Differentiating Your Business on National Insurance Day and Beyond

Most will probably agree that the insurance industry is pretty saturated with nearly 6,000 insurers reportedly in the U.S. in 2016. This market inundation has driven many insurers to devote substantial efforts and resources to tackle the challenge of differentiating their business from their competitors. 

Research has shown that one tactic that can help insurance companies like yours stand out in the crowd is to proactively reach out to consumers with positive, value-added messages. Doing so can remind your customers, who nearly 6,000 other businesses are competing for, that your company is there for them -- not just during times of need – but in the day-to-day to offer them insurance resources such as health monitoring, financial planning and identity protection.

The frequency and quality of your interactions with customers can have a substantial impact on the ability to grow loyalty to your brand. Customers who had more frequent interactions with their insurance carriers had a huge positive difference in net promoter scores (NPS) than those who did not.  Moreover, there is a huge disparity in average NPS across customers who were delighted by their interactions versus annoyed by them. Customers don’t want to receive repeated, multi-channel reminders to renew their policies; however, they do want to receive communications that provide value to their lives. Sending your customers positive, clear messages about the list of benefits and insurance resources available to them is a great way to engage with them, and National Insurance Day is a particularly fitting opportunity to kick-off these efforts.

On National Insurance Day, every June 28, consumers are encouraged to review their insurance policies to make sure they have the right coverage they need to protect themselves, their loved ones, and their assets. For a typical consumer who already has a busy daily schedule and list of routine chores, reviewing insurance coverage is a task often put off until an emergency occurs – at which point changing coverage may not help them with their present urgent situation. Your company can position yourself as a true partner by connecting with customers to offer to:

• Review the benefits, services, and insurance resources available to them.

• Discuss any changes that have occurred in their lives or if their needs have changed in recent months.

• Review their policy to make sure the coverage they have meets their current needs.

• Address any concerns they may have or worries that may keep them up at nights.

These communications would not only be a positive, proactive customer touch-point, but it could also provide your company with the opportunity to inform them of any new services that may be a good fit. Adding the right products and services into your customer offerings can provide with your company more ways to positively engage with your customers and add value to not just your business but to their lives as well. You can provide the peace of mind they are looking for with traditional offerings they may have yet to purchase or new product offerings that may now be on their radar, such as identity protection.

Adding Identity Protection into the Insurance Resources Your Company Offers

Offering identity protection is a smart business move because over half of all Americans (55%) stated that they would have more confidence that a business was actively working to protect their data, and reduce their risk of identity theft or fraud, if the businesses were to offer identity protection services, whether for free or at a cost. Additionally, over 50% of consumers shared they are looking to purchase identity protection and 46% of them will look to their trusted insurance providers to purchase it.

When selecting an identity protection solution to offer to your customers, you should consider partnering with a company that values your customers as much as you do. The experience your customers will have with your identity protection partner will serve as an extension of your brand, so you should be sure to select one that will be a positive reflection of your company.

At Generali Global Assistance, we take pride in offering customizable technology and service solutions that address your customers’ needs and help you meet your business goals. Our award-winning marketing and account management teams work closely with your company to offer personalized support that helps you meet your business goals. Our award-winning resolution team provides 24/7/365 resolution services to your customers – that serves as a valuable extension of your brand. In this increasingly competitive market, we understand it’s more challenging than ever for businesses such as yours to find products and services that meet your expectations and truly add value to your customers’ lives – to learn more about how providing identity protection can help do just that, sign-up for our email newsletter to the right→.