6 things your customers really want:
1. They want value
Lowest price does not mean better, and most customers know this. Customers do not view insurance as a commodity, instead they care much more than just price (Ernst and Young 2012). What customers appreciate most is value, which comes in many forms. The most important as found by a survey was value for money, where customers want the best possible insurance solution for them, not only in terms of rates and coverage, but also other benefits that they can obtain.
This is where the role of the insurance agent is most critical. They need to identify the characteristics, needs and preferences of each customer. And tailor their value-added services to suit each of them. Some customers want to hear from you more often, some don’t. Some are insurance-savvy and can act independently during a claim, while others need you to hold their hands through the process.
2. They want the confidence that you have the right insurance knowledge
The customers expect you to have extensive product knowledge, and to some extent, industry knowledge. They need to be confident that you know your products well to offer them the best solution for their needs. And to have that peace of mind that your recommended policy they purchased will sufficiently protect them at the times of need. They want someone knowledgeable to provide all the answers should they have any question. And this person should also have some knowledge about other products in the market to offer options and comparison.
3. They want to feel important
In fact, we all as humans want to feel important. When we feel important, we feel good about ourselves. So naturally we tend to be drawn towards those who make us feel that way. Your customers realize that you have many other clients to tend to. But they what to feel that you put their needs first above yours and others. And if you still are able to do this and make them feel like they are your number one priority, you have won them over.
4. They want personal attention
This is one of the major factors in driving customer loyalty. Especially in today’s highly competitive market, you can not afford to be absent when they need you the most. They expect you to pick up that phone every time they call with questions concerning their policies. Or when they met with an accident and need to file a claim, they want you to personally assist them through the process. And when they are lying in a hospital bed, they want you to be there, with flowers if possible.
Most customers, especially in Malaysia and other developing countries, still prefer that personal touch over a automated voice answering system. In other words, they want you to be accessible. This is the number one edge that insurance agents have over direct channels, so take full advantage of it!
A study conducted by the National Association of Professional Insurance Agents (USA) with the Partnership in 2012, revealed that 73% of customers would like to hear from their insurance agent or provider more often than just at renewal!
5. They want to know that you care
Customers do not care if you are a successful agent, or that you have 20 years of experience. What they want is to know that you truly care. If you are new in the business yet are able to genuinely demonstrate that you care for their wellbeing, they may just overlook your lack of experience and still purchase from you. This is because they know that knowledge and experience can be gained, but a sincere caring attitude does not come by as easily. The great motivational speaker and author Brian Tracy once said:
They (customers) don’t care how much you know until they know how much you care.
6. They want to know that they can trust you
If your prospects do not feel that they can trust you, they will not buy from you. If your customers no longer trust you, they will take their business elsewhere. Trust is the most important factor in retaining your customers. Customers need to feel that they can trust you with their personal information and privacy. They need to trust that you are looking after their interest and insurance needs. And most of all, they need to trust that you will deliver your promises and that you will always be there for them.
To the majority of customers, a good insurance agent is hard to find. iBanding helps in alleviating this condition by creating an online directory that allows the public to search and locate for the right agent for them. With a rating and review system, prospect can further evaluate the agents by the quality of service offered based on their customers’ opinions. All Insurance agents in Malaysia are welcome to register for free.
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