The power of consistent engagement
Rather than solely focusing on interacting with policyholders at renewal or when seeking payment, insurance companies can optimize their relationship-building efforts by engaging with policyholders consistently throughout the year.
Consistent engagement ensures that policyholders feel valued and supported, fostering a positive perception of the insurance company and its brand.
For example, send an email or SMS text once a month asking for feedback, and adding an incentive or commitment to donate to a charity. Companies like Amazon often askfor feedback or public reviews on select products in return for small credits like a $5 Amazon gift card.
Enhancing Value Delivery
Delivering consistent value to policyholders is an essential component of successful customer engagement. Insurance companies can go above and beyond by offering additional perks, benefits, and rewards to policyholders.
For example, T-Mobile offers a weekly program to their customers called T-Mobile Tuesdays where there is a small reward like a $2 Dunkin' Donuts gift card each week, or even once a year a free annual subscription to MLB TV.
Just like T-Mobile's T-Mobile Tuesdays program, insurance companies can create their own reward initiatives that give policyholders something to look forward to each week.
You have the flexibility of choosing how frequently you communicate with customers. Exclusive discounts, special offers from partner brands, personalized recommendations, or even access to educational resources related to insurance and risk management make great rewards.
T-Mobile offers tons of free add-ons to their bundle packages, such as their Magenta and newly offered 5G home internet:
Why incorporate perks all year round?
Increased satisfaction: Cultivate a sense of appreciation and satisfaction. When customers feel valued and receive ongoing benefits, they are more likely to view the insurance company favorably and remain loyal.
Building trust and loyalty: Demonstrate a commitment to their well-being beyond just financial transactions. This helps build trust and loyalty, encouraging policyholders to choose the insurance company as their long-term partner.
Improved retention rates: Continually deliver value and engaging with policyholders throughout the year to improve policyholder retention rates. When policyholders experience ongoing worthwhile benefits, they are more likely to stay with the insurance provider rather than seeking alternatives.
Strengthened brand perception: Insurance companies that prioritize consistent engagement and value delivery subtly differentiate themselves from their competitors.
For example, asking for authentic public reviews on sites like Trustpilot with proof, in return to discounts on ongoing policy plans that are active. Tower Appliances is a great example:
Launching partnerships in house can be notoriously hard. Platforms like Paylode can help you launch a perks program quickly, going from 0 to fully-fledged perks integration seamlessly. Third parties also negotiate the partnership deals, getting you access to deeper discounts than you'd be able to drum up on your own.
If you need help deciding how to first implement, let's talk.