In today's competitive Insurance industry, it is imperative to focus on customer loyalty. Retaining policyholders long term is hard to do when there are so many other options available to the average consumer. Consumers expect more from their Insurance carriers in this current landscape where inflation is high, and rates continue to rise.
Paylode is the leading provider of policyholder perks for the Insurance industry. After working with some of the biggest Insurance brands in the country, and also powering perks for the fastest growing innovative insur-tech companies, the Paylode team has learned a thing or two about how perks can be used to drive meaningful outcomes and ROI for the Insurance industry.
Alex Vlasto (VP of Marketing from Jetty) says it best: "Paylode enabled us to quickly launch our member benefits program, save time, and provide a valuable experience for our members."
There are some companies out there that now offer an open marketplace style dashboard (similar to what Trivago does for the hotel industry) for prospective customers to browse custom Insurance options based on their individual needs and preferences. It's not just about offering the lowest price, but also about what other additional benefits are available to the shopper, all available to see on one page.
In the age of sophisticated customization for quotes of goods and services, customers are more inclined to pick and choose which features they need compared to more of a bundle style of features that they do not want or need. Every prospective customer has a different individual circumstance. Forcing people into bundle options are a major turn off for the average consumer, but a common practice in the Insurance industry.
By simplifying this often arduous process of shopping for Insurance quotes, the days of having to talk on the phone to a sales rep for long periods of time just to get an overpriced option is quickly becoming a thing of the past. Companies that offer multiple quote comparisons on one page have flipped the Insurance industry on its head with their easy to use mobile friendly platforms. You can either stay afloat with these drastic changes or sink by not standing out.
How can one stand out in this current landscape? The following are ways that Paylode can help:
- Engagement & Retention: Paylode helps you Engage your policyholders monthly by giving insurance companies an option to offer valuable discounts and offers for products & services they need, on a regular cadence. This is especially valuable if you can’t compete on price with other Insurance companies. Example of preparing your home for winter months, installing security monitoring, etc.. This ability to “add value” regularly and stay on top of the policyholders mind, helps further reinforce the policyholders appreciation and loyalty with the specific insurance brand which ultimately leads to Retention and Policy Renewals. To Book a Demo with Paylode to see how it works, Click Here.
- Cross Sell your Policies: Cross-promoting your Insurance company’s sister policies (pet insurance for your home insurance clients, car insurance to your travel insurance clients, etc) by launching a curated perks program, Insurance companies that use Paylode are able to increase their cross-sell rate across their entire policy/coverage portfolio.
- Conversion Rates for new policyholders: By giving your prospects a glimpse into the “value add” offerings that come with your insurance, you are able to increase your conversion rates and gain more prospects to see you as “more than just an insurance expense.” You have a vast amount of perks to choose from with over 700+ national perks and 180,000+ local perks via the Paylode Marketplace. Prospects can start seeing you as a valuable partner in their life, not only insuring the things they care about most, but also by helping to save money and to gain access to products they need in their daily lives.
See how Traveler’s Insurance (powered by Paylode) is currently offering perks for their customers:
With a plethora of options available to consumers, Insurance companies must find innovative ways to stand out and provide added value to retain policyholders long-term. Embracing these changes and focusing on perks to ensure customer loyalty is strong, can help insurance companies thrive in this highly competitive and ever changing industry. To learn more about Paylode’s insights and key learnings from working with leading Insurance companies (specifically around the topic of loyalty & retention using perks) Click Here to speak with a member of the Paylode team for as little as 15 minutes.