When the time for policy payments comes around, insurance firms frequently struggle with unresponsive or unwilling clients. When clients miss out on timely payments, it can be an awkward experience for both parties involved. In times of an unprecedented pandemic, clients are withdrawing and it is often hard to get ahold of them. Moreover, it is generally an unpleasant experience when it comes to making payments. Although the discomfort often does not come from the real obligation to make a payment.
Quite often the hesitation to pay is rooted in a bad experience with the business that a customer has had. We’ve noticed in our experiences that certain clients who are reluctant to pay may have felt neglected by the organization. But think of this predicament from the client’s perspective – their lives have gone topsy-turvy due to COVID-19, and might need to change or alter their payment plan. Their hesitation or reluctance to approach your company will increase tenfold if they have had a bad experience with your company. In addition, they may also have had difficulty contacting a representative of a business in a timely manner or could not navigate their way through an online payment portal.
This comes into play when it’s time to renew a policy, which then results in overdue or defaulting payments, an untreated negative experience does not inspire confidence in the customer.
For a long-lasting partnership with a client, we know that each payment is a bolstering step. To that end, even before the first signs of difficulty arise, the partnership must be nurtured, making the final target, i.e. on-time and ideally online, policy renewal payment, a positive and easy to navigate experience. Online payment portals have to be made foolproof especially with distant safety measures taking place.
Have a Flawless On-Boarding Process
Ideally, as soon as you have acquired your customer, your customer service efforts will be initiated. At this stage, it is important to have a flawless onboarding process because it will go a long way in building credibility and reducing anxiety for your customers. At this point, taking care of small but important details is absolutely crucial. For example, you should thoroughly check and verify your application forms and KYCs with the client. Train the members of your team to address questions and solve their problems as they arise.
In order to resolve any remaining gaps in the acquisition process, a digital process for welcoming clients may also go a long way. Many businesses are known to set up a welcome series of emails to answer universal concerns immediately, particularly in the finance sector. Think of this email as the first step of the welcoming process while answering some frequently asked questions, making the client feel secure in their choice which goes a long way to build trust.
Build a Strong Customer Experience
Build regular communication within the bonding processes to build a positive customer experience. This became extremely crucial in 2020 when people have limited contact with friends and family. Clients like to know that the company they are paying their hard-earned money to care about them. Of course, after implementation and data analysis, and after some fine-tuning, the regular check-ins will help you to determine the mindset they are in, making things clearer for both parties.
Early interventions should be made an important part of the process. If you approach the clients at the end of the year for the purpose of policy renewal, they will most likely opt for some other company whose representatives are more accessible.
You’re going to establish a powerful experience when you:
- As quickly as possible, resolve negative issues,
- When your clients really feel taken care of, and
- Engage on a regular basis with clients and not only for particular circumstances, such as renewals.
Make Payments Easy
Everyone has been in the client’s shoes, facing the same issues in payments which are unnecessarily complicated and arduous, which will become tiresome after a long time period. A little usability testing goes a long way in paving a smooth path vis-a-vis payments for the clients, which have to be fine-tuned frequently. Troubleshooting and developing FAQs have to be a priority when online payments become the norm. Another great instance of making payments easier is by building technologies like two-step payments and smoother payment auto-fill forms.Fit the Medium of Engagement to the Customer
Some people just don’t check their emails on a frequent basis. Phone calls from unknown numbers are not answered by a large chunk of the client base. Others may like to hear a human voice and know that if they have a concern, they can contact a real person. Try investing in having a 24-hour helpline service to build trust with customers for these trying times
Whatever the means of engagement, it must suit the needs and desires of your client. So, it has to cater to your client’s needs and demands. Every client needs to have a customized plan made for them, that caters to their communication styles and payment methods which is easily accessible. ATS Services works with businesses to create opportunities for digital interaction, further contributing to the development of an information bank on consumer habits and preferences.
In order to develop good relationships, this knowledge bank can be used to establish meaningful customer interactions that go a long way.
We support organizations who, before a policy renewal, have these checks and balances in place, which is rapidly gaining importance in a pandemic when times and payment methods are uncertain. At the time of renewal, however, often consumers face challenges because they have been misled or because of discrepancies in the process. These are valuable reminders to keep the process of complete customer interaction clean, clear, and easy to access.
Any portfolio is bound to have a certain number of individuals who actually no longer want to participate. But for most others, the first step in a long-term relationship is to feel remembered by getting their questions and concerns answered.