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Up-selling and cross-selling strategies have become essential tools for companies aiming to increase revenue, foster customer loyalty, and adapt to market changes. This article explores the key elements that make these strategies effective:   #insurance #insuranceindustry #communications

A June customer satisfaction report from J.D. Power found that nearly 31% of auto policyholders saw rate increases averaging over 15% in the past year, fueling greater interest in usage-based insurance (UBI). “In a market where rate adequacy is paramount for insurers to stay in business and customers are getting hit hard by premium increases, UBI is a very attractive option for drivers looking to save some money, but the rise of UBI is a little bit of a mixed bag for some insurance companies,” said Breanne Armstrong, director, insurance intelligence at J.D. Power. https://bit.ly/3MJ2TmX #autoinsurance #autorepair #usagebasedinsurance #telematics

What a Q2! Here are some key insights from J.D. Power Insurance Intelligence: 🚨 Fewer Than Half of Auto Insurance Customers Trust Their Insurer ❗ 🚨 Half of Auto Insurance Customers Currently Shopping for New Policies❗ 🚨 Auto Insurer Websites and Apps Become Primary Driver of New Customers, Putting Pressure on Digital Experience❗ In the midst of these developments, there are both opportunities and risks. Do you have a proactive strategy in place to safeguard your interests and capitalize on the situation? According to surveys, many insurers seem to be facing challenges. DM me to learn more about how we empower our clients through industry leading data and analytics. #Insurance #JDPower #InsuranceIntelligence #DigitalExperience #AutoInsurance #CustomerSatisfaction #Retention #InsuranceShopping Learn More 👇 https://lnkd.in/d7rK32kX

Why do some customers switch insurance providers while others remain loyal? In general insurance, customer churn poses a major challenge to insurers because contracts are renewed periodically. Traditionally, churn analysis focuses on binary outcomes like 'churn' or 'renew'; a method which can miss out on the intricate transitions policyholders make over time. This can be overcome by employing multi-state churn analysis, which captures the dynamic needs of policyholders, significantly improving the accuracy of customer lifetime value calculations. Dive into the intricacies of customer churn and discover how insurers can better understand and predict policyholder behaviours with our latest article on Actuaries Digital. 🔍 Read the article: https://lnkd.in/gvUYFsGR #actuaries #insurance #churn #retention #loyalty #dodatabetter

To the insurance customer, engagement falls at an interface between the benefits and perils of disclosure. It’s pretty natural for policyholders to feel sensitized to ‘Big Brother’, and unfortunately our industry hasn’t really done a lot to avoid the potential for that perception. Maybe that’s been unavoidable, but without specific information about the home, it’s pretty hard to serve up personalized messaging, even with the best of intentions!😁 I’ve given more thought to this since my last post (https://bit.ly/411Oqso) I think the key is transparency. Helping customers understand not only what information you are collecting, but why you are collecting it, and how you are going to use it. That doesn’t mean burying legalese in complicated Terms of Use statements. 📜 It means explaining in plain language that you gather information (generally about a home) in order to: 1️⃣ Understand what maintenance might be required based on location and age 🔧 2️⃣ Warn homeowners about upcoming weather events, and inform what actions can be taken ☔ 3️⃣ Provide (or promote) tools, products, and services that make sense based on their situation 🎁 ↪�� And, maybe most importantly, explaining that information homeowners provide over the course of engaging with their carrier will not be ‘used against them’. That part can be tricky – especially at the underwriting stage. The key there is to use the carrot and avoid the stick. To pair disclosure with benefits. There has to be something in it for the customer - and it has to be obvious and genuine. What do you think? Have you found that to make a difference? I'll continue to think about this... 🤔 #customerengagement #customerexperience #claims #insurance #beproactive

Embarking on a seamless customer journey isn't just a trend; it's the cornerstone of standing out in today's competitive business landscape. Let us help you create the experience your customers deserve.

Three Trends Impacting the Insurance Customer Experience #callcentre #call&contactcentre #search

A must read! JD Power's recent auto insurance study highlights Trust as the top driver of customer satisfaction. Trust, earned over time, proves to outweigh industry-wide premium increases. Carriers are focusing on building trust through flexible payments, enhanced customer service, and innovative claims handling. Researching trust leaders in the industry and adjacent industries could inspire industry-wide change. #Fletcher #CompetitiveIntelligence #Insurance Read more: https://lnkd.in/grGWVGxd

Did you know? 59% of consumers would consider buying insurance from a non-insurance brand they already use... Learn how your brand can capitalise on customer loyalty in our playbook: 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐢𝐧 𝐚 𝐎𝐧𝐞-𝐂𝐥𝐢𝐜𝐤 𝐖𝐨𝐫𝐥𝐝 𝐀𝐜𝐜𝐞𝐬𝐬 𝐨𝐮𝐫 𝐩𝐥𝐚𝐲𝐛𝐨𝐨𝐤: https://lnkd.in/gpyUjwzh 𝐈𝐧𝐬𝐢𝐠𝐡𝐭: Trust is the #1 reason customers will buy insurance from your brand, surpassing factors like price and convenience. #CustomerLoyalty #InsuranceInnovation #InsurTech #EmbeddedInsurance

Auto insurer websites and apps become the primary driver of new customers, putting pressure on digital experience, according to the J.D. Power 2024 U.S. Insurance Digital Experience Study. 🔑 Key insights: - More than half (53%) of first-time buyers start their relationships with auto insurance providers through digital channels. - Digital is the first choice for 42% of switchers and 46% of retained customers. - Satisfaction is highest when customers have digital-only interaction with insurers. 👉 More findings in the press release: