Regardless of the business you’re in — insurance, transportation, construction, hospitality, carwashes, municipal government, or any other — the last thing you want and the thing you can least afford is an unhappy customer. And if you’ve been in any kind of business for a while, you likely know it costs significantly more to acquire new customers than it does to retain existing ones.
To our way to thinking, that means keeping your customers happy will keep them coming back. In fact, research by Bain & Co., Invesp, and others has determined that increasing customer retention by just 5 percent can yield profit increases of 25 to 95 percent, since the probability of selling to an existing customer is 60 to 70 percent, while the probability of selling to a new customer is between five and 20 percent. Those are pretty good reasons to keep your customers happy.
Since we do what we do, we have to point out that one of the ways in which you can keep customers happy is to resolve their challenges — especially the challenges that result from insurance claims — as smoothly and quickly as possible. Whether your organization is fully insured (in which case, we can help your insurer), self-insured, or works with a TPA, Cloud Claims can help.
By improving everything from tracking to reporting, from workflow to reminders, from trend analysis and auditability, Cloud Claims helps manage claims more efficiently and adjudicate them more quickly.
The last thing you want is a customer steaming like the guy at the top of this post.