5 Tips to Drive Retention and New Customers

5 Tips to Drive Retention and New Customers

How Brokerages Can Bolster Profit with Customer Self-Service Tools 

These days, a brokerage provides customers with guidance on insurance policies, gives risk advice and provides assistance to gain policy renewals to bring in new customers. While keeping existing clients for the long haul, and finding prospects is a solid strategy, brokerages must also offer efficient and client friendly self-service tools to survive online and grow their book of business. 

Essentially, customer self-service tools teach your clients to solve their own insurance problems.  

5 Tips to Increase your Brokerage’s Book of Business with Customer Self-Service Tools 

Customer self-service tools are not just for the most advanced brokerages that have been around for eons, but a must-have for all brokers that want to thrive in the ever-changing insurance landscape. Here are 5 ways customer self-service tools will lead your brokerage towards profitability.  

  1. Own the Digital Buying Experience

    Insurance customers are increasingly demanding a super-efficient online buying experience like never before, so your brokerage’s digital platform should be armed with an arsenal of tools that blow your competitors out of the water (or at least keep up).

    Do you offer a client portal that allows your customers fast access to all their insurance needs, including an online pink card, in one spot? Proprietary self-service tools that offer multipurpose functions are essential for brokers to compete in the ever-evolving insurance space.

  2. Real-Time Services: Empower your Clients with Instant Information

    Self-service tools created by brokerages often include a Knowledge Base, chat bots, and apps that provide clients real-time access to their insurance information. People who search for home and auto rates online, for example, want to get information quickly so they can make decisions on the go, while comparing premiums to get the best rates and coverage possible.

    Make it easy for potential customers to buy from you by putting the most relevant information in their digital hands while providing exceptional service to current clients with a one-stop shop for their insurance needs.

  3. Personalize Your Communications

    Your potential clients (and existing customers) not only want to be sold a self-service tool that you are 100% certain can improve their lives. They want to know you are speaking directly to them. While self-service tools generally speak to a general audience, your customer tools can be individualized and emulate a real human, even when clients are interacting with a chat bot.

    A proper UX consideration ensures your communication is in-line with your customer’s expectations and ultimately solves the visitor’s problem (or gets them much closer to the solution). A chat bot conversation that ends abruptly, on the other hand, will dissuade consumers from feeling confident they can find insurance solutions using your tool.  

  4. Build Solid Relationships

    While your brokerage’s self-service tools may be at the pinnacle of their success, has anyone heard of them? While it’s important to get in front of your clients to tell them the benefits of using your proprietary tools, I.e., selling to your customers, building long-term relationships is the best route to drive new sales and create highly satisfied clients.

    A potential prospect will always go with the person they know or a quality referral, so build your business relationships one step at a time and over time your self-service tools will sell themselves.

  5. Data Driven Technology: AI Powered Tools that Deliver

    Artificial intelligence has seeped into the insurance industry as brokers and insurers see the benefit of leveraging data to increase their bottom line. Equally important is customer ease when filing out an insurance claim, comparing quotes, or policy reviews, often tedious processes that are a time waster.

    Brokers that offer an automated platform or portal as an all-in-one insurance solution will thrive, as more and more consumers demand quicker and more efficient systems for their insurance queries. Automation skips the manual process that brokers use and replaces it with a full-circle view of your customers and how to best serve them. Ultimately, an AI-powered tool can quickly move potential clients to long-term happy customers.    

As a brokerage, using customer self-service tools is crucial for attaining and maintaining a competitive advantage in the insurance industry. Whether your goal is to cut costs or to save time, or both, empowering customers to utilize self-service tools will lead to an increase in customer satisfaction, which is what will propel your brokerage forward in the long run.   

Trufla is an insuretech based in Calgary and Cairo and offers several self-service tools for brokerages, including truMobile. Trufla leverages the power of digital to solve brokers’ problems and offers tangible solutions so brokers can compete in an ever-changing industry. www.trufla.com to find innovative product details.