HOW CAN INSURERS BUILD ENDURING CUSTOMER RELATIONSHIPS ?
DIGITAL STRATEGY
“ Technology exists to make our lives easier , so , by extension , customers have to be the centre of technology ”
— Lucas Ward , Co-Founder , President and CTO , Kin Insurance
32 customer ; if we lose touch with our customers , both current and future , we lose business .”
HOW CAN INSURERS BUILD ENDURING CUSTOMER RELATIONSHIPS ?
Successfully using customer service as a key differentiator often hinges on selecting and developing a personalisable aspect of the experience . For Kin Insurance , Ward states that the company demonstrates a willingness to ‘ go above and beyond the call of duty ’ using its technology to do what other , less digitally-advanced insurers cannot . “ While other insurance companies don ’ t operate in Florida because of its hurricanes , we do because that ’ s where the need is highest . Our technology simplifies every part of insurance , from quote to claims , so our customers can save money on essential coverage and have the help they need to recover quickly from a loss .” The company also involves customers by sharing the underwriting profits with them directly , creating a dynamic , deep and incentivised relationship .
Deepening customer relationships is a core business concept , and this is equally true for policyholders and the
NOVEMBER 2020