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If there’s one thing your insurance business can do to make its employees and customers happy, it’s finding a way to reduce delays and downtime in your internal processes with the customer. In many cases, the right technology is a big part of the solution.
The need to move fast in today’s world
Speed is no longer superior or distinctive. It is the primary expectation that most consumers prioritize and are even willing to pay extra. This means that if your business is not delivering customers quickly, you can be sure that your competitors areand this means that the business is lost.
Speed drives satisfaction in insurance
People don’t like to wait. Although putting the customer on hold for a few minutes it can lead to customer satisfaction (CSAT) not to suffer. It shouldn’t surprise you to know that, when it comes to customer experience with insurance companies, getting claims resolved quickly is a big part of customer satisfaction and retention.
A recent survey by Hi Marley SMS texting insurance companies found that The highest performing and highest rated claim modifiers also had the lowest time to first contact (TTFC). These highly successful insurance agents reached their customers within three minutes, making 80 percent of their first contact within the first three and a half hours. On the other hand, the lowest rate of change took more than two days to contact their customers.
It’s not earth-shattering to know that claimants who received responses within hours were happier with the service they received than their counterparts who responded in days. But seeing the big difference in speed can make, not only customer satisfaction but also profit, it’s news. Hi Marley’s research found that high achievers were able to close claims 10 percent faster than low achievers, on average, which meant they closed claims three days faster.
When you decide to shave three days, or 10 percent, from each of your businesses, think about how it will affect everything from employee satisfaction to profits. Whether it’s more people doing more in less time, or growing your business without overspending, eliminating delays from your processes will make everyone happier with the work they’re doing and the service they’re getting. .
Insurance has a speed problem
A PwC Scholarship 2018 found the majority of respondents to a global survey (nearly 80 percent) ranked “speed, convenience, knowledgeable support, and friendly service” as key drivers of customer satisfaction. The same survey also found an 18-point delta between respondents on the importance of the customer in the insurance industry and how satisfied they were with their experience in the insurance industry.
Based on our knowledge of the matter gentle nature of the insurance industry as a whole, including Hi Marley data on claims speed and satisfaction, we can extrapolate that at least part of the less-than-good customer experience insurance buyers report is based on speed, or lack thereof.
Further evidence of the relationship between speed and satisfaction in the insurance industry is an example record-high levels of customer satisfaction and car claims in 2020 when COVID reduced the number of claims and processing time increased. A JD Power Scholarships found that the number of claims on vehicles reported during the pandemic helped insurers reduce the number of vehicles (ready) from 12.6 days to 10.3 days. This is in line with a four-point increase in car insurance customers planning to renew their current policy compared to last year.
All in all, it seems clear that the problem of the insurance business is directly related to the customer gap. But does this affect certain areas that cannot be reserved for customers? Short answer: You bet it does!
Efficiency and speed are important for insurance producers and subsequent operators
Working for an insurance company, agency, or MGA/MGU, you can easily see how fast communication and seamless processes can impact your customers. The same goes for your licensed agents and insurers, along with other employees and auditors.
Acting quickly at peak times means that your producers are ready to sell quickly. A simple (and quick) process for appointments and license renewals is very burdensome for administrators and law enforcement. Helping your employees do their jobs faster, including, but not just getting manufacturers ready to sell sooner, helps you build a reputation as an insurance agent or organization that easy to do business on, because, and finally with. Whether it’s your reputation among your colleagues in the house or the people you share the bottom line with, being known for creating a unique skill helps everything from. recruitment of producers and storage to reduce operating costs.
Increasing speed with modern insurance technology
Insurance companies experienced a significant increase in customer satisfaction when claims adjusters used SMS technology to quickly communicate with policyholders. Likewise, technology may hold the key for insurance carriers and organizations looking to reap the rewards of speeding things up in other areas of the business.
If your insurance company, agent, or MGA is suffering as a result slow, manual, and tedious manufacturers are on the risespending money unused carrier arrangementsor delay due to data and operational silos (among many other issues), see how add AgentSync it can improve speed and satisfaction at every stage of the distribution lifecycle.
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