30 Nov Love by Design: The Blueprint for an Outstanding Mobile Device Insurance OfferReading Time: 4 minutes
In mobile device insurance sales (or when selling anything, for that matter) it’s important that the customer sales team in the store, a.k.a the frontline employees or agents, are suitably impressed by the insurance offer they are promoting.
But what really skyrockets sales is when the team love that insurance offer.
What’s Love Got To Do With It?
It’s about more than simply fostering passion about the product, which everyone knows is paramount to selling successfully. Firstly, disgruntled customers typically march right back to the retail store where they bought their mobile device insurance offer. The frontline (aptly named for this very reason) are the first to be bombarded by complaints. Unsurprisingly, if this happens enough, the agents under attack become reluctant to sell the same insurance offer in an effort to ward off negativity – despite all the financial incentives they might forgo. At the same time, their own trust in the insurance offer plummets, which makes any further sales attempts mediocre unless they are exceptionally skilled at feigning enthusiasm and earnestness.
There aren’t many tricks to preventing complaints; in the end the offer just needs to be damn good to provide an awesome customer experience.
So how does one ensure customers walk out of a store happy with their mobile device and the attached insurance plan? In a recent report from the insurance disruptor i-surance the following points are the foundation pillars of an excellent insurance offer and experience.
Master the 4 pillars of an excellent insurance offer and win customer hearts
The Four Cornerstones For an Outstanding Insurance Offer
1. No ‘Ifs’ and ‘Buts’ and ‘Sorry That’s Not Covered’
There’s really no point to having an insurer that wheedles out of taking responsibility. Extensive and inclusive risk coverage has often been seen by insurance companies as financial suicide but is, in fact, the opposite when done right. Contrary to popular belief, customers are less likely to take advantage of the system when they feel taken care of. It’s all about building loyalty and mutual respect – most humans are inherently good and simply want their broken device to be fixed as quickly as possible without being forced to jump through hoops and interrogations merely to find out they will have to suffer the involved costs.
i-surance proved this theory when they took over several of their mobile operator clients’ insurance programmes and implemented a practically ‘all-risk’ insurance cover for them. This removed common exclusions in insurance plans such as self-inflicted damages, simple theft, longer travel abroad, etc. The result? A greater number of reassured and satisfied customers and doubled sales! If a store offers a plan with a great cover, it’s a no-brainer that this alone is a huge draw for skeptical clients and avoids a large amount of complaints.
2. An Easy and Convenient Claim Procedure
Simplicity and ease during the claim process prevent clients from wasting their time or feeling overwhelmed and confused. Offering several ways in which customers can register their claim ensures they feel freedom of choice. Online, hotline and in-store options to claim caters to most demands – but new channels such as mobile chat are becoming increasingly popular.
Companies such as i-surance are continuously pushing the benchmark of what is considered as best practice for mobile device insurance programmes, of which unconventional communication is one. For example, in Switzerland, i-surance’s customers choose from six languages when notifying a claim – a feature appreciated by the high number of foreigners living there. Soon, i-surance will launch an AI chatbot that selects the nearest repair partner to the client where their device can be fixed within an hour. These kinds of processing automations offer next level speed and convenience.
3. Speedy Results
Patience? That’s a thing of the past. Mobile device users don’t like waiting for their phone repair or replacement and appreciate when they are proposed an immediate solution. Offering a bring-in 1-hour express repair or a 3-day send-in repair (as i-surance does) is a huge incentive for taking out insurance cover. Claims accepted and fulfilled on the same day have become the gold standard. Gone are the weeks of waiting to get a device fixed or replaced!
4. Keeping Customers in the Loop
It’s all about updates, updates, updates! Isn’t it great when you order pizza from one of those apps and receive real time updates about the status of your delivery? As long as you know the driver is on his way, you’re unlikely to complain, because you know what’s going on. The same principle applies to insurance. Frequent updates (preferably via SMS) sent to the customer during the claims process such as when their device arrives or leaves the repair centre reassures them to the whereabouts of their device. i-surance measured a noticeable improvement in the customer feedback received when this process was set up.
So there it is; once there is an awesome value proposition in place that customers love, the agents will be happier selling it. Getting rid of customer complaints plus a transparent and client-friendly insurance plan that offers them true value is a winning combination to make the frontline fall in love too. The proof is in the numbers; i-surance attained superior insurance attachment rates of >60% of all sold devices after their takeover.
If you’re an industry professional and want to learn more about creating a mobile device insurance programme that your frontline and your customers love, or benchmark your performance to best practice level, contact i-surance here.