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Customer Centric Business Models

What Do You Think?

Customer Centric Business Models

A company can’t operate without customers, but it’s not easy finding the best way to deal with them. The options today’s insurance-buying public have at their disposal have forced insurers to change the way they connect with their customers. Loyalty to a particular insurance carrier has always been related to how well the last claim was handled, but today loyalty means more than simply satisfying a claim; it means connecting with the customer in different—and seamless—channels. This month we asked three analysts to offer advice on customer connectivity. Our group includes: Karen Monks, an analyst with Celent; Russ Bostick, managing partner with MVP Advisory Group; and Ellen Carney, principal analyst, insurance e-business and channel strategy with Forrester.

This month’s question: What is the next step in customer connectivity that you would recommend for insurance carriers?

Russ Bostick

MVP Advisory Group

Never take relationships for granted—and if in doubt, always send flowers.

In today’s transparent world, it takes just one bad experience to move from ‘best friend forever’ to ‘you’re so last year.’ So be there timely for life events, be available on demand and be relevant so you stand out. You need to be in all venues that prospects visit: Facebook, exchanges, aggregators, consumer blogs, etc. Provide a chat service with robust off-hours support. Gather social media data and use predictive analytics to make direct solicitations relevant.

The 2016 policyholder wants to have it their way, so you need to provide omni-channel access so that they can. When they want to speak with someone, provide your front-line staff with a complete contact history for all channels.

Finally, when things go badly, as they sometimes do, don't forget to send flowers. Even virtual ones will leave an impression.

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