Insurance Customer service

Importance of customer service

Customer service is important to your business because it retains customers and extracts more value from them. By providing top-notch customer service, businesses recoup customer acquisition costs and cultivate a loyal following that refers customers, serves as case studies, and provides testimonials and reviews.

The commitment to serve their customers is the key for managing once customer and reach to top in insurance sales. Keeping the customer happy benefits the agent and company through customer’s lifetime value. It may be defined as sum of economic benefits that can be derived from building a sound relationship with customer over a long period of time. Customer lifetime value consists of three parts –

i) Historic value : premiums and revenues received through the customer is past.

ii) Present value: premiums that may be expected to be received if policies are to be retained.

iii) Future value: premiums that can be derived by persuading customers to buy new policies.

Agents Preface in customer service :

i) Point of sale : The first point for service is the point of sale. The agent should be able to understand the needs and suggest products whose benefit features are best suitable. The role of an agent is like a personal financial planner and advisor.

ii) Proposal stage : The agent has to help customers in filling the proposal form. It is important that the agent explains and clarifies the proposers doubt while filling the form.

iii) Acceptance stage: The promptness of agent in handing over FPR to customer develops surety in customers mind. Delivery of policy bond is another major opportunity.

iv) Premium payment : Agents can be in continuous touch with their customers through reminder calls for premium due’s in order to avoid lapsation of policy.

v) Claim settlement : Agents play crucial role during claim settlement by providing policy holder details required during investigation stage.

vi) Other services : Another opportunity that agents have in order to give their best is during other services such as nomination change, assignment, duplicate policy etc..

vii) Grievance redressal: The time for high priority action is when the customer has a complaint, the issue of service failure can lead to two types of emotion – a) sense of unfairness, cheating; b) feeling of hurt-ego being made to look and feel small.

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Communication Management skills

communication management (CCM) is defined as delivering consistent brand messaging and support across all channels by understanding customer pain points. It also focuses on strengthening customer relationships. Having a strong communication strategy in place helps businesses to acquire and retain customers.

One of the most important set of skills that an agent needs to possess for effective performance is soft skills. Soft skills relate to one’s ability to interact effectively with other workers, customers. What goes in to making of a good relationship is trust that you generate in your customers mind through – Attraction; Being Present; Communication.

Communication can take place in several forms – Oral; Written; Non-Verbal; Body Language. Lastly possessing good listening skills and being not judgemental helps a lot. Elements of effective listening – paying attention, providing feedback, responding appropriately, empathetic listening and not being judgemental.