Building trust, partnerships, and long-term value
Katie Mineck defines customer success and explains how insurers can partner with Betterview to unlock long-term value and stimulate ongoing growth
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Since this post was originally published, Betterview was acquired by Nearmap. References to Betterview, the company, or its products have been maintained for historical accuracy. Betterview is now the primary solution for the insurance industry at Nearmap.
In recent years there has been much discussion about the most effective way for technology companies to engage with their customers. This topic is particularly relevant because the rapid evolution of technology has forever changed customer expectations. In a survey conducted by Salesforce, 67% of organisations polled reported their standard for good customer experience was higher than in the past. Companies need to meet this trend head-on, embracing new strategies to keep customers happy and productive. In my view, the best way for a company to do this is by investing in a dedicated customer success (CS) team.
As the Director of Customer Success at Betterview, I have the privilege of observing how our CS professionals collaborate with P&C insurers to address pain points, establish long-term objectives, and craft customised solutions that cater to the specific needs of each organisation. By building relationships based on trust and transparency, our team shows the true value of CS. This blog will explore how Betterview defines CS and explain how insurers can partner with our team to unlock long-term value and stimulate ongoing growth.
Why invest in customer success?
While recently shopping for a new phone, I had an experience that reminded me of the importance of customer success. Upon first entering the store, I was overwhelmed by the sheer number of options available. While I needed help to find the best phone, I was hesitant to ask for it, fearing that a sales representative might try to upsell me on a more expensive product. However, I was pleasantly surprised when a team member promptly approached me and listened to what I was looking for, ultimately finding the best phone for me. I walked away not just with a new phone, but with the feeling that a business cared about my needs and was willing to go the extra mile to meet them.
While this is a concise example of customer success it raises the importance of representatives actively listening to the pain points of customers and collaborating to determine the best way to proceed. In this way, CS professionals help build a new kind of relationship with customers—one where they are seen as trusted advisors who take a thoughtful, holistic approach to the entire customer journey. Building this trust requires ongoing communication from CS to not just intervene when issues arise, but proactively join forces to ensure customers get the most out of their relationship with the company. At the start of the journey, this means ensuring a smooth implementation process and keeping a close eye on change management. As the journey progresses, CS checks in to determine the effectiveness of the product for the customer’s specific needs. By continuously monitoring customer needs and concerns, CS can ensure they are always receiving maximum value, thereby becoming trusted advisors.
Working together towards long-term value
Collaborating with a customer success team provides a significant advantage in shifting a customer’s focus from short-term solutions to long-term value creation. Rather than solely concentrating on signing a contract or completing onboarding, CS works collaboratively and proactively with customers to develop a strategy that will enhance their return on investment over the next 5-10 years or more. By working closely with CS, customers can uncover new ways to grow exponentially beyond the original scope of their contract.
For example, let’s say an insurance company initially seeks out Betterview for the purpose of minimising physical inspections. At the beginning of the relationship, the CS team takes charge of the onboarding process and trains new users to automate new business underwriting and renewals on the platform. But even when the company does successfully reduce inspections, the job of CS doesn’t end there. The CS team should engage with the customer regularly to identify how the platform can help them achieve their broader goals.
For instance, if the insurer operates in a bushfire-prone region, they may leverage Bushfire Risk Insights to reduce premium leakage and improve their loss ratio. They could also benefit from third-party data available on Partner Connect to streamline the underwriting process. Although the specific use cases may vary for each organisation, the key point is that CS should constantly be looking for new ways to improve the customer experience. This requires a future-looking, growth mindset that goes beyond simply satisfying customer needs and seeks to actively create value.
Looking ahead
Investing in customer success team undoubtedly brings significant value to any company. One report projects that for companies earning over $1 billion (USD) annually, adding a CS function could add $700 million (USD) in potential future revenue within three years. But the true value of CS goes beyond dollars and cents. Through the collaborative value creation enabled by CS, businesses can foster loyalty and establish themselves as trusted advisors committed to achieving long-term growth. When a CS team has done its job well, customers feel empowered to reach out to them not only when they encounter issues but also to discover new ways to maximise the business relationship.