What insurance customers want
Everything at the VVB expert group meeting last Friday revolved around the personalized customer journey of insurance customers. In his witty presentation, Zeno Hug, the passionate customer experience trailblazer from BSI, showed how insurance companies can rise above the competition and build sustainable customer relationships. This included four lessons and vivid use cases from insurance practice.
Everyone is talking about marketing automation. It is, however, often misused to frequently flood customers with more of the same: even more impersonal newsletters, inappropriate bulk campaigns, boring mass mailings. Our customer advocate Zeno Hug insisted that this is not the right way to win over customer hearts and build sustainable relationships. He showed the way out of this boring one-way street of the inner view towards an individual customer sales pitch that addresses what the customer actually needs:
From insurance company to preferred life event partner in four steps
- Content instead of product in the foreground.
- Content must be personalized.
- Content must be helpful and offer added value.
- Creativity and courage is rewarded
“No one knows their customers better than an insurance company. They know about the family situation and know more about good times and bad than most friends do. Insurance companies cannot benefit from this knowledge by blatantly selling products, but by proactively helping their customers,” appealed Zeno Hug.
Products, offers and services can be developed based on life events that are of human significance. “If these are offered proactively at the golden moment, through the right touchpoint as an individual service, then they sell themselves,” stated Zeno Hug with conviction.
And he did not skimp when it came to examples from insurance practice:
- The most beautiful day in someone’s life is the birth of their child. This is followed by a blissful, yet also very exhausting time. Fathers and mothers cook, do the laundry, clean house virtually one-handed and around the clock, which leads to backache, stress and fatigue. Perhaps a custom voucher for a massage (in place of a standard fitness center voucher) would be a more appropriate choice here?
- Relocation is a significant event for many people. As an insurance company, why not send a checklist at such a time, containing practical tips for the next steps, to convey the feeling of being there for them? A CRM system gathers the pertinent information in the background, steadily making the customer view broader, sharper and clearer. This knowledge can be used for impressive customer experiences in which the service is front and center, and not the hard selling. “Product purchase is a logical consequence of the service provided up front,” according to Zeno Hug.
- Flu shots, for example, can be promoted anytime and everywhere at the same time. Or you can wait until the first snowfall and ask whether the customer (possibly with his kids) has already built the first snowman – and connect this weather event with a flu shot coupon. This might take place at different times in Munich, Cologne and Berlin. And if no snow falls in Bremen, then other content more relevant to the customer provides some other significant customer benefit. What matters is that the message is individual, appropriate and personal.
The group participants were very interested and asked many questions. There was interest especially in the sustainability of automated customer stories, customer-focused processes, the selection of small customer groups and the integration of individual steps with BSI Studio, the BSI marketing automation platform.
We will always need insurance. But how do customers prefer to consume it? The sum total of excellent customer experiences in the form of tailored content, individual messages and personal services is what makes the difference. Customer experiences are the decisive success factors and the essential distinguishing features when designing impressive customer relationships. And this inspirational factor is of particular interest to us at BSI.
The VVB – Vereinigung der Versicherungs-Betriebswirte (The Alumni Association of Insurance Professionals) of the Institute of Insurance Science at the University of Applied Sciences Cologne and the nationwide active German Insurance Academy (DVA). With numerous expert groups and regional meetings, the VVB knits together a tight relationship network in the financial industry. We at BSI appreciate the exchange among like-minded individuals and are pleased to be part of this select group.