We don’t have to tell you about how niche the pet insurance space is. We also don’t have to tell you about 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 researching several resources regarding 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. Spoiler alert, half the challenge is amping your customer success.
Consider offering “endorsements,” or add-ons, which enhance your core coverage and increase monthly premiums. Typical endorsements include exam fees, routine checkups, or prescription food. These “ala carte” features are popular and help drive up revenue. Think of it as an upsell after a member signs with you!
2. Timely Direct Payment
Can you offer timely direct payment to the animal hospital? 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 and easily submit the claim for the member when they pay. It will make the process seamless for the pet parent. This also helps your members with financial planning.
3. Customer Service, customer service, customer service…
If you can’t offer direct pay on instant claims, this is even more important. Guarantee retention with a strong customer success program. Consumers find filing insurance claims tedious and complicated; therefore, the better the customer service, the easier their experience will be. Customer success is a department worth the investment.
4. Accessible Customer Support
Enhance customer success with resources that allow your agents to be contacted through the member’s preferred method, whether 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 hits to the website.
Hopefully, you found these customer success tips helpful. Stay tuned for our last set of ways to help increase value to your member’s plans. Learn more about PetGeniusRx here.