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Social Insurance

Why Taking a Social Approach to Insurance Could Transform Your Business

Is it time to look beyond cost – and discover what really motivates customers?

Why do your customers take out insurance with you? Is it all about cost? Or is it a way to make their lives better?

People don’t want to claim on their insurance – they don’t want to be involved in accidents, have their house burn down or be broken into. What they are looking for is protection against an uncertain future.
 
It’s all about safeguarding their life – their health, lifestyle, family, home. So, it begs the question, how much do you know about their life, health, lifestyle? Do you know much about their fashion sense and travel habits, their taste in wine or their favourite holiday destinations?
 
If you did, wouldn’t that make it a lot easier to sell to them?
 
For too long, insurance has been sold as a commodity – “here, have the cheapest. It does what it says on the tin.” That’s not going to work well in the future. In fact, it doesn’t work that well now, and perhaps should never have been allowed to flourish.
 
Back in the old days, insurance agents and brokers met their clients face to face and established rapport. Those days aren’t coming back. But, perhaps ironically, modern technology can replicate the human touch. We call this taking a social approach to insurance. It requires the use of modern marketing tools and methods, modern technology too. But it’s all about the people.
 
Taking a social approach to insurance means being responsive to a customer’s lifestyle and considering their life events, relationships, emotions and social networks. It is a way of thinking that is focused on delivering ‘insurance as a service’ that is human-centred, adds value and genuinely makes people’s lives better. It is insurance that is seamless, straightforward, intuitive, human and socially responsible — and provides a connected customer experience at any time, on any device. It can deliver a huge range of benefits, enabling you to: 
 
  • Personalise the customer experience – by listening to individual needs so you can deliver value, not just price.

  • Build relationships and engage your customer – by maintaining an ongoing relationship through the use of innovative technology such as apps and digital channels.

  • Use data to create a ‘single customer view’ – because customers will give you more information about their lives if they believe they are getting something of value in return. (Just ask Facebook – it worked for them).

  • Generate cross‐sell and up‐sell opportunities – because the more you know about an individual customer, the easier it is to offer them what they want.

  • Involve customers emotionally – lots of brands do this. It’s what branding is really all about.

  • Improve customer retention and advocacy - designing services that take into account customers’ life events, emotions, relationships and social networks can lead to sustainable retention.

To find out more about the social approach to insurance, download our whitepaper or contact our team.

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