Insurance is a very important part of the customer experience – it’s a product that customers need and use in their daily lives, and it can be a key differentiator between you and your competitors.
In a world where everything is moving faster, it is paramount that the customer experience keeps up with rising expectations. Customers want their needs met more quickly, easily and seamlessly than ever before.
Insurance is a very important part of the customer experience – it’s a product that customers need and use in their daily lives, and it can be a key differentiator between you and your competitors. Oyster’s survey of over 9,000 shoppers in the U.S. shows that 57% of consumers are concerned about theft, loss, and damage while considering a purchase and 45% are more likely to purchase a product from merchants who offer insurance.
Today we’ll look at how you can better capture customers by offering them insurance as part of your purchase flow.
The first step to improving your customer experience with insurance is to offer it when it’s most relevant. Usually, a customer’s only option is to buy insurance after they purchase a product – but this process is opaque, confusing, and hard to understand. Retailers are in the unique position to be able to offer the right insurance policies at the time of purchase and ensure customers are fully protected from that moment on.
One-size-fits-all policies are unlikely to provide adequate coverage, and customers know that. Therefore, offering coverage based on the specific needs of individual customers is a huge advantage for any business looking to boost their bottom line. As the merchant, you know the product being sold and who the customer is – and you can provide the exact coverage that customer needs.
Consumers are often apprehensive about making large purchases, especially if the purchase is made online. An engagement ring is likely to be one of the biggest outlays a consumer ever makes, and a new ebike, laptop, or mobile phone may be one of the largest purchases made in the span of a few years.
Offering insurance is a great way to assuage customers’ apprehension. Consumers can shop confidently and with peace of mind that getting a replacement for loss of theft is as simple as filing a claim.
Education is key for the consumer to properly understand the benefits of insurance. Including succinct and easy-to-digest information about the coverage on the product page is important. With Oyster, merchants are able to provide off-the-shelf solutions, FAQs, and support function so consumers can understand what is covered and what is not covered.
When a consumer files a claim for theft, loss or damage, your business can get valuable information about the difficulties consumers have with your products. Perhaps one type of bike is more frequently stolen than the other, or a particular jewelry design is more prone to accidental damage.
In addition to delighting the consumer with a seamless repair process via a claim, offering insurance allows you to collect these insights, understand how your consumers use your products and the challenges they encounter, iteratively improve your products to gain a competitive edge, and discover cross- and up-sell opportunities (e.g. sell a particular brand of bike lock).
Consumers are often displeased to find out that the warranty products don’t cover the most important risks such as theft, loss, and accidental damage – especially at claim time.
Offering insurance allows you to not only close the coverage gaps in warranty products, but also boosts your credibility by ensuring your customers are fully protected and don’t face any surprises when something goes wrong.
Schedule a demo today to find out how you can leverage insurance to deliver a great customer experience with Oyster.
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