Whether an insurer deals in automotive, homeowners or life insurance, chances are their marketing program is a razor sharp, well oiled machine. No doubt, insurance carriers are hyper-vigilant marketers. Across the board, their profit margins are wafer thin and customer retention is slippery. That’s why rewards strategies for insurance companies are so key. Most are highly adept at employing purchase incentives, sign-up rewards, customer appreciation, engagement and point award cash out alternatives. Many are savvy enough to know they need rewards programs. Theirs is a non-stop hustle that requires sales and marketing creativity, acumen and tenacity. Read on to find out how eGifter rewards programs for insurance companies are being leveraged by the best in the business.
Drive ROI with Rewards Programs
With tactics rooted in gift card rewards and eRewards incentives, the possibilities are endless. The challenge is complex. First and foremost, insurance companies must cover their customers properly with the correct benefits packages. Certainly, policy renewals and cash flow are the lifeblood of the insurance industry. This post is biased toward pragmatic ways insurance companies engage with customers to create preference and also drive specific, profitable consumer behavior with rewards, points and gamification.
The basics: Every insurance company worth its salt realizes they must invest dedicated time and effort to design engaging and rewarding experiences at KEY moments of the customer journey. At every one of these milestones, an award or acknowledgment (gift cards, for example) can go a long way toward reinforcing brand loyalty and preference.
- Initial policy sign-up
- Deadline for policy premium due
- Upon payout of claims
- Prior to policy lapse
- After premium is paid on-time
The leaders: However, the SAVVIEST insurance companies know the value of staying in touch THROUGHOUT the relationship. Why not design interactions that are not just engaging, but are rewarding and valuable — consistently!
Remember, your customer is *constantly* exposed to competitive enticements and offers. Your competitors are hungry and slick, and you need every edge to outpace them with customer satisfaction and customer retention.
For Sales & Marketing Teams
For HR Teams
There are countless ways that points can be earned and awarded. The point is, you can *really* gain mindshare (and wallet share) when you use Gift Cards for the conversion points payout.
Customer Engagement – Incentives, Rewards & Recognition
Retaining a loyal customer base is paramount and job #1. Here are some customer retention strategies that leading insurance companies employ.
Customer Satisfaction: Gift Cards for Benefits Payouts
Natural disaster strikes when you least expect it. When resources are limited, it’s important to be able to get customers insurance money when they need it. Digital delivery via email allows insurance carriers to immediately send funds to the customer in need. Hotel accommodations, flights, food, and so much more can be provided via e-gift and prepaid cards
Customer Retention: Reduce the Incident of Lapsed Policies
This suggests firms can decrease lapsed policies by increasing client engagement and making life insurance a more prominent part of client’s financial lives.
Customer Retention: “Thanks for your On-Time Premium Payment”
So, tell your friends and family members that you get your insurance from your trusted agency, California Southwestern Insurance. Thank you for your business, we really appreciate it. Clients must accumulate a given number of timely premium payments to qualify for a reward of an annual credit or premium reduction, depending on the product.
Customer Appreciation: Distribute Points Rewards for Safe Behavior
1.Automobile and Boater’s Insurance: Motivate certain behaviors with safe-driving applications.
- Complete a predetermined number of safe trips
- Drive a predetermined number of Consecutive Days with No Sudden Braking
- Drive a predetermined number of Consecutive Months with No Accidents
2. Homeowner’s Insurance: Reward customers for taking precautions that reduce risk and associated claims
- Install root protectors around trees to avoid impact on foundation walls
3. Life Insurance: Encourage healthy lifestyles that tilt the actuarial tables in your favor
- Based on quizzes and games, deliver points for reaching exercise milestones
Sales Engagement – Incentives, Rewards & Recognition
Resist complacency and up your game. Here are some customer acquisition strategies that the winners rely on.
New Customer Acquisition: Signup Bonus
- Earn bonus points redeemable for gift cards upon sign-up
New Customer Acquisition: Referral Rewards
- Gift cards can be used to encourage word of mouth promotion and social sharing by loyal customers
Customer Base Expansion: Cross Sell Insurance Types
- The customer purchases auto insurance from you, but do you realize they also have a boat? And an RV?
- For each new vehicle owned by the person but not yet insured with you, add a gift card incentive — and build up the account
The key takeaway is that there’s a never-ending stream of creative ideas and strategies to build your business and grow your customer base, and all of them can be smarter and better with giftcard offers, incentives and rewards.