It’s no secret that 2013 has brought a wealth of challenge to the insurance industry. Agencies have faced turmoil through catastrophic events, unsteady economic growth and uncertainty, and mounting regulations that impact everyday business. However, the year has also provided more opportunity than seen in several years with improvement in the housing market and auto industries, as well as private sector rehiring. For today’s insurance agencies, staying competitive means harnessing these opportunities and creating unique differentiators and customer enhancing experiences to grow revenue and outsmart competition.
The new face of servicing customers in the insurance industry relies on speed and convenience. Customers have become accustomed to buying everything online and expect any product – even insurance – to enable quick and efficient online purchasing and payment. Smart insurance agencies can leverage this as an opportunity to gain efficiency, enhance customer experience and grow their revenue base.
A successful customer payment experience not only creates a positive relationship with the customer, it serves as one of the primary touch points for the customer.The importance of getting this right is paramount. Since insurance is often still a relationship-based business, your payment system should automate and streamline the back-end so agents are freed up to focus on building those relationships – helping customers reduce their risk, plan for the future and know what the best products are for their needs.
The good news is that are a few, simple things each agency can do to improve their customer experience and grow revenue while simplifying operations and reducing costs. Things like integrating your payments platform back-end systems, providing enhanced customer service and response time, and streamlining your payments administration all add up to big returns. To find out more about the ways you can improve your competitiveness, make sure to read our newest eBook, “The Essential Guide to Payments Processing for Insurance Providers: Eight Key Steps to Growing Revenue and Improving the Customer Experience.” Download it for free here.