Building Trust in Insurance with Trustpilot and YuLife
In a panel with review platform Trustpilot, YuLife Co-Founder and COO Sam Fromson talks about the role trust plays in helping businesses to select the right insurer for their needs.
Yugi the Giraffe - 25 August 2020
Trust is integral when selecting an insurer for you and your employees
In a market flooded with insurance providers, potential customers rely on reviews as the first port of call in helping select an insurer that they can trust. Insurers need to ensure they’re doing everything they can to build trust, both with their existing customer base when delivering a first-rate experience and addressing concerns, and with making prospective buyers feel that they’re in safe hands.
YuLife Co-Founder and COO Sam Fromson joined a Trustpilot panel of Keval Pithiya and Alex Strien to discuss how trust is integral to the success of insurance providers.
The current role of trust in the insurance industry
The event began by examining how insurance is an industry reliant on trust. “Insurance, like banking in many ways, has an age-old negative perception that it needs to combat” Sam shared. “I think the role of trust is paramount to changing this.
“FinTech and insurtech have grown over the past decade or so, which has stemmed from a lack of trust. If trust wasn't a key factor in most business or consumer decisions before 2020, it certainly is now and I think the data backs it up.
“Insurance isn't a traditionally large sector. YuLife’s mission is really to turn financial products into a force for good and to deliver on that promise to customers and to give them a great experience. To make them love us as an insurance company, and it's not an easy job. We're fighting an uphill battle against people's preconceptions.
“A lot of consumers are getting away from focusing purely on price and now focus on service. Because of this, FinTech companies are beginning to slowly grab the market. You need to put your customers first and understand what your customers want. Showing that you care for our customers is what's going to set you apart from the competition.”
How the role of trust has changed as a result of COVID-19
When asked how lockdown has changed both YuLife and the market’s reliance on trust, Sam said that “working with our customers has been phenomenal. The message we send about protecting employee wellbeing resonates very strongly right now.
“The pandemic has brought about a realisation for businesses that caring for the financial, physical and mental wellbeing of their employees has to be top of their agenda. It's something that has been really inspiring to see and customers have been really appreciating what we can offer to help solve those challenges.”
Alex added that “it's just about adapting over these periods and making sure that you can still keep your level of service at an extreme high, and comparison sites do mean that price will be a factor. If you look at these sites now, they put a satisfaction score or rating next to the price because they know that this is what consumers are looking for.”
How to respond to negativity
When asked how businesses should respond to negative reviews or posts on social media, Alex shared that “responding to negative reviews, listening to your customers and engaging with them are most important things to do in responding to negativity from a business-critical standpoint. It's an opportunity to learn, improve and build trust, as well as keeping it long-term.
“Personally, if I read negative reviews on a business and if they've been ignored or left unresolved, I tend to question that business. Are you going to try and win them back? Are you going to show prospective customers that you are handling the negatives? Because negatives are inevitable as businesses aren't perfect - it’s impossible to please 100% of your customer base.”
At YuLife, we engage with every review, regardless of whether it’s positive or negative. With negative reviews, we focus on how the user can contact us, and offer to solve their issue. Review comments are not the place for defensiveness, but rather an opportunity to turn a bad experience into a good one.
Keval added that he’s “seen a number of reviews where the owner of the company, or the customer service team, has replied back in a negative and aggressive way that puts a negative light on that company. Replying to one negative review in a positive way can have the power of 10 positive reviews because if you're a consumer, and you see that, and you should see that the business is going out of the way to resolve that issue.”
The key components to success
Sam said that “the key is understanding what's missing in the industry, tapping into that problem and identifying what you can do to fill that need. We're selling life insurance to businesses and employees, and we did our research on this.
“Especially in the beginning, reviews were key to trust. Insurance is a large market with lots of established players where YuLife acted as a disruptor as we bring AI, gamification and behavioural science to improve the lives of employees. With reviews, we’ve been able to build up credibility and use that word of mouth.
“If people don't know who you are, consumers have very little reason to choose you, so some form of third party validation is needed. Consumers are savvy enough to know now that testimonials are sort of written from a company owner so having third party validation has a lot more credibility and provides transparency. It says, 'don't take our word for it.'
“This is about continuous learning. It goes beyond just insurance. Collecting feedback, in general, is going to be really important for a company's success, whether a small startup or large established enterprise.
“Our 4.8* Trustpilot Rating is something that we really care about as we see that insurance companies systematically receive poor reviews historically. I think we have a duty of care to give people a great experience. That's something we are really passionate about. Focusing on engagement and insuring your life.”
Alex added that “the biggest piece of advice I would give to an insurance business is to engage with customers. I think you can only build trust by earning it, and you can only earn it by actually engaging with people and showing that you know you're worthy of someone's custom. Also, be open and transparent with your customers.
Sam’s final thoughts on being successfully focused on being able to “deliver on expectations and, when you can’t, be transparent and then learn to do better so you're able to keep that dialogue alive. We've got a deep-seated belief that life insurance is a broken industry that is focused on death.
“We believe that insurance should be a win-win. If you're in a relationship where you're trying to build trust throughout, we really believe that it's about focusing on how you can build that win-win with customers by giving them value back every single day.”
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