The 5 Steps of Investing in P&C Insurance the Smart Way

insurance

What are the most efficient ways you can sell property and casualty insurance in 2021? According to the recent AM Best’s report on the P&C insurance industry, a number of the trends which insurers encountered in 2020 are likely to continue well into the current year. Catastrophe activity, covered by catastrophe insurance which protects businesses from floods, earthquakes, hurricanes, and riots, is expected to remain higher than usual. Additionally, the commercial lines pricing environment, which refers to the coverage for businesses and corporations, will remain steady. For more information on the most intelligent ways to make the right investments in the case of P&C insurance, check out the text below.

Invest in Email Marketing

Sending timely, highly customized emails to prospects and policyholders can significantly increase your volume of P&C insurance sales and help you build lasting relationships with clients. Any insurance agency working with a large client base will want to automate this process to save time and reduce the number of daily admin tasks. PathwayPort offers automation for your insurance email campaigns by seamlessly integrating with your Agent/Broker Management Systems. Once connected, the intuitive, automated trigger system sends the right email to the right prospect or policyholder. For example, clients that purchased a homeowners insurance policy will automatically receive pre-renewal and renewal emails once the renewal date gets close. The same is true for all types of insurance policies across the board. In the case of property and casualty insurance, the email reminds the recipient to renew their policy, reminding them to add any new updates, such as a driver in the case of auto insurance or a renovation in the case of home insurance. Email marketing will give you that competitive edge you’ll need in 2021, and in the future.

Start Using an App, or Update Existing App

The recent trend of both policyholders and people who work in insurance having to operate from home has given rise to the demand for mobile apps. Apps allow policyholders to file auto claims, make payments, request a quote, and even track home inventory and contact emergency services as quickly and easily. Policyholders can also upload any new documentation in-app, including photos of the damage done to their property. Photos can help assess the severity of damage during potential legislative proceedings. Together, email marketing and insurance apps provide peak convenience to both insurance agents and policyholders.

Encourage Feedback

One of the ways you can convert prospects into policyholders is to keep improving your service. Feedback can help you adjust the way you conduct your business to user expectations. Differentiating satisfied from dissatisfied customers can even help you build an online reputation via review sites. Another service you can provide via email, satisfaction surveys ask policyholders to rate your service. In the case of people who answered favorably, send an email asking for an online review on Yelp or Google Reviews. In addition, the dissatisfied policyholders can help you identify which clients you should focus on retaining. They can also provide valuable insight into areas of improvement.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.