What are the business issues that keep you up at night? As an insurance carrier, your biggest business concerns probably center around three things: the premium on your books, policyholder retention rates, and your loss ratio. Key goals for your business likely include improving all three.
Staying on top of your premium, your retention, and your loss ratios isn’t easy. The market is constantly evolving. New and unpredictable risks are emerging. And new, fierce competition is too. Those external forces are going to impact your policyholders too, encouraging them to evaluate their insurance coverage each year. And this, in turn, causes policyholder churn.
You can’t change the market or how it’s impacting your policyholders. But that doesn’t mean that you can’t improve your loss ratio, stabilize retention, and protect your premium. How? It all comes down to building policyholder loyalty, so your existing policyholders won’t go running to the competition at the first opportunity.
But building policyholder loyalty is a lot of work. How do you attain it? Let’s talk about it.
Boosting Policyholder Loyalty
Building policyholder loyalty is hard. Especially when you and your team don’t have the time to work with policyholders on a 1:1 basis. But hard work is still worth doing – especially when it’s tied to increasing premium, boosting retention and improving your loss ratios.
The key to boosting policyholder loyalty is by proving yourself to be in indispensable business partner that your policyholders don’t want to lose. You can do that by being an active participant in their success and growth.
What does that look like? It looks like helping your policyholders answer the questions they have about their own risk profile. It looks like teaching those policyholders to be their own, proactive risk managers. And it looks like helping them build a safe and educated workforce.
While all of this might seem like in insurmountable task, it’s not.
Leveraging Technology for Policyholder Retention
Looking to become the indispensable business partner for your policyholders? You don’t have to build processes in-house and train a massive team to do it. Instead, you need technology.
A client self-service portal – like Zywave’s Client Portal – makes building policyholder engagement easy. With the Client Portal, your clients can answer their own questions when it comes to HR, safety, wellness, compliance and risk management, all on their own schedule and without taking up your team’s time. They’ll become their own champions, all with your hands-off help. And with these tools and content, your clients will learn how they can proactively manage their own risk profile. This can help reduce your loss ratios, and decrease the premium that policyholders have to pay each year. From both sides, it’s a win-win!
Zywave’s Learning Management System (LMS) also makes it easy to train and educate employees when it comes to compliance, safety, risk management, and sexual harassment. With an easy-to-use online portal, the LMS allows your policyholders to track employee trainings, and ensure that they’re staying on top of workforce education.
Why Carriers Should Care About Client Tools
Together, safety content, an LMS and client portal will make your policyholder’s lives easier. But as an insurance carrier, why should you be the ones to offer these tools to your policyholders?
It all comes down to policyholder empowerment. More empowered policyholders are more likely to manage their own risk profile, and those are the policyholders that you want on your books. Empowered policyholders, who know that you are their go-to resource, won’t want to change their insurer, even if occasional losses and premium increases do occur. And the more policyholders that you empower, the more premium that will end up on your books, and stay there year after year. It’s a win-win for everyone.
To learn more about how Zywave’s client tools can help you boost policyholder engagement and improve key outcomes, speak with one of Zywave’s carrier experts today.