Customer Journey

By Agentero

experience will affect how they view your business. Also, consider referrals. Do you ask for them? How easy is it for your customers to make referrals or to send you a referral’s contact information?

Mapping the Customer Journey Creates a Stronger Business

Reviewing and mapping the customer journey is vital to both evaluate your customer experience and get a better understanding of your customer. Take time to review your customer journey regularly. Yearly reviews or during pivotal times, such as during COVID-19, can help you see how best to reach your customers and provide a better experience. Also, give your customer journey to the people that interact with your clients the most (producers, account executives, customer support, etc.) and ask them questions such as:

• Are we missing any personas (decision-makers or influencers)? Click here to download our buyer persona template.

• Are we missing any common situations we haven’t accounted for?

• Is there anything that doesn’t seem right?

This is a discovery process. You may not get everything right the first time around, but you want your Customer Journeys to be an accurate representation of your customers’ buying behavior.

This article originally appeared on the Agentero blog at https://blog.agentero.com/post/how-to-map-the-insurancecustomer-journey. Agentero reinvents the insurance network by giving independent agents market access and technology to modernize their agency. To learn more, visit https://agentero.com/.

Rather than attempt to be all things to every kind of business, we focus on the ones we know best—restaurants and bars, grocery and convenience stores, medical clinics and auto service shops—to deliver outstanding property, casualty and workers compensation insurance. Deep niche expertise, with insight into unique business risks, is how we cover the details that make the biggest difference to our policyholders.

To discuss an agency appointment, give us a call at 888.5.SOCIETY or visit societyinsurance.com

Supply chain disruptions, increased consumer demands, a tight labor market, a global pandemic, a couple natural disasters, and a war. These are just a few of the causes that combined have left us in a worldwide state of high inflation. So high in fact that experts are calling it the worst inflation they’ve seen in over two decades.

While it’s true that such high inflation rates wreak havoc across all industries, we’re going to focus on the one we know best - insurance! We’ll cover the effect current outof-control inflation is having on the insurance industry and how industry leaders can use technology to help neutralize its impact.

The Impact of Inflation on the Insurance Industry

While often referred to as recession-proof, the insurance industry isn’t actually immune to the effects of market changes like inflation. As the cost of everything increases, insurers could see claims costing a whole lot more than expected (part of the larger phenomenon of social inflation). Meaning, during periods of high inflation, insurance companies risk not being able to complete their main responsibility - paying claims.

To avoid insolvency, the insurance industry responds to inflation by hardening the market. Brought on in large part by the ongoing COVID-19 pandemic and an increase in climate and weather related disasters, the insurance industry is currently experiencing ongoing hard market conditions.

What is a Hard Market in Insurance?

A hard market refers to a period of the insurance market cycle that forms as a result of increased demand for insurance products coupled with reduced supply. Hard markets are characterized by increased premiums, stricter underwriting, and reduced capacity for risk. During a hard insurance market, customers will face higher prices on their renewals and lower coverage options for certain risks.

How Does a Hard Market Affect Key Insurance Players?

The effects of a hard market can be seen throughout the insurance distribution channel. From clients to agents to carriers and underwriters, hard market conditions have real world implications on the way these professionals and organizations approach the business of insurance.