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Customer satisfaction drives insurance claims with prepaid cards

Making an insurance claim is an emotional and stressful process for claimants and having their claim handled poorly can influence customers to switch insurers. In a crowded market where policy holders demand efficient service, insurance providers are looking for a competitive edge to retain satisfied customers and increase market share.

Keep the customer satisfied

Corporate Prepaid Cards worked with an insurance provider to ensure customers were satisfied with their response by providing a prepaid Visa card to purchase a replacement product of their choice rather being sent a specified product.

The result? Simplified claims process, satisfied claimants and increased market share for the provider.

Customers care about their insurance claims

Customers care a great deal about claims and making a claim is an emotional experience in addition to coping with the financial loss. Customers at their most vulnerable look to the company to be a trusted advisor and expert.

Act in the customer’s best interests

Research by UK company TeleTech identified the claims process as a critical experience that can make or break a relationship.^

Knowing that the insurance company is acting in their best interests is the most important factor for customers. The 2015 research looked at more than 30 attributes of the claims experience and found this was the most important factor for customer satisfaction.

Emotions matter in insurance claims

A 2014 survey by Deloitte showed that customers making a claim on their insurance policy care most about the emotional side of claims, a concept backed up by psychology experiments. Customers believe that less effort on their part makes for a better experience.^^

Make claims easy

The Deloitte report recommends that insurers should make the claims process as easy as possible and empathise with their customers to enhance customer satisfaction.

Emotional triggers can provoke greater dissatisfaction with claims than whether the claims is accepted or rejected. Deloitte recommended that Insurers should seek to reduce the emotional causes of dissatisfaction with claims.

Poor customer experience goes viral

When a customer has a poor experience when making an insurance claim, they are more likely to tell friends and family about it and post