Beyond the transaction: the new model of customer service

A new model of customer service is now emerging that aims to create much more value for customers than ever before.Known as the “1 to 364,” this model has three main points:1. Year round service2. Leverage cross-industry partnerships3. Advisory and consulting servicesLet’s take a look at each of these in more detail.Year round serviceIt seems like old news that business never sleeps and commerce is 24/7, but you’d be surprised. The insurance industry has been relatively slow to change and some brokers are still operating under the “transactional” model where they prioritize acquiring a customer’s business and renewing policies with little consideration for what goes on the rest of the year.However, customers have needs every single day and if you live by the renewal, you die by the renewal. If you’re not creating value for customers between renewals, you’re not really serving them. Not to mention that there’s really no excuse for neglecting customer needs in a golden age of digital communication technology.This shift is equal parts new thinking and additional resources. The new mindset is always reminding yourself that life does not end at renewal; that questions and concerns may arise for customers at any moment.Keeping this in mind will lead brokers to communicate more frequently with customers, and to ensure this communication is actually productive, they’ll have to stock up on all the latest and most relevant information affecting their customers.PartnershipsBrokers and insurers are creating partnerships with businesses in other industries to offer additional perks for customers. In the future, policyholders may get access to all sorts of goodies through their insurance.For example, one possibility that sports fans will love is getting discounted tickets because they are signed up for a particular policy or are doing business with a broker with such partnerships. Foodies and wine aficionados will get better deals on food and drink options through their policy.Meanwhile, shopaholics will enjoy their membership programs, points and rebates arranged through their policy.Advisory and consulting servicesApart from insuring your business, brokers will be taking a much more active role in helping you manage and grow your business.They will also be able to refer you to trusted firms in their network to provide various legal, technical and professional services for your business. For instance, you’ll be able to ask your broker to find a solution for lawn mowing, painting or moving services without having to look for it yourself.This isn’t your grandfather’s insurance and as we can see, the industry is set to become an entirely different animal in the coming years.How is your broker transforming to better serve you?Comment below or tweet @TheShepherdGroup