The insurance market is more competitive than ever. With challenges to smaller insurance companies coming from all angles, it can be hard to keep up with the ever-evolving marketplace. Plus, as Google enters more of the insurance market, there is going to be a new version of aggregators capable of competing.
Technology and AI are now able to drive down the price of policies, automate processes and offer new and exciting rewards to customers. However, in a world where technology is reigning strong, how can insurance brokers maintain emotional connections and stand out? Perhaps there is an opportunity within the evolving world of insurance for companies to offer a holistic, personal service that delivers on all of the essentials too?
Here’s our take on how insurance brokers can stand out in a competitive market.
1. By focusing on the emotional connection
One major advantage of the evolving marketplace is that it has made it more important for businesses to provide localised value-adding relationships. At present, nurturing relationships with clients is more important than ever and keeping up with your client’s demands can be a great way to remain competitive.
As technology evolves, insurance companies are able to offer all sorts of niche and bespoke and exciting perks. However, at the heart of any business relationship is an emotional pull to a product or service which comes from the human relationship. Delivering a high level of service is becoming more of an imperative as the marketplace gets more competitive.
2. Remember the power of remarketing
People are busy and they will forget about you if you let them. This opens up opportunities for your competitors to swoop in and steal your clients from under your nose.
Once you’ve nailed delivering expert service and building that rapport up, it’s essential that you reach out and keep the relationship going. By increasing the touchpoints of the insurance lifecycle, you will be able to stay at the forefront of your customer’s minds whilst also being on hand to help them out with any requests or needs.
3. Provide a platform that adds value
Customers want to save more and have access to their insurance policy when they need it most One of the best ways you can offer this in a really simple solution is by providing an online customer loyalty platform that enables them to see their benefits in one place.
With a customisable loyalty platform, you’ll allow your customers access to an array of benefits that will keep them engaged, boost retention and enable you to win new business. With a ready to go white labelled platform, you’ll be able to showcase the best of your brand and add value to your clients in order to really stand out.
4. Connect customers with relevant products and services
Following on from the last point, it’s not just about providing products and services in a one size fits all manner. To stand out in a competitive market it’s essential that you have data analysis that is able to provide targeted discounts and benefits. This allows your customers to really feel valued and understood and enhances the emotional connection to your brand.
This data analysis also doubles up as a great way to open up new selling opportunities as an insurance business and keeps you informed on their consumer behaviours.
Are you looking for the latest technology to help you stand out in a competitive insurance market? Why not take a look at the range of bespoke solutions we offer brokers?
For more information, you can also get in touch and book a call in with us today