The effectiveness of products and services provided by insurance companies is demonstrated by how well they can attend to the needs of people during times of uncertainty. This statement has never been truer today, now that people all over the world are seeing and feeling the impact that COVID-19 has had, and continues to have, in their lives. The global health crisis has prompted a surge in insurance claims for health and travel, as well as business interruptions. The toll that the pandemic has taken, especially on the economy, has also made clients more uncertain about their future.
Insurance companies can do a lot to assuage these fears and continue to deliver the necessary services their clients need to tide them through as the world rides out the effects of the COVID-19 pandemic. Here are a few suggestions on how they can do so.
Switching to Cashless Processes
Putting customers first has always been an enduring priority for any business that regularly deals with them. For insurance companies, though, doing so now is more important than ever. Policyholders don’t just want to know that their claims will be paid and that disbursement will happen in a timely manner. Customers will continue to trust and be loyal to companies that are able to demonstrate their concern for their customers’ health, safety, and well-being.
Implementing cashless ways to pay and disburse funds can be a great way for insurance companies to show that they care about their clients. For example, solutions like Maya Checkout, a payment gateway that can be easily integrated into any website, can help customers continue to make their payments from the comfort of their home. Cashless solutions such as Maya QR, the Maya ONE device, and the Maya ONE Lite device, on the other hand, allow clients to pay without using cash, which can be helpful towards mitigating the spread of the COVID-19 virus. Doing so also prevents the need for customers to touch things and have to constantly sanitize their hands.
Disbursements can also be done entirely without cash. Maya Payout allows for funds disbursement from the organization directly to a customer’s Maya wallet or bank account. This means clients won’t have to travel out to the insurance company’s office to receive their claim checks, and it also eliminates the hassle of having to cash it out.
Rethink How Customers Are Engaged
Businesses are already well-aware that success, now and in the future, involves digital transformation. In the insurance industry specifically, though, there will always be a need for traditional agents to help customers understand the products that a company offers, as well as how to purchase them.
Given the current situation, it may not yet be safe for insurance agents to see their clients face-to-face. Travel restrictions can also hamper an agent’s ability to meet their customers where they feel safest.
Still, it is the responsibility of insurance companies to continue to find ways to reach their clients and provide useful knowledge while being pillars of support and offering assurances, especially now when these are needed the most. They should then provide their agents with the tools necessary to perform these functions with ease, as well as ways to continue selling supplementary products that they feel might be beneficial to their clients. Looping customers into what’s happening by sending them emails and by conducting regular check-ins with them over the phone or via messaging apps can help narrow the gap. It may also be a good idea to harness the power of the internet and social media to both deliver valuable information about insurance and the industry in general, which can help educate the public while also attracting new potential clients to the business.
Offering More Simplified Products
The complexity of certain insurance products can make customers hesitant to know more about them, let alone buy them. With the shift towards digital distribution, it’s no longer enough to merely simplify the language used to describe these products so that customers are able to understand them better. Even with the support of traditional agents, it is now necessary to simplify the products themselves so that those applying for them only need to supply the company the essential information in order to receive a quote. They should also feel that the terms and conditions to purchase insurance are clear and easy to understand.
It’s also worth looking into working towards making the experience of buying insurance online much more seamless. Straightforward website design that shows all of the information a customer needs to both make a purchase decision can help minimize friction and improve overall customer experience.
Insurance companies that want to deliver better services during the pandemic would do well to adopt a customer-first approach. Anticipating the needs of their clients and attending to them swiftly through solutions that can minimize person-to-person contact helps to mitigate the spread of COVID-19 while still ensuring continued service.
