Trust in insurance is like a porcelain vase. Painstakingly crafted over time, yet capable of shattering in an instant. Insurance companies need to understand that a policy sold is not just a transaction.
It is a promise made to be there when life unravels, to provide clarity in times of confusion, to stand firm when uncertainty strikes and to deliver when it matters most.
As an insurance marketer myself, I strongly believe that upholding trust by delivering on promises made, is one of the most invaluable gifts that one can ever give to their client.
While it can be tested in a lot of situations, trust is particularly crucial when it comes to resolving an insurance claim. In these high-pressure and emotional situations, an insurer’s true character is revealed.
Today’s customer is more informed and empowered with information regarding the insurance space, therefore, a single misstep can throw away years of goodwill, marketing and brand building.
Trust however, is not only built during crises. It grows in the everyday moments when we show that we are not just a business seeking premiums, but a partner invested in the wellbeing of our communities.
It is neither a line on a brochure, nor a company’s slogan, but rather, it is the sum of countless experiences, decisions, and interactions that clients have with the companies they are dealing with.
Trust is built when marketing, claims, operations and leadership are aligned with one single goal, doing right by the customer, consistently and transparently.
To uphold trust, insurance brands need to maintain simple, constant and transparent communication with clients on their policy benefits, limitations and costs throughout their policy period.
Before settling down on a certain product or service, today’s customer will first ensure that whatever he or she is settling for will be credible and transparent at every touchpoint.
Gone are the days when slick advertisements and lofty promises were enough to convince a customer to settle for a particular company or take up a particular product.
Recognising that insurance customers already have a clear idea of what they want, can enable underwriters to not only meet their needs but also deliver exceptional service across every aspect of the experience.
Understanding the expectations, financial situation and risk profiles of customers prior to recommending a product, can also help to enhance trust.
The future of insurance belongs to brands that understand the fragility of trust and treat it with the care it deserves, as well as implement strategies that reflect the world we live in.
