We don’t have to tell you how niche the pet insurance space is. We also don’t have to tell you the challenges of member acquisition and retention. But, as a resource for solutions, we can tell you some ways to stay competitive in your market and increase member loyalty. Adding value to your plans is easier than you think.
After exploring several resources about what pet parents look for when choosing pet insurance plans, we compiled ten ways to add value to your pet insurance products. This quick guide will give you the first five.
1. Endorsements
Consider offering “endorsements” or add-ons to enhance your core coverage and increase monthly premiums. Typical endorsements include exam fees, routine checkups, or prescription food. These “à la carte” features are popular and help drive up revenue. Think of them as upselling after a member signs with you!
2. Timely Direct Payment
Can you offer timely direct payment to the animal hospital? If so, your members will see the value of your insurance right away, which will increase retention. If immediate payment is not an option for your business model, work with veterinary clinics to digitally submit claims for members when they pay. This will make the process seamless for the pet parents and will also help them with financial planning.
3. Customer Service, customer service, customer service…
If you can’t offer direct payment on instant claims, providing great customer service is even more important. Guarantee retention with a strong customer success program. Consumers find filing insurance claims tedious and complicated, which is why the better the customer service, the easier their experience will be. Customer success is a department worth investing in. Need help with your customer service? Here are some tips.
4. Accessible Customer Support
Enhance customer success with resources that allow your agents to be contacted through the member’s preferred method, whether that’s social media (Facebook Messenger and Twitter), phone calls, or website chat. Have a team that can be accessible 24/7.
5. Is registration and account maintenance intuitive?
Have a phone app and online resource center that includes virtual vet visits, easy access to customer service, and plenty of educational resources. A simple phone app can be an easy way to keep marketing content flowing and get hits to your website.
Hopefully, you found these customer success tips helpful. Stay tuned for our last set of ways to help increase the value of your members’ plans. Learn more about PetGeniusRx here.