Moments of Truth for an Insurance Agency Key Touchpoints in the Insurance Agent-Consumer Relationship

Moments of Truth for an Insurance Agency Key Touchpoints in the Insurance Agent-Consumer Relationship Blurb: In the last few weeks I have had conversations with friends or family about their insurance. Their biggest anxiety? Not knowing what to expect next and when.

We blogged recently about using video at key touch points in the insurance process to solidify and boost bottom line results. But whether you use video or not, it’s important to manage key client touch points for sales success and customer satisfaction (i.e., good reviews and referrals)

Insurance is especially volatile at the moment - auto, home and business. Insurance companies are scrambling to find a way to profitability in the face of extreme weather events and loss cost increases across the board. To paraphrase an old plumber’s saying: ‘things’ flow down hill. And down hill is where insurance agents and consumers are.

Pricing updates happen more often and underwriting rules are more fluid. It’s hard to let a client know what to expect from a new or renewal policy process when, as an insurance agent, you aren’t confident there won’t be mid-stream changes. But you have to try.

The key moments of truth for your insurance agency are those touch points with clients where you can let them know what to expect next and when. Some of those touch points are transactional (new or renewal policy, claim), some are informational (the market is changing: what that means to you).

The better you are able to help your client anticipate the next steps in their ‘insurance process’ the happier they will be. The more personally you can deliver that information (video email), the better for the relationship between you and your insurance agency client.

In person conversations are best but time, distance and schedules mean these don’t happen that often. Phone conversations are good, you can glean a lot from tone of voice, but even those can be challenging to line up. So we resort to asynchronous communication…you know, I send you a text or email, you look at it and respond when you get around to it and then…lather, rinse, repeat.

Video can vastly improve the quality of email and text communication and will help bridge that gap between in-person meetings and perfunctory, dry text.

Building a strong relationship with your insurance clients is essential for long-term success. This involves a series of interactions or touch points throughout the customer journey, from initial contact to policy renewal and beyond. Here are some key touchpoints to consider for car, home, and business insurance:

Pre-Sale Touchpoints

• Initial Contact: This could be a phone call, email, or in-person meeting. Agents should listen carefully to the client's needs and tailor their recommendations accordingly.
• Needs Assessment: Conduct a thorough assessment to understand the client's specific risks and coverage requirements. This will help determine the most appropriate insurance products.
• Quote Presentation: Present multiple quotes from different carriers, highlighting the key benefits and drawbacks of each option. Provide options on coverage as well: here’s an apples-to-apples quote based on your current insurance and here’s a quote based on our needs and risk analysis.
• Policy Explanation: Clearly explain the terms and conditions of the chosen policy, ensuring the client fully understands their coverage, limitations and exclusions.

Post-Sale Touchpoints

• Policy Delivery: Provide the client with a copy of their policy and ensure they understand how to file a claim.
• Welcome Packet: Send a welcome packet with additional information about the policy, including important contact numbers and resources.
• Regular Check-Ins: Periodically reach out to clients to ensure they are satisfied with their coverage and to address any concerns.
• Policy Review: Conduct a comprehensive policy review before renewal to ensure the coverage remains adequate and competitive.
• Claim Processing: If a claim arises, handle the process efficiently and compassionately, keeping the client informed every step of the way.
• Policy Renewal: Reach out to clients well in advance of their renewal date to review their coverage and discuss any changes or updates.

Ongoing Touchpoints

• Market Updates: Keep clients informed about changes in the insurance market that may affect their coverage or premiums.
• Risk Management Tips: Provide valuable tips on safety and risk management and prevention to help clients protect their assets and well being.
• Customer Satisfaction Surveys: Regularly conduct surveys to gather feedback on the client's experience and identify areas for improvement.
• Referrals: Encourage satisfied clients to refer friends and family to your agency.
• Social Media Engagement: Maintain an active presence on social media to connect with clients and share helpful information.

By consistently engaging with your clients at these key touchpoints, you can build strong relationships, improve customer satisfaction, and drive long-term growth for your insurance agency. Remember, the goal is to be a trusted advisor, not just a salesperson.