It’s such an important word in our lives. It’s the foundation of many relationships, whether they are of a business or personal nature. In insurance, trust is crucial. Consider this, when a customer shops at the local Cargills (or Keells Super!), they pay for their goods, take them and leave the store. In insurance, we enter into a contract and sell a promise, in return for the premium made by the policyholder.
It sounds insane: the policyholder is paying a company on the trust that the company will provide a return in the future.
Barriers to Trust
Look at the Sri Lankan insurance industry. Although the public must acquire motor insurance ( its the law), they have numerous providers to choose from and generally look into life insurance only after they are finally secure. It makes us scratch our heads and wonder what to do to earn trust.
Social Media: An opportunity to build Trust
Enter social media, a massive game-changer. There are 3 ways organizations can leverage this to their advantage.
1. Social media allows policyholders and potential customers (ie: you) to get information from providers they like, as they are more inclined to trust the word of like minded friends/organizations. If a company can break into that inner circle, there is a better probability for them to achieve top of the mind awareness.
2. More and more individuals use social media tools like Facebook and Twitter to assess goods, services and even entire organisations. Having an active online presence provides companies with an opportunity to access potential customers.
3. Existing policyholders talk about their experiences (good and bad) online. For example, if a policyholder complains about poor customer service from his/her company, and the organisation can rectify the situation, that’s a big deal. Having a good customer service experience not only keeps the existing customer, but that customer becomes more inclined to speak positively about the firm to their friends. This level of credibility is huge as it directly endorses the firm. The fact that this engagement is present for the world to see can be a risk, or a tremendous opportunity to show how good an organisation is when it comes to providing solutions.
This brings us back to trust. As a relatively young firm, we are proud to be pioneering the use of social media in our industry. As a company which recently crossed 100,000 Facebook Likes, we wish to say a heartfelt thank you from all of us at HNB Assurance. YOU have invited us into your inner circle and engaged with our content; whether it is an inspirational quote, an article from this blog, checking out our Linkedin page, viewing our latest Youtube video or by looking at our product range on our website. Needless to say, we look forward to building that trust with you further; whether its online or by meeting you face to face to provide solutions for your insurance needs.
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Disclaimer: The views shared in this blog are based on the macro economic conditions & industry status quo as per the time of publishing.