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A New Approach to Policyholder Engagement

Tuesday, November 22, 2022
Written By
Zywave

What are the biggest issues that face your organization? As an insurance carrier, the most substantial business challenges you face probably center around three things: the premium on your books, policyholder retention rates, and your loss ratios.

But addressing these challenges isn’t easy. The market is continually evolving, and inflation is hitting organizations in all lines of business harder than we’ve seen in a generation. New and unpredictable risks are constantly emerging. And the competition is fiercer than ever. These external forces aren’t just impacting insurance carriers. Policyholders are feeling them too, and they are motivation for business executives to re-evaluate their insurance coverage year after year.

You can’t control the market or the impact that it has on your policyholders. But that doesn’t mean you can’t improve your loss ratios, boost your retention rates and protect your premiums. It all comes down to building and maintaining policyholder loyalty, so your existing policy holders don’t go running to the competition at the first opportunity.

But policyholder loyalty is an immense and costly job. We know it – and we can help.

Boosting Policyholder Loyalty

Building policyholder loyalty is hard, especially when you and your team don’t have the bandwidth to work with every policyholder on a 1:1 basis. But hard work is still worth doing – especially when it’s tied to increasing premium, boosting retention and improving loss ratios.

The key to boosting policyholder loyalty is proving yourself to be an indispensable business partner that your policyholders can’t afford to lose. You can do that by being an active participant in their success and growth.

What does that look like? It looks like helping your policyholders answer the questions they have about topics like HR and wellness, cybersecurity, executive risk and safety. It looks like teaching policyholders to be their own, proactive risk managers. And it looks like helping them build a safe and educated workforce.

Doing this all on your own probably seems like an insurmountable task. But not any longer.

An Always-On Policyholder Engagement Program

If you’re looking to build a policyholder engagement program that boosts policyholder loyalty, you don’t have to worry about creating content, building an in-house process and training a massive team to run the program. Instead, you need technology.

Designed for insurance carriers in all lines of business, Zywave’s Carrier Engagement Suite makes building an always-on policyholder engagement program a breeze. The Carrier Engagement Suite offers the tools you need to be a resource to policyholders in a scalable manner, while also promoting self-servicing of resources for your policyholders. The suite of tools are all available at your client’s convenience, meaning that your policyholder engagement program is available, even if you aren’t. 

Powered by Zywave’s industry-leading content, a powerful learning management system and an easy-to-use client portal, the Carrier Engagement Suite is your one-stop shop for policyholder engagement. Here’s how it’s done.

Content: Provide policyholders with the tools they need to address their most pressing concerns. With content tracks available for HR and wellness, safety, cybersecurity and executive risk, your policyholders will have access to highly-vetted, attorney-backed content, plus dynamic tools such as ACA Reporting, OSHA logs, cyber assessments, breach response modules and more.

Client Portal: Offer your clients a portal that’s branded to meet your organization’s look and feel – all while leveraging a robust engagement platform. Provide your policyholders with tools such as HR self-assessments, enrollment booklet builders, employee safety communications, state and federal regulatory materials and more.

Learning Management System: Make compliance a breeze with access to Zywave’s Learning Management System – home to over 200 courses on a variety of subjects, 150 of which are also available in Spanish. You can also upload any courses you’ve created directly to the LMS platform.

Relationship Management: Get guidance throughout your engagement journey. With relationship management services, Zywave experts will assist you with building and expanding your policyholder’s engagement initiatives.

The Carrier Engagement Suite is the policyholder engagement platform that you can’t afford to go without. After all, if you’re looking to improve your loss ratios, boost your retention rates and protect your premiums, policyholder engagement is the place to start – and with the Carrier Engagement Suite, Zywave is ready to help.

To learn more about the Carrier Engagement Suite, email [email protected].

 

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