It is normally every company’s first priority to provide good quality products and services. This is a complicated task for insurers and warrants employing the best actuaries, accountants and lawyers to perform these tasks with 100% accuracy and reliability.
That insurers get this right is 100% important but expected and should rightly be taken for granted by their policyholders. Delivering what is promised in exchange for the agreed premium should never be seen as great service and therefore by itself is unlikely to build policyholder loyalty. Trust and confidence in the insurer’s people is what builds reputation and is ultimately the driver of long term loyalty. Great insurers have built reputations not by what they say but rather what they do.
Insurance is an intangible product, the benefits of which are often not experienced by the policyholder who is paying the premium and requires a policyholder to have utmost faith and trust that even in their absence the company will deliver on all promises made. Reputation is an insurer’s biggest asset and it’s seldom built overnight and it’s never built through advertising promises. It takes time and effort to earn and ultimately a good reputation can be measured by the trust that the employees and clients have for the brand.
Jenny Handley a contributor to the Cape Times offered some valuable tips that we can all follow towards building a favourable reputation:
• Avoid over promising at all times.
• Be considerate of others who you work with and clients you serve.
• Always be transparent.
• Provide accurate and considered responses to any information requests.
• When mistakes are made take responsibility, say sorry and make amends.
Ultimately good products and services will only take a business some of the way but it’s the reputation of a company that is built by its people that transform it into a preferred provider sought out by new clients and loyally supported by those already existing on the books. And reputation is never the responsibility of certain individuals or departments. It’s everyone’s responsibility as it’s formed by the sum of each and every interaction with each other and our policyholders.