6 warning signs that indicate it’s time to re-engage your customers: a no-code guide for insurers

Customer engagement is a key factor in customer loyalty and retention. The more engaged customers are with your brand, the less likely they are to switch to a competitor. However, if customer engagement declines over time, insurers must take notice of the warning signs and act accordingly. 

These six warning signs often indicate that it might be time for an insurer to re-engage their customers and rethink customer experience:

1) When sales start declining

2) When customer complaints start piling up

3) When agent turnover rate increases

4)When competitors begin cutting prices or start offering better services

5)When customer feedback becomes scarce and negative reviews start appearing online

6)When retention rates drop

If you encounter these issues, it's time to act fast. First, let's explore the root cause of the above problems - the lack of customer engagement. Why is it happening, and what can be done to reengage your customers?

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Your company is not delivering the right experience

If your company is not delivering the right experience, then customers are more likely than ever before to stop engaging with your brand. For example:

Subpar digital experience

Giving your customers what they want is crucial for successful engagement and retention rates.

Customers are searching for omnichannel, always-on experiences; they are no longer willing to tolerate gaps in customer experience. Customers are no longer willing to wait for support services, so your company must have a responsive customer service team available 24 hours a day.

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Customers are no longer willing to pay significant fees for services that don't meet their needs or exceed expectations, so it's essential to ensure that your company delivers the right customer experience.  

If you don't have the appropriate resources trained adequately and supported by the right technology, customers will disengage with your brand and look elsewhere.

The lack of support

Customers might not be getting the help they need from customer service. They might become fed up with short customer service hours and long wait times, or they might be tired of back-and-forth with your customer service for even the simple transactions.

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The lack of focus on retaining existing customers

Often, insurers forget to engage with existing customers on an ongoing basis; when this happens, customers might be feeling that their insurer has ignored them for some time. Customers may feel like they are on the back burner, and one customer at a time will disengage. It takes only one customer to lose interest before others follow suit.

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You are not using data to drive digital customer journeys

Data is the fuel that drives customer engagement. Trying to provide excellent service in an organization without listening to customers’ wants is like trying to make a fire without fuel. 

Without a data analytics and optimization strategy in place, you'll never fully understand your customer wants and needs. Are people "abandoning ship" because they're unhappy with the quality of support, the pricing of your offers, or the lack of digital experience?

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Optimization is crucial when it comes to boosting engagement. If you are not using data to improve customer experience and drive engagement, your customers will inevitably be disappointed. 

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-Without taking advantage of data, you might not know what content they like and dislike based on their past purchases or which promotions they enjoy the most to optimize future engagements.

-You won't be able to push tailored, well-timed special offers to upsell opportunities.

-You might not be able to capture customer feedback to use it for future product development.

The customers are always right; if they start leaving, then. It means it's time to rethink your digital experience strategy. Organizations need to shift from the old way of doing business and into a more customer-centric way by taking care of customer needs before they even know them and turning them into advocates for your brand.

Customers are frustrated with outdated technology and processes

Insurers are still using outdated systems to manage customer relationships and data. To a certain extent, this is inevitable as dependency on legacy systems is simply too high. But obsolete, slow, and clunky processes on the front-end will no longer cut it. 

Customers are using social media and other channels for support more than ever before. They want always-on, channel-agnostic support that can solve their issues in a matter of minutes. They want self-service, and they want quick problem-solving, and insurers need to be able to deliver.

Simply adding a bot to a clunky experience is not enough. To rehaul digital engagement, you need a strategy that encompasses a multi-channel approach and puts customer experience at the center.

It is no longer the time for manual updates or a lack of integrations with other business channels.

Maintaining legacy systems or upgrading is one of the most critical decisions for your business, as you need to balance customer experience and cost-efficiency.

What's next? Put in place a digital strategy that thrives on flexibility and agility: one that can adapt quickly during periods of change while also being prepared for the future. It's time to update your customer experience strategy from the bottom up, become more agile, and move into the future of connected insurance technology that will deliver on both value-add and customer experience.

In this age of digital transformation, the customer always has the upper hand. You have two choices: you can either listen or lose them for good.

Your employees are not engaged

Your employees are a crucial piece of the puzzle when it comes to boosting customer engagement. When your employees themselves are not engaged, customers won't be either.

Technology alone won't solve your digital engagement troubles. You need to nurture a digital culture within your organization to create a customer-centric culture.

A digital strategy must be part of the strategic roadmap for your company to survive. Digital transformation solutions are not about adapting faster than everyone else and reaching a peak at some point: it is about reinventing yourself over and over again.

Customers demand more personalized experiences

Personalization is the key to customer engagement 2021. Customers want more personalized experiences that digital channels can deliver.

Customers today are well aware of the value of their data. They agree to exchange these data for personalized experiences. If an insurer fails to utilize their data to deliver outstanding, laser-focused expertise, the customer will switch to a company that can.

How no-code can help you on your journey with enterprise-grade, agile digital transformation

Now that we have identified the possible reasons for the low customer engagement, the next step would involve identifying and implementing strategies that can help you tackle the issues above.

Insurers need the ability to react quickly and innovate for their business strategy to stay relevant. They must also offer compelling services tailored towards individual needs in an increasingly competitive market without additional IT investment.

The decision of which technology stack you should adopt to boost engagement and deliver better digital experiences is crucial. No-code digital transformation can help insurers quickly implement agile, customer-centric digital experiences tailored to individual needs.

Are you wondering how to boost customer engagement? If you are experiencing any of the six warning signs mentioned above, it's time to get started on a no-code digital transformation. No-code tools help insurers drive agile digital transformation, deliver better digital experiences quickly and engage with their customers on any channel.