4 min read
The Pandemic Has Boosted Mobile Payments – But There’s Still Potential for Insurers to Tap
It's easy to understand the value of bringing in new business. But what about your existing customers? Are they getting the same level of attention as your prospects? If not, it's probably time to rethink your strategy.
Generational shifts have forced insurers to rethink the traditional one-size-fits-all approach to insurance. Here is a brief overview of the consumer attributes associated with each generation of policyholders, along with their respective age ranges, as defined by Pew Research in 2019.
If ever there is a time when an insurance company puts its promises to the test, it is when a claim is filed. For policyholders, this can be the moment of truth when they see how well their agent or company handles their claim after an incident.
Insurance is generally considered "low-touch" industry, continuing to fall short when it comes to engaging with consumers. Unfortunately, a single event - such as a poor claims experience or billing problem - is often the catalyst for policyholders to switch providers, creating a commoditized market and eradicating any sense of brand loyalty.
The concept is simple. In exchange for a premium, an insurance company agrees to compensate a policyholder for a specified loss, damage, illness, or death caused by an unexpected event. So, as an industry that is centered on helping consumers better mitigate risks, why does insurance get such a bad rap? In a word, trust.