4 min read

8 insights to retain customers in the financial and insurance market

When we talk about the financial and insurance market, we are most certainly talking about large corporations, which have been in the market for years and rely heavily on credibility and tradition.

These companies are always looking to be first, occupying the forefront of their market. Therefore, many have already taken the lead and brought innovation to their core business, placing the customer, the most valuable asset, at the center of their strategy. 

The future is already different because the present is now 100% digital and remote – for insurance companies too. 

A 100% digital and remote world that is more conscientious and collaborative is no longer an idea; it is here. The future has arrived. 

The era of change has arrived! We will experience a series of transformations – behavioral and technological. They will bring with them the new normal. There is no path but forward. 

Our current context has only accelerated this process. Many speculations are being made about the future. But one thing is sure: it will not look like it was. 

Remember that agility of adaptation is the only way to guarantee:

  • Sustainable competitive advantage
  • Maintained productivity
  • Progression of the business continuity plan

To dive headlong into the new needs that arise every day, we have packed this article with valuable insights. Our goal is to bring some quick solutions that will guide you in this moment of change, in the new paradigm taking shape. 

By the end of this article, we hope that uncertainties become a little less scary, and you are ready to build more promising futures for your business. 

  1. Trust first

Crisis. Unavailability of information. High taxes. Cold communication. Lack of digital interactions. Fine print. Fraud. Social media boom. These are some of the things responsible for the bruises on customers’ confidence in financial institutions. 

Building credibility is an important step to get ahead in this remote and digital world. Being transparent is the only way out – commit to accessing information and remember that it must always be clear. 

Remember: a breach of trust, in most cases, is irrecoverable. 

  1. User-driven mindset

UX’s objective is to create an experience focused on the user, adapting processes, products, and services to their needs and demands, making a personalized customer journey. 

For a while, consumers have demanded more from brands in exchange for their hearts (and their money, of course!). Products and services alone are not enough to develop a profitable and sustainable business for a long time.

In an increasingly user-driven world, this solution fits like a glove.

  1. UX as a driving force

The era of user experience gains even more relevance in times of transition. The consumer remains more aware than ever. 

It is time to build a much more humanized strategy, structured on transparency and truth. Most importantly, it solves the customer’s problems – the main objective of UX (user experience). 

Take note: it is essential always to check if your approach to the customer is really working. If not, it’s time to rethink, focusing on UX! 

A UX strategy is essential for a company to perform well in the market and remain competitive. 

  1. Analytical culture

Today, there is no way to be competitive without Data Science and Analytics.

Having more intelligent and data-driven operations without losing human vision is essential for a successful transition in this ever-changing scenario. Understanding the user is the driving force behind this urgent transformation.  

  1. The strength of purpose

New generations want personalization and more relevant debates, creating space for the relationship between companies and customers to become more profound. They look for bonds, connections, and not just products and services. It has to have a purpose. 

The focus is on promoting enchanting experiences, guided by the user’s desires and needs. This mindset’s outcomes can be found in increased sales, customer engagement, retention, and brand loyalty. 

The search for bonds that are increasingly aligned with more sensitive values ​​sets precedents for questions such as “what does this company do that is relevant to the world?”.

The need arises to overcome the organization’s barriers and commit to a mission that positively impacts the world. 

  1. Communication

The future indicates that the new normal for companies will be based on communication. 

Everyone is eating and breathing Artificial Intelligence; data is no longer a differential and has become mainstream. Data Science is another step in the process, “it’s the new black. “ 

In this scenario,  strategic differentials are found in the relevant content. It is that which provides the necessary input for your customers and potential customers to make increasingly conscious choices. 

Write it down: it is essential to prioritize a relationship strategy and be available on several channels.

  1. Risk Management

There is no greater risk than interrupting business continuity. But in a world where unexpected situations happen in increasingly short periods, on a global scale – how can we be prepared for a faster and more efficient transition?

Keeping an eye on the present and one on possible futures is a good way out. Anyone who has surrendered to “Futures Designs” possibly had scenarios, like the one we are experiencing now, mapped out. That way, they already had strategies in place to adapt quickly without losing pace.  

8. Remote Work Management: it’s time to reorganize

A remote and digital future is not something new. Decentralized management, networking, distributed teams, new leadership, remote employee skills, all of this was already planned out; we just hadn’t planned on having to execute these changes so quickly, on this large a scale.

Unfortunately, transition ends up speeding up the implementation of these concepts. The difference here is who can get ahead first and can adapt more quickly. 

Get started today: don’t lose productivity! 

Knowing the consumer’s pains, needs, and desires are, now more than ever, crucial in the process of brand relevance. Communication is a great asset to turn the game around. 

It is time to restructure your strategy – make it more humanized, digital, but truly connected with its customers and employees.

It is necessary to understand their problems and chart a new path that takes their users and collaborators into account. Taking care of your community is a priority now, and believe me: when this is all over, it will still be.