Insurance policyholders today have more options than ever, so keeping them loyal is no small feat. The top five insurance companies have figured it out, with retention rates as high as 95%. How do they do it? The answer sounds simple: By offering exceptional customer experiences. But how do they do that?
Managing policyholder expectations
The largest insurance companies spend billions of dollars a year on advertising and brand-building. Industry-wide, the average cost per acquisition is $900. Yet even among consumers dedicated to a brand, 59% will leave after a few bad experiences — 17% will drop you after just one failure.
On the other hand, according to McKinsey & Company, satisfied insurance policyholders are 80% more likely to renew their policies than unsatisfied ones. Today’s advanced AI tools can transform how insurance companies interact with their policyholders. Instead of long wait times, virtual agents can guide customers instantly and autonomously, answering questions and providing support without the need for a human on the other end. An AI-powered chatbot can make the whole customer journey smoother, from navigating coverage details to filing claims.
Intelligent search for smarter results
We all know how frustrating it is when you can’t find what you’re looking for online. Insurance companies are turning to AI-driven search engines to solve this problem. These smart search engines understand what policyholders really mean, even if their questions contain negatives, ambiguous words or typos. They can even detect your preferred language and provide content to match.
On-demand demos: Knowledge at your fingertips
Sometimes, policyholders need a little extra guidance to navigate a tricky process. That’s where on-demand instructional demos come in. These step-by-step guides walk policyholders through common scenarios, letting them find answers on their own. It’s like having a personal assistant right at their fingertips.
By embracing AI-powered solutions, insurers can deliver extraordinary experiences that keep policyholders loyal and satisfied. Whether it’s chatbots offering instant assistance or intelligent search engines providing accurate results, AI is changing the game.
Read the full white paper, “Building Policyholder Loyalty with AI” to get the rest of the story.
