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Three Effective Ways to Serve Your Policyholders Now

Michelle Jackson
Blog Post06/05/2020
Business
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We’ve identified three effective ways personal property insurers can offer customers some peace of mind during these unprecedented times. Take a look — and take action.

1. Communicate at a higher rate with policyholders

Communication matters now more than ever. Make it easy for your policyholders to know how to reach their agent, especially as tornado and hurricane season approaches. The ways in which you communicate and respond during this stressful time will shape how your policyholders view you as a resource going forward.

Create and share helpful reminders to demonstrate you’re considering their needs. Here are a few ideas to get you started:

  • Clarify any new flexibility regarding premium payments

  • Remind homeowner policyholders with mortgages about pausing or delaying a payment

  • Share updates on new payment plans and billing processes

2. Be aware of rising claims in the wake of COVID-19

Claims will most likely rise during this pandemic, creating reverberating repercussions for property insurers everywhere. Here are three scenarios TransUnion has identified as possible outcomes of COVID-19:

  1. Higher instances of insurance fraud, which historically occur during periods of widespread economic hardship

  2. Increased claims as properties experience more regular wear and tear

  3. Secondary or vacation homes sitting empty for long stretches of time

Consider sharing tips with policyholders on how they can proactively protect their homes and get ahead of avoidable issues, including:

  • Replacing batteries in smoke and carbon monoxide detectors

  • Installing new washing machine hoses for older units

  • Checking household devices like sump pumps to ensure they’re working properly

3. Take the initiative to innovate

One essential aspect of your COVID-19 response will be innovation. As insurance customers become more reliant on digital and online services, find ways to further develop the digitization of your business. You can do this by:

  • Investing in digital solutions to enrich your current marketing strategy

  • Creating and/or expanding online and mobile channels

  • Leveraging data and analytics to quickly and effectively assess risk and assign price

  • Deploying tools to verify identities and protect personal data

These are challenging times for businesses and customers alike. While the uncertainty may be intimidating, personal property insurers can take this unique opportunity to genuinely support customers. Take the time to communicate with your policyholders. Verify and remind them of their insurance coverage and benefits, prepare employees for likely short-term challenges, and evaluate and refresh priorities for innovation. The results of these actions can deepen relationships with your policyholders and accelerate innovation within your business.

TransUnion is here for you. We’ll continue to provide information, advice and resources to help keep your business on track. For more information, visit our Personal Property and Casualty Insurance page.

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