Rule #1 for customer retention: The more you stay engaged with your customers providing valuable services, the more likely they are to remain your customers.
Sound advice, but a challenge for many businesses whose main interaction occurs annually—we’re looking at you, insurance brokers and carriers!
Short of having an insurance claim, the most active communication which occurs between an insured and their broker or carrier occurs at the time of renewal. How can those businesses bring additional value to the insured during the other 9 months of the year when they are not focused on renewals?
For a growing list of companies, the answer is fleet intelligence. Many of the large brokers are now bundling accounting, M&A and outsourced CFO/HR-type services because they understand that having multiple touch points into the insured reduces churn. Fleet intelligence is quickly becoming one of the most valuable, new touch points available to use.
And, critically, leading providers of fleet intelligence make it easy to deploy and run for your customers—providing an almost hands-free way of adding extra value for your customers on a year-round basis. As a broker or carrier, there are some key benefits to consider here:
- Fleet intelligence data can identify opportunities to add additional services
Data captured from your customers’ fleets can expose trends and potential problem areas that call for additional value-added services. For instance, a broker may notice high-risk, or unauthorized, trips that require new driver coaching or additional insurance coverage. Leading fleet intelligence programs facilitate these services. Additional insurance coverage comes directly from you.
- White labeling fleet intelligence services provides branding visibility at a daily level
Brokers and carriers are seeing fleet intelligence as a way to increase the stickiness of their own offering. At its simplest form white labeling of the fleet intelligence program allows your branding to be included on the daily communication to the insured, giving high visibility to your brand in a steady stream of valuable input to your customer.
- It is costly to switch fleet intelligence providers
Whereas there are low costs in insurance, there are high costs to switching fleet intelligence providers. Fleet intelligence programs become deeply tied to the day-to-day operation and management of the fleet organizations. Whether it is by automating driver logs or route reports which are necessary for billing, or confirming punctuality for payroll, the system becomes a core tool to the management of the company—and one they’re not quick to lose.
With competition for customers increasing every year, it’s no surprise that the insurance industry is taking a closer look at new ways to preserve (and grow) the value of their services. The most popular ways are those that impose the least burden on both broker/carrier and insured. Leading providers, like Orion Fleet Intelligence, know this and have specifically designed their services to be easy to implement and easy to run.
If you know your firm’s retention metrics, you know the potential here. How many of your customers are only a fleet intelligence program away from becoming long-term customers?
Orion Fleet Intelligence provides the type of high-profile, low-impact program described in this post. Take a moment to learn more about Orion’s program and contact us for a quick tour of how we can put this program in place for your insured, quickly and easily.