4 things you MUST do to build a successful insurance product.

  Adam Bishop   |   28th April 2021 - 3 min read

Schemes | Insurance | Knowledge Centre | SchemeServe

Note; if you’ve not got time to read, the YouTube video is at the bottom 😉

1. Ask yourself, why should your customers care?

How is your product going to change your target customer’s life? What difference will it make? What is special or unique about it which means they’ll not only be telling their colleagues, but their friends!

Give your customers a reason to care. If it’s not remarkable, people won’t talk about it.

Put this question at the forefront of your mind when making decisions relating to your product. Ignore it, at your peril!

2. Find out how can you help the communities in which your customers hang out.

RESEARCH. What does this community need? What are they asking for? Do your research and find that hole your product could fill. See if you can genuinely connect with communities, WITHOUT selling. This will make all the difference to your research, and to your brand.

Cheeky tip; think about what you can give these communities for free – is it an app, a website? What would they absolutely love?

3. Keep your insurer happy.

What does your insurer need? What are they frequently asking for, or struggling with? Is it MI? Reports? Data exports? Have the answer for them, before they even ask the question.

Get ahead of the game, and it will change the conversation FOREVER.

4. Make customer experience your guiding light.

We could go on… and on… and on… about the importance of customer experience. So to save your mental well-being here are the highlights.

  • If you can shave a few questions off your question set so customers can get a quote and buy in record time – and this applies to business customers too – then do it.
  • Keep reinforcing the value of completing your form wherever you can, and make it as easy as possible.
  • There is always a slicker way, and the difference it will make is your customers will return again and again … and they’ll bring others!

‘A Walker study in 2020 found that customer experience will overtake price and product as the key brand differentiator.’

(https://www.superoffice.com/blog/customer-experience-statistics/)

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