They seem to know something the rest of us don't — what can we learn from Amazon's successful business model?
The holiday season is quickly approaching and like many others, I am busily preparing for time spent with friends and family. Having recently moved, I was on the hunt for the perfect tree for my new home. My search began where all of my product searches begin – Google. After coasting through a few pages of deals, sales and product reviews, I landed on the perfect 7.5 pre-lit Douglas Fir. The price was right, the product was perfect and the vendor? It was Amazon – making my decision even easier.
If you’ve ordered from Amazon, it’s likely that you’ve had a similar experience. Amazon has shifted our decision-making process – and we didn’t even notice. How? By building lasting relationships with us and consistently exceeding our expectations. As leaders in the insurance industry, we are competing in a business landscape completely enthralled in the consumer experience. So what can we learn from Amazon?
The Amazon Effect
Have you heard of the phenomenon known as the Amazon Effect? It refers to the retail giant’s utilization of digital innovation that has drastically shifted the way companies and consumers interact.
If you shop through Amazon, you understand the ease of use they offer. You can set up one-click ordering and an account that will help recognize your interests and needs. You most likely enjoy frequent and regular communication regarding the things you care about, such as shipping updates, product availability and price changes. You’ll even find that their technological advancements have allowed same-day delivery to become a reality.
Amazon consumers have new standards and expectations for customer service – standards that we need to not only meet, but surpass.
What it means for your agency
Technology has shifted the way we make a buying decision, but it has not eliminated the need for experts. *Enter insurance agents everywhere.* Utilizing digital tools in a productive way can help you save time and prioritize important conversations with your clients and prospects. You can enable your clients by providing the information they need through a quick search so that they can move forward in the sales funnel. How, when and where these interactions occur is up to your prospect – whether it be through social media, video, chat or your website. This functionality and accessibility increases convenience for your clients.
Utilizing digital innovation will help you find new clients, but efficiency, speed, ease and helpfulness matter most when it comes to the claims process for existing clientele. After all, we know it’s far more affordable to retain a current client than it is to acquire a new one. Amazon has created a stream-lined purchase process that helps their clientele save time and money. Embracing technology can help create a stress-free experience for your clients in their moment of immense need.
The claims process is your opportunity to improve a client’s experience. Not only should it come with a high degree of efficiency and thorough communication, there needs to be compassion and empathy – two necessities that can’t be provided by technology. Finding a perfect balance between the use of technology and personal touches can provide your clients with the thoughtful customer experience they need when they’ve experienced a loss or damaging event.
If Amazon has taught us anything, it’s that embracing technology in a way that helps your client will help you stay ahead of the curve. Meeting expectations isn’t enough. Combining real human connection and digital innovation can help keep you from falling behind.
How is your agency embracing innovation? Have you found success through the use of technology? Let us know!
Katrina Eicholtz, Marketing
Katrina has a serious love for strong coffee, great adventures and snuggles with her bulldog. When she isn’t researching interior design inspiration, you can find her testing a new restaurant or Instagramming her life away.
Cybersecurity is the #2 concern across businesses of all sizes. In fact, 52% of businesses believe that suffering a cyberattack is inevitable. Insurance agents and agencies are especially...
Meeting the needs and expectations of your customers should be the driving force behind going digital. Learn more about new technologies that can help your agency and it's customers.