What do you do if policyholders are uninterested in learning about insurance coverage?
Understanding insurance coverage is crucial for policyholders, yet many show little interest in the intricate details of their policies. This poses a challenge for you as an insurance professional, as it can lead to misunderstandings and dissatisfaction. Your role is to bridge the knowledge gap and make insurance more accessible. By employing empathy, simplifying information, and using relatable examples, you can pique their interest. Remember, your goal is to ensure they appreciate the value of their coverage and how it protects their interests.
When policyholders find insurance jargon intimidating, it's essential to simplify the language used. Break down complex terms into everyday language. For instance, explain 'premium' as the price paid for insurance protection and 'deductible' as the out-of-pocket cost before the insurance kicks in. This approach makes the information more digestible and less daunting. It's about making insurance relatable to their daily lives, which can help spark their interest in learning more about their coverage.
-
Opeyemi Omonije, CAMS, CRCMP
Regulatory Compliance | Risk Management | Independence | Financial Crime | AML | KYC | Capital Markets | Financial Technology (Fintech) | Risk & Regulations
It is also important to answer the question of “what is in it for me” by helping the policyholder to understand what they or their loved ones hope to gain. It is impactful to connect the purchase of an insurance policy to the benefits that the beneficiaries receive, the peace of mind that insurance provides and the confidence one can gain when you know that you have protection.
-
Segun Adeboye
Heating Air Conditioning Specialist/ Operations Manager at COOL PLUS LIMITED
I would share testimonies of policyholders who are beneficiaries of Insurance claims. This will be done by personalizing it to their specific insurance needs
To engage policyholders, personalize the risks and benefits of their coverage. Use scenarios that resonate with their personal experiences or concerns. For example, if they own a home, illustrate how homeowner's insurance can safeguard against natural disasters. By contextualizing insurance in real-life situations, you help them see the tangible benefits of being well-informed about their policy. This can motivate them to invest time in understanding their coverage.
-
Scott Lyons
AVP Underwriting Manager at Intact Insurance Specialty Solutions
Insurance coverage is critical for businesses, but it can be viewed as an Expense item and take a backseat to other concerns. As an insurance professional, you need to shift the focus away from expenses and show them what you are Protecting. Do they have a new office? Explain how the coverage would respond if a fire, hurricane, or earthquake sprinkler leakage loss were to occur. The beautiful artwork in the lobby? Fine Arts limits has you covered for loss or damage. The slide from the 2nd floor to the 1st floor (surprisingly typical for many Technology companies), here is how GL or WC coverage is protecting your business against injury claims. By personalizing the message, insured's will quickly understand the value you provide.
Technology can be a game-changer in educating uninterested policyholders. Interactive tools such as online calculators or mobile apps that visualize coverage scenarios encourage engagement. These platforms can turn learning about insurance from a chore into an interactive experience. They empower policyholders to explore different aspects of their coverage at their own pace, which can lead to a deeper understanding and appreciation of their policies.
Sometimes, offering incentives can motivate policyholders to learn about their insurance coverage. Consider rewards for those who complete educational modules or attend workshops. These could be discounts on premiums or additional services. Incentives serve as a nudge for policyholders to take proactive steps in understanding their policies, ensuring they are better prepared to make informed decisions about their insurance needs.
Regular follow-ups are key to maintaining policyholder interest in their coverage. Schedule periodic check-ins to discuss any changes in their situation that might affect their insurance needs. This not only reinforces the importance of staying informed but also demonstrates your commitment to their well-being. Personalized attention can make all the difference in transforming an uninterested policyholder into an informed one.
Continuous education is vital for keeping policyholders engaged with their insurance coverage. Offer ongoing resources such as newsletters, blog posts, or webinars that provide valuable insights into insurance topics. By consistently presenting information in an accessible format, you help policyholders stay up-to-date with the latest in insurance and the relevance to their lives. This continuous learning approach fosters a culture of informed decision-making among your clientele.
Rate this article
More relevant reading
-
InsuranceHow can you show your insurance clients that you value them?
-
InsuranceWhat are the most effective ways to sell insurance to families?
-
InsuranceWhat are the best negotiation strategies for insurance brokers dealing with high-risk clients?
-
InsuranceHow can you ensure that a customer's insurance policy is up-to-date?