Young Agent Assets: Want Happy Customers? Get Back to Them.

One of the main drivers of customer satisfaction in the insurance industry is responsiveness. In today’s 24/7, constantly-connected world, customers want your immediate attention. If they can’t get what they want, when they want, marginal clients will go to a competitor. Fickle, but true.

On the flip side, great responsiveness can lead to satisfaction, loyalty and could even convert some customers into evangelists for your brand.

It’s all in the research folks.

The J.D. Power 2016 and 2017 U.S. Property Claims Satisfaction studies show a direct correlation between responsiveness and satisfaction. According to the study in 2016, a belt tightening in the industry led to a decline in customer responsiveness, triggering a subsequent decline in customer satisfaction. The 2017 J.D. Power study  reported a different story. “Following the significant declines in customer satisfaction found in the 2016 study, property and casualty insurers redoubled their efforts to improve the settlement process and fine-tune their customer interactions, efforts that have been clearly recognized and appreciated,” leading to a new all-time high in overall customer satisfaction.

And, although Velocify’s Insurance Industry Online Buyer Experiences study focuses on the “online” experience, its stats paint a similar picture:

  • Online insurance buyers wait an average of 2.3 days to get a call after submitting an online quote form and a shocking 39 percent of potential customers do not receive a call back, resulting in lost business.
  • The average wait-time for an email response was 22 hours, even though responding within 20 minutes could increase conversion rates by 49 percent. Given the fact that email automation is common place these days, this lag time is unforgivable – especially to millennials.

Regardless of the products you offer, your pricing or creative marketing efforts – the aim should always be to create a better customer experience. Reducing response times is a big part of that. Never be too busy respond to your clients. They are the reason you receive a paycheck.