Insight Library

How “business as usual” communications can deliver profitable new sales and boost customer retention for insurance companies around the world

Since 2005, Riverside has developed and implemented successful customer communication programmes – working with dozens of insurance companies on 5 different continents.

Insurers: How the next best offer can help you build sales and boost persistency

Selling again to an existing customer is generally easier and less costly than selling for the first time to a new prospective customer.

And for insurance companies, selling more to existing customers can also have a positive effect on persistency – often a vitally important factor for profitability.

Effective customer communication for insurance companies. More essential than ever before in a post-pandemic world

At last, there are tentative signs in some countries that the worst days of Covid-19 could be behind us.  Restrictions on personal freedoms are certainly becoming less onerous and people are slowly moving in the general direction of previous norms.

If traditional insurance companies won’t communicate effectively with their customers… who else will?

Tomorrow’s industry leaders could include some different but familiar names.

Uncertainty still prevails around the pandemic and its future impact on businesses of all kinds – including insurers.

Why the pandemic means new customer communication opportunities for insurers

Before the pandemic struck, I wrote a number of articles that highlighted the need for better customer communication in the insurance industry. Various studies have shown that insurers generally communicate less frequently than their customers would like. What’s more, the information provided is often not as helpful as it could be.

Building customer retention in insurance through personalised customer communication

For decades, insurers have known that it’s generally more profitable to allocate funds to retaining existing customers than to acquiring new ones.

Insurers: Is digital the only choice now for successful customer communication?

There’s no doubt that the pandemic would have been even more disruptive for the insurance industry had it happened before digital communication.

Insurers: How customer communication can protect your business in the current crisis and beyond

There’s no doubt the global pandemic is presenting tough challenges to insurers around the world. Beyond sudden spikes in claims costs, some companies are now reporting falls in new sales as the economic impact of Covid-19 bites. Firms need to take action right now to protect and support business throughout the downturn. And to be sure they’re ready to make the most of the eventual recovery when it comes. For insurers, this should include additional focus on existing customers. In such difficult times, it’s more vital than ever to provide the reassurance those customers need to support them.

Insurers: How you can delight your agents and intermediaries – using targeted customer communication

Often, insurers were concerned that proactive contact with any of the intermediary’s clients would inevitably damage their relationship with that intermediary, especially if the contact involved any kind of selling. But the fact is customers welcome relevant, helpful contact direct from their insurance company – especially when the contact includes an offer of further insurance cover that’s valuable and tailored to the individual.

Behavioural Economics: driving revolutionary results for the insurance industry

As insurance professionals, we tend to view the world rationally. To a large extent, our industry is based on carefully measuring risk and presenting product benefits using sound empirical value. But as consumers, there’s a degree of irrationality in every choice we make. That’s why insurance, despite being based on such rational principles, often has to be “sold and not bought” – as the old adage goes.