What are the real needs of your insurance clients? Question them
Hometown Unhappy Clients :Real Needs Insurance $28 Billion
Three client silhouettes are shown on a phone screen, with pop-up feedback icons—such as emails, reviews, and five-star ratings—everywhere around them.
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According to Robin Shufelt, CEO of First Acre Insurance, a new MGA for farmers, the first step in gathering customer needs research is to ask questions instead of making assumptions about what your customers want.
However, according to research by insurance software company EIS, less than half of global respondents (49%) said they felt their insurance provider was responsive to their basic needs, even though the insurance industry invested nearly $28 billion on customer experience in 2021.
Whether you’re an underwriting company modifying its policies or a broker coming up with the best ways to sell based on the actions of your clients,
Reducing guesswork by regularly researching your customers’ needs will help your coverage options stay relevant.
The company’s mentality is to incorporate the customer’s voice into all aspects of operations, according to Shufelt. However, this is easier said than done, as one must constantly ask themselves, ‘Do I have a preconceived bias on what I think the customer wants?’
Clients Synonym
Regarding the pre-launch preparations for the business, she continued, “We did speak to farmers and brokers early on.” Everyone here would concur that none of us had any idea what we would come up with. The reason for our success, in my opinion, was that we talked to potential clients before coming up with a “solution.”
Receiving the proper customer feedback is essential to a successful product, and the strategy required to achieve that may vary depending on the company.
As for Shufelt and her group, “We’ll use our own experience working on farms; we’ll call farmers, we’ll call brokers and speak to them; we’ll do everything [to access] research about all Canadian farmers to get an external view.”
However, the work doesn’t end there. Consumer demands are erratic, necessitating ongoing interaction. Consider, for instance, how rapidly driving patterns altered during the pandemic and then recovered.
“That conversation has to continue,” she stated. Farmers contact us on a regular basis to ask, “What are your current problems? Does that look any different in a year? It ought to, and we ought to pay attention to it and keep going to converse with them and keep resolving those issues.
My Clients Plus
You could get customer feedback through focus groups, online surveys, or brief phone calls.
However, how frequently should you inquire about your clients’ insurance requirements?
Creating a list of priorities is one method that businesses can address the most critical requirements.
For instance, we will have monthly meetings with brokers to get their input. They will be able to view and contribute to our roadmap at any time, in real-time. They participate in all of our strategic discussions.
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