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Survival of the Fittest: Making It Through the Pandemic as an Insurance Company

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Industries of all sorts were affected by the Covid-19 crisis. Some sectors are more badly hit than the rest. Others were thriving and were able to increase their net worth. If you are in the insurance industry, then you know the good and the bad that the pandemic has caused. The pandemic surprised the industry with its unprecedented impact, and only a few insurance companies were able to keep up with their customer’s demands.

No businesses might have predicted and had adequate preparation for the wrath of the pandemic. But some companies were able to make it through thanks to their resilience and ability to make quick and wise decisions. If your goal is to remain in business even after the pandemic, it only makes sense to make the necessary changes to better cater to your clients.

The following are some ideas on how insurance companies can make it through the pandemic.

Create a Professional and User-friendly Website

Most consumers these days are on the internet, looking for the things they need and browsing for possible things they can spend their money on. In July 2020 alone, there were $4.57 billion active internet users. This only means the chances of your clients and target audience being online and looking for the exact services you are offering are extremely high.

Even if your company already has a website, you need to ensure that it stays optimized and contains valuable information your audiences will need and wants to know about. You need to make sure your visitors can easily navigate the site, won’t have a hard time looking for what they want to know. Know that insurance websites are never created equal and that this can give you a competitive edge when attracting the right clients.

Keep Up with Your Digital Marketing

Having a website is not enough. You need to make sure your target audience can easily find your website even if they have no idea that your company exists in the first place. Paying for ads is a good way to get quality leads. But you also want your brand message to reach more audiences in the fastest way possible without appearing spammy.

Digital marketing can help you build brand awareness, boost your online presence, and improve your online conversion rate. This is nowhere an easy task, which is why most companies outsource digital marketing services instead. This way, you can focus on your clients while a team of professionals takes charge of your online marketing needs.

Find Ways to Better Educate Clients and Potential Customers

The pandemic made it clear that many insurance companies’ customers did not fully understand what their policies do not cover. This is evident after many clients expressed their dismay in public after finding out that their insurance won’t cover pandemic-related business interruptions. Just imagine their horror after getting denied for a business disruption claim in the middle of a pandemic.

Educating your clients and target audiences now will shed more light on the issue at hand. Insurance companies should make an effort to ensure all their insured clients fully understand the basics of their policies. They should also make it a point to explain their offers to potential clients by using terms that their clients can easily understand.

Most insurance policies contain complicated terms and confusing conditions. Since most consumers want to save money, they tend to buy the cheapest policies thinking they are still somewhat covered. Insurance agents should take time to explain all the terms of a potential customer’s preferred policy before finalizing their application.

Thankfully, we are never short of technological resources that can help better educate clients. Start with your company site and let it account for your expertise. Think of interactive video presentations, email newsletters, publishing insurance industry news, blog posts your customers will understand, and social media engagements. You can even go for your own company’s mobile app to serve smartphone clients who are always on the go.

Online Services

business communication concept

With more people spending most of their time at home, it becomes imperative that you try to make your customer’s life easier. Chances are, your website now allows clients to schedule consultations online and offer free insurance quotes file or track claims, or even look for an agent online. To make it easier to cope during the pandemic, allow online services to ease your client’s pain points.

This includes allowing them to do online transactions like online payments and enrolling in an autopay. Also, consider including a paperless option for their monthly bills.

The pandemic brought about a series of new normal in many industries. For your insurance company to keep, be ready to embrace change. Only when you reinvent your company will it thrive and better cater to your customer’s ever-changing needs.

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