Customers know what they want from their insurance company today and will vote with their wallets if their provider isn’t giving them what they want.
Here are the 6 things consumers are looking for in their car insurance provider:
1. Competence and Integrity
Nobody wants to have to contact their insurance company; that’s the truth. If they do, it means that something has gone wrong. Insurance is there when we need it, but we all hope we never will. This means that when the time comes, customers want to be sure they can rely on their insurance company.
They want to know that their insurer will honour their arrangement and stand up for them. Lots of people still mistrust insurance companies or are generally wary of them. An insurer would do well to build trust with its customers by always displaying competence and integrity in all they do.
2. Value for Money
One of the first things a customer looks for in a car insurer is a low price. This is very important, but what they’re really looking for is value. They want the best service for the best price. Customers are still likely to apply for a premium with a reputable named brand over a cheaper company they’ve never heard of.
But they tend to pick the reputable company who’s offering the best price. Therefore, even if your premiums aren’t the cheapest on the market, make sure they represent the best possible value. This is what customers care about.
3. Progressively Cheaper Premiums
The reason customers shop around for new premiums is to find a lower price. It’s often the case that their premium increases after twelve months instead of becoming more affordable. If their loyalty isn’t rewarded, customers will seek a new provider when they can.
Be the insurer that rewards loyalty. While insurers can’t fully control price increases, especially to a customer who’s claimed that year. If a customer’s position, vehicle and location have stayed the same – and they haven’t claimed – they will be expecting a price decrease.
Customers don’t want to go through the hassle of shopping around every year if they don’t have to. Give them a reason not to by giving them a better premium. If you don’t you risk losing them. What’s their motivation to stay loyal?
4. Latest Innovations
A way to offer lower premiums and reduce road accidents is to take advantage of the latest innovations in technology. Mobile telematics for example. This is an absolute game-changer for the motor insurance industry. Any provider that isn’t offering it risks falling behind their competition.
Not only does mobile telematic technology encourage motorists to drive more carefully, it offers insurers a way to offer lower premiums, justify why they do, and pay out less money to cover accidents. Not because they avoid doing so, but because there will be fewer accidents. It gives both the customer and the insurer mutual benefits and strengthens the relationship between them.
Customers are waking up to the benefits mobile telematics provide and are actively seeking out insurers that offer it. Be there when they do.
5. Good Reputation
Naturally, customers want to give their money to insurers who have the best possible reputation. This is because that insurer has demonstrated reliability with others, so the customer hopes this will be the case for them too.
By providing excellent service, being there for customers when needed, and offering the latest innovations as they become available, an insurer stands the best chance of not only winning customers – but retaining them.
6. Ease of Use
Customers want their insurance company to be accessible. This can take many forms; it may mean not keeping customers on hold for a long time when they call. Or it could mean creating online customer portals where they can manage their own account.
It could also mean assigning customers their own case representative if needed, someone who keeps them informed. This means the customer never needs to chase their insurer during a claim and always has a contact they can reach out to.