Why Customer Portals are Key for the Insurance Industry

09/08/2017
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Today’s customer has certain expectations about how they will interact with businesses and organisations. Naturally, this extends to the insurance industry – covering both commercial and domestic markets. This consumer expects to be able to get the information they need, whenever and wherever they want – and in a way that makes sense to them. This isn’t something particularly ground breaking, the importance of customer/user experience is well known – we’ve even blogged about it before - Could a poor user experience be damaging your business?

It may surprise you to learn then that certain industries, insurance amongst them, have been slow on the uptake with things like customer portals. The insurance industry is also one that could gain far more than others from implementing customer portals. Giving customers instant and easy access to contracts, schedules, T’s&C’s, and other useful information, such as their risk profile, makes their life easier, and also saves the insurers valuable time and money as well. In an industry where new business is hard to come by, and customer loyalty is a top priority, the importance of this is easy to see.

Carefree Customer Communication

Communication is key to any business, and it’s the least customers will expect. Plus points for the customer portal here then. With information centrally stored and easy to access, 24 hours a day, there can be no more confusion about who is sending what to whom, and if something has got lost in the post or a Junk mailbox.

It also means it is far easier for insurers to update documents and information, without having to resend everything to customers. Update the centrally stored file, and voila. The whole process just became simpler and far more efficient – not to mention the time and money savings to be had as well.

Tailor Made Customer Experience

We talked briefly about the importance of customer experience, and linked to our blog as well. Customer portals are an extremely simple way to improve this. Let me explain, the customer portal is an environment over which the insurer has complete control. I.e. they can decide how it looks and what messages are displayed to what customers. This will ring especially true for those of you in marketing – getting the right message to the right people is the biggest battle.

It also means insurers can adapt the portal to the feedback that they get from customers. Do they want more information on latest offerings? Or would they like more visibility on their risk profiles and how they can be improved? All of it is possible within a customer portal.

Happy Customers = Loyal Customers

Customers value businesses that give them the opportunity to interact the way they would like to. This means giving them easy access to any information they may need or may be relevant to them. If they have to fight against a poorly designed website, or have to phone a helpline to receive a simple document, the experience quickly becomes frustrating. Frustrated customers are far less likely to renew.

Many of these points are quite simple, and may seem obvious, but they are far too often overlooked. In an increasingly crowded industry, where customer loyalty is becoming more and more important, insurers cannot overlook the value to be gained from something as simple as a well-designed customer portal.

If you'd like to know more about our work in the Insurance industry - click here.

Alternatively, if you'd like a free consultation about implementing a customer portal for your business, talk to us today.

Our Expert
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Will Hockin

Sales and Marketing Executive

Will has a passion for writing in and outside of work, and is keen to get people talking about the innovative work Software Solved are doing.

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