with a direct benefit like lifesaving potential, auto insurers can earn consumer trust for the long run.
3. Acknowledge customer expectations in real-time
Another preference that the platform economy companies have sowed in consumers is a favoritism for “one-stop-shops”. Just think about how many different products you can purchase on Amazon alone. Supplementary or additional purchasing recommendations are usually embedded right into the customer’s shopping cart, so they don’t need to go far in order to find the next item on their wish list.
For auto insurers with access to advanced vehicle damage and bodily injury data, meeting customer expectations at key moments can be as simple as suggesting a complementary product during an online shopping experience. Auto insurers can leverage their knowledge to provide policyholders with a tailored response to their immediate needs, be it a reference to a nearby repair shop that specializes in certain kinds of damages or a recommendation to immediately visit the hospital based the severity of injuries. These capabilities allow auto insurers to deliver personalized added value to customers in the moments of need, namely following an accident, but also show that the insurer is committed to an agile and tailored customer experience.
By gaining access to ADR’s AI capabilities for managing accident scenarios, auto insurers can improve the quality of their customer touchpoints post-quote with the incomparable offerings of lifesaving potential, data privacy for drivers and insights into bodily injuries for a more seamless and personalized experience overall.
.svg)
