Keeping in periodic contact with your customers may not always seem necessary in the insurance industry, but a recent survey conducted by Collinson Insurance has concluded that less than half of customers report to hearing from their insurer on a frequent basis.

The insurance sector is known to be a low contact industry, with customer contact mostly surrounding transactional matters such as policy renewals, amendments to terms and conditions, and policy updates. However, it has been found that customers are open to receiving helpful information from insurers more frequently (providing there is transparency about how their data is used).

It can be confusing for customers to understand what communications they have opted to receive, and what they have opted out of. This can cause some to unknowingly miss out on key updates and messages that relate to their policy area.

More informative communication sent to customers would create a more trusting working relationship, which could encourage more information to be discussed to support the calculation of insurance premiums, and ensure the right services are being sent to the right people.

The experience that a customer has with an insurer is crucial to obtaining loyalty and retention from them in a highly competitive market. The sector has an abundance of products and services to offer, but at times customers do not realise what is on offer to them. This can be attributed to the lower level of contact currently received.

A survey by Collinson found that interestingly, 63% of respondents were open to more communication from their insurance provider. 73% of these people interested in receiving more targeted communication related to services specific to them. A raised awareness of products and services would help customers to gain a better understanding of the types of insurance policies suitable for them.

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