Insurance Speak: How loyalty drives revenue

Insurance is all about relationships. From the moment a policyholder purchases a policy to when the unexpected happens and a claim is filed, each interaction with the insurer or its representatives plays a role in the insured’s decision to renew or shop for a new insurer. The latest Insurance Speak podcast highlights the importance of nurturing relationships with policyholders and the impact those efforts have on building customer loyalty.

Tim Roberts, vice president of workers’ comp claims for Everest Insurance, and Grace Hanson, chief claims officer at Hiscox understand how important it is for the insurer to deliver on what is sold with a policy when a claim arises. “This is where customers get to use what they purchased,” shares Roberts, “and it’s an important touchpoint for the company.”

Hanson concurs, “Every touch a customer has with a company is a driver of customer loyalty from delivering a timely payment to conversations with the customer service representative to the tone of the letters we send. All of these improve the outcome and retention efforts.”

Roberts emphasizes that everyone is a potential customer and how responsive a company is really matters. “The highest percentage of complaints involve responsiveness or the lack thereof,” he explains.

To hear more about how insurers can build customer loyalty and its impact on revenues, list to the Insurance Speak podcast here.

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