Curating Trust During COVID-19
We are in the throes of one of the world’s most unprecedented situations: the coronavirus. With the incredibly difficult changes many are facing right now – from the loss of loved ones to the collapse of businesses – people are turning to various organisations to find peace of mind.
Governments, banks, and of course us in the insurance industry, are now under immense pressure to provide clarity for our customers during this unpredictable period. So, what is your organisation doing to ensure your customers are being put at the forefront of your business, in spite of these strange and uncertain times? Also, are you ensuring your staff have the capacity not only do their job well, but also to avoid the mental health pitfalls that can come from changes to their working life.
Managing your business effectively is more important now than ever, and in this guide we aim to offer some actionable advice for making the most of what is available in terms of working productively.
How Can Your Business Respond to the Crisis?
There are a few ways you can respond to the crisis that will help your customers understand how you are going to continue to provide them with the service they are accustomed to. Let’s take a look at some of them.
Flexible working may be something your business has been taking steps towards before the virus began, and any effort towards this kind of flexibility will have helped you cope with the massive changes to the 9-5 life.
The main issue with flexible working is ensuring that there are no gaps in communication between staff and with customers. Allowing staff to work from home for their own safety is great, but if you aren’t working at the same level of productivity as you were in the office, you might struggle to provide the same services.
Admiral Insurance recently offered their customers £25 as a way of helping customers. Due to the lack of cars on the road in the past few weeks, they have paid out less and are therefore passing on the ‘savings’ they have made to their customers. Of course, this is a rather clever ploy to increase customer retention going forward, with customers likely to remember the gesture when it comes round to renewal.
If your company is in a position to offer something similar, whether it’s a cash payment or some form of credit, it is likely to be well received by your customer base.
Embracing Digital Strategies
The insurance industry is age-old, which means there are some practices that have worked so far that simply do not in a modern digital environment. If you’ve noticed an uphill battle towards adjusting operations and moving them into a more digital space, now is the time you will probably notice the fallout of those choices.
Embracing new strategies, whether these are operational or otherwise, is a great way to modernise and put yourself in a previously unseen space.
For example, setting up a digital marketing strategy that uses online ads can promote your company to specific audiences that are now captive due to being in lockdown and having more time to reconsider their insurance provider, particularly if their previous company’s response to the virus has been inadequate. It might also be a great time to invest in a CRM as well as looking to social media platforms like Twitter and Facebook as a new stream for customer service.
How COVID-19 is Highlighting Gaps
For some businesses, the coronavirus has helped to highlight operational gaps. It might be that you’ve noticed areas that could be improved with training, or gaps in the chain of command that perhaps need to be revisited.
It’s not all doom and gloom though. There might be things that you notice that need to be rewarded; employees streamlining their own work and thereby improving workflows, for example. It might also be that some employees’ efforts are actually more noticeable, which could lead to a more appreciative company culture.
Your employees mental and physical wellbeing during this time really is going to make or break your business. Your staff will be confused, nervous, and ultimately unsure of their future both at work and in their personal lives. Knowing that you have their back will increase trust and loyalty, which will enable them to do their job better.
Gaps in digital set ups among brokers are highlighted even further due to COVID-19 and brokers who are more agile and bullish seem to be capitalising. How customers are treated during the pandemic will be ingrained in to their buying behaviours, so a little can go a long way now as we all are facing these uncertain times