I’ve had insurance with State Farm since I first started driving many, many years ago. I have auto, home and health insurance just to name a few. Anytime I’ve bought a car I’d call State Farm. I didn’t shop around. They were my insurance company. Anytime a policy came up for renewal, even if the price increased a little, I did nothing. I just let it renew. That was then, this is now. We are in a new age. This time I had a policy come up for renewal and I decided to shop around. I ended up saving over $100 on an auto policy. I called State Farm and you know what? Their service isn’t that great. In fact, I think they kind of take my business for granted. The other thing that was interesting is that when I didn’t renew they didn’t even seem to care. Now I’m in the process of moving all of my insurance. I’m not doing this because State Farm was offering poor service or that an employee was rude. I’m doing it because they don’t provide any type of service that makes them better than just going online or calling an unknown rep in some call center.
Think about this. It’s as simple today to open a checking account online or get a CD online or even a car or home loan as it is to go by the local bank. In fact, going to the local bank may take a little more time. What will stop our customers and people like me from going to the computer to do banking or buy insurance? Price won’t, because you won’t beat their price. Remarkable service will. What are you going to do today to make sure customers like me don’t get that next CD or checking account online? If you don’t provide relationship banking then there is no reason why people like me won’t go online. Think about… better yet, act on it.
