How to Increase Revenue to Your Pet Insurance: 4 Customer-Centered Tactics
Key takeaways
- Increasing revenues is essential for every pet insurer.
- Monitoring competitor reviews will help you determine your competitive advantage.
- A visitor survey allows you to get an insight into people visiting your website at the moment when they’re reviewing it.
- Customer surveys help identify factors that had the most significant impact on decision-making.
Often business owners from the pet insurance industry ask: What should I do to increase my company’s revenue?
And the only correct answer is: ask your prospects & customers. Yes, as simple as that! They know what you should do to turn more visitors into clients and more clients into long-term clients. And the best thing, they would be happy to share this information with you. All you need to do is ask. So here are four hacks that will help you source the information and optimize your company towards more revenue. We’ll also share examples that you can start using today!
“No insurer can innovate without understanding what the customer truly wants and, more importantly, what they will want in the future.” – Johanna von Geyr, Partner and EMEA Lead Banking, Financial Services & Insurance at ISG (Information Services Group)
1. Monitor pet insurance reviews
Reviews are an excellent source of information regarding pet insurance trends. Whether those are positive or negative, they provide you with insights important for your clients. Meaning, you should take them into account when planning the optimization of your offering or service.
Consider also looking at your competitors’ reviews. What are they good and bad at, and what are their customers lacking? This data will help you determine your competitive advantage and factors that can make you even more competitive in the future.
Here’s one of the reviews published on Petinsurance.co.uk:
What do you ultimately find insightful about this review?
Yes, you got it right – the importance of human touch and quick response. So if you have well-established immediate support while your competitors don’t, then you should highlight it on your website and communicate across all the marketing activities. Of course, there are also other elements essential to clients, and your goal should be to identify those and define your next steps towards those.
You can use both personal reviews published on websites like Trustpilot, Insureye, Facebook, Google, and those prepared by the sites like Reviews.com, Investopedia, Caninejournal, etc.
2. Set up a visitor survey
Another good source of information is a survey. A visitor survey allows you to get an insight into people visiting your website at the moment when they’re reviewing it. It’s a short, straight-to-the-point questionnaire aiming to learn more about insurance awareness of your visitors, their experience with other insurers, and thoughts about your offering.
Sample questions:
1. Which of these best describes you?
I’ve never had pet insurance
I’ve signed up for one month and canceled afterward
I have an active policy for less than one year
I have an active policy for more than one year
I have an active policy for more than two years
Other …
2. What insurance do you currently use for your pet(s)?
{ add your options of radio buttons }
Other …
3. Is there anything you dislike or want to change about our coverage?
Yes, I need …
Nope. I love your current offering.
4. What do you want MOST from your insurance providers like {your company name}?
{ add your options of radio buttons }
Other, namely …
5. Is there anything holding you back from trying {your company name} right now?
Yes, specifically …
No, I’m going to sign up for the free trial now.
Once you finalize the questions, design an invite in the format of a popup on your site.
And we also recommend you check our article on How to attract different age groups to buy your insurance after COVID-19>>.
3. Use customer surveys
Whereas visitor surveys target anyone visiting your site, a customer survey will provide you with opinions, input, or feedback directly from your customers. Commonly, customer surveys help identify factors that had the most significant impact on decision-making. Why they became customers and chose you over competitors, what problems your product is helping them to solve, how satisfied are they with your insurance, etc.
Invite your customers to answer 7-10 questions. These will help you find the right words to turn prospects into customers, while inspiring new offers and products.
“So, how do I get people to answer my questions?” – you might think.
Here’s the advice: You ask for help!
It might be a surprise to you, but people do like to contribute and help out! And in case you still didn’t get any responses, offer a small incentive (discount or a gift) to strengthen your customers’ motivation. Here’s an example of a survey invitation you can send:
STAGE 1: Explain format, goals & set expectations
– describe what kind of interview this is, encourage open, long-form feedback. “It’s like a coffee chat.”
– explain what you’re looking for: understand things from their point of view, pain points & motivations
STAGE 2: Get their past story (preceded buying your insurance)
– get the history that leads up to your insurance company
– take careful note of the loves, hates & frustrations they mention within this narrative
– encourage them to describe their state of mind & experiences before they signed up for your insurance
STAGE 3: Get their present story (since buying your insurance)
– get them to describe the process involved in using insurance coverage now and/or the context of its use
– take careful note of the loves, hates & frustrations they mention within this narrative
– encourage them to describe their state of mind & experiences today when they use your insurance
STAGE 4: Understand their decision-making process
– explore what made them choose your company and specific coverage (or not choose) in question
– delve into what they worry about most when choosing one or the other (both insurer and coverage)
– ask them what they get most excited about when choosing one or the other (if anything)
– ask point-blank: what matters most to you? (read them back items they’ve previously mentioned if required)
STAGE 5: The “I want a pony / if I had a magic wand” stage
– let them talk about what they would love most in an ideal world. What would fix all their pet-related problems?
These tactics will help you to become closer to your audience, make smart customer-centric decisions to grow your company, and improve its performance. And in case you’re interested in the best performing strategies for pet insurance, check out this article>>.
About Cloud Insurance
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