How To Deliver Value For An Invisible Product With Keith Farley
Jan 12, 2024
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Keith Farley, SVP at Aflac, shares strategies for selling invisible insurance claims focusing on customer experience, workplace culture, and technological innovation. He explains how they keep customers informed during claim processing and create connections using a duck mascot. Topics discussed include stability, customer preferences, delivering value, health spending accounts, cultural differences in marketing, and cultural outreach through sponsorship.
Providing stable and consistent service is crucial in fulfilling insurance companies' commitment to customers during challenging times.
Emphasizing personal interactions while incorporating digital solutions helps insurance companies maintain trust and deliver exceptional customer experiences.
Deep dives
The Importance of Consistent Service and Customer Satisfaction
In this episode, Keith Farley, Senior Vice President of Aflac, highlights the significance of providing stable and consistent service to customers. He emphasizes that customers rely on insurance companies during their most challenging times, such as health issues or accidents. Aflac aims to ease their burden and provide financial assistance, emphasizing the importance of fulfilling their commitment to customers. Farley also discusses how the way customers interact with insurance companies has changed over the years, with the introduction of mobile apps for online claims filing. However, Aflac still prioritizes personal interactions when necessary to ensure customers understand their coverages and feel supported.
Transformations in the Insurance Industry
Farley shares insights into the changes in the insurance industry over the years, particularly the increase in digital solutions and advancements in technology. The use of mobile apps, web solutions, and AI has transformed the way insurance companies operate. Aflac has also expanded its product offerings through acquisitions and strives to adapt to the changing needs of customers. However, at the core of their business, the objective remains unchanged: to provide financial coverage and support to customers during difficult times, especially with their original cancer insurance product that pays cash to help cover additional expenses.
The Importance of Paying Claims and Customer Focus
A key aspect of Aflac's company culture revolves around a claims-paying mindset, which emphasizes the importance of promptly and fully paying customers' claims. Farley explains that their focus is on delivering exceptional service and ensuring customers feel supported and valued. By paying claims quickly and accurately, Aflac aims to instill trust and maintain customer loyalty. Their goal is to provide a positive customer experience throughout the entire claims process. The company also recognizes that innovation should not compromise the core element of their business, which is the empathetic and personal interaction that differentiates insurance companies from others. Aflac continuously seeks ways to innovate digital experiences like address updates and policy changes, while reserving personal interactions for more challenging situations customers may face.
It is already challenging to sell a tangible item to your target market. How hard would it be if you are selling an invisible product? Keith Farley, SVP at Aflac, joins Anthony Taylor to share his strategies for selling something that does not technically exist: insurance claims. He explains how they focus instead on providing quality customer experience and building a healthy workplace culture by harnessing the power of current technological innovation. Keith also shares how they keep their customers in the loop while their claims are being processed and how they use a duck mascot to create meaningful connections with everyone.
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SME Strategy is a management consulting firm that specializes in helping organizations develop and implement their strategic plans. We work with teams to facilitate conversations about strategic direction and business strategy so that our clients can focus their energy on what will move them forward faster.