The Secret To How Claims Professionals Help Insurance Companies Grow Their Bottom Line
Wednesday, May 22nd, 2019 The Institutes The InstitutesIt probably doesn’t come as a surprise to learn that insurance companies with happy customers tend to grow faster and have a solid bottom line. Nor would you be surprised to learn that customer experience also plays a big role in corporate growth.
In fact, according to a recent report from McKinsey, insurance companies that offer best-in-class customer experiences tend to generate two to four times more new business growth. And, according to a J.D. Power ranking, they have 30 percent higher profitability because satisfied customers are 80 percent more likely to renew their policies. Retained customers also mean less money spent on marketing, reductions in call center volume, higher success rates for cross-sells and positive referrals.
Put like that, it all makes sense (or dollars and cents). But this may surprise you:
<div style="font-size: 24px; font-weight: bold;">Claims professionals are a top contributor to growth and profitability.
Of course, negotiating the best settlement for your customers and controlling costs play a big part. But what’s just as important to the bottom line are your communication skills.
A recent survey conducted by The Institutes found that HR and learning and development professionals list strong communication skills as one of their top job requirements for claims professionals — because how you communicate with customers dramatically influences their experience and outcomes.
Claims professionals love helping their customers. You know instinctively that treating customers fairly, compassionately and respectfully during times of trouble really makes a difference to their recovery and satisfaction. And, while not your primary focus, it does ultimately increase retention and referrals.
That’s how your people skills are just as important to company growth and profits as negotiating prowess and financial savvy. But a secret weapon is also available to better ensure success as a claims professional. Want to know what it is?