Happy Wednesday! In this week's Big I Buzz, we are discussing a few dates that you need to know, mitigating cyber risk and how to exceed post-pandemic customer service expectations. 

Dates You Need to Know

Don't forget to apply to the Wisconsin Tomorrow Small Business Recovery Grant. The grant program will award $420 million to small businesses impacted by the COVID-19 pandemic. The application will close at 4:30 p.m. on Monday, June 7th. Grant amounts are expected to be $5,000 per eligible applicant. Grant money can be used for any business operating costs, including but not limited to wages and salaries, rent, mortgages, and inventory, and/or for health and safety improvements. You can learn more about the grant program and apply here. 

Join us at 10 a.m. on Thursday, June 17th for our next upcoming Agency Leadership Webinar. The webinar, "2020 WI Property and Casualty Marketplace Summary" will cover a deep-dive into insurer industry data for the state of WI from an independent agent's point-of-view. Not only can this state marketplace data be useful in your agency for planning purposes, but this class also qualifies for 1 WI CE credit! This webinar is free for IIAW members! Register for the webinar here. 

Mitigating Cyber Risks - What Can Be Done? 

We've seen an increase in news stories covering ransomware attacks at places like the Colonial Pipeline and most recently, JBS meatpacking plant in Utah. These attacks leave victims having to choose between paying ransom demands or prolonging the disruption while racing to recover their data. Vishaal Hariprasad, Chief Executive Officer of Resilience, a provider of cyber insurance and security solutions to middle-market organizations told Insurance Business Mag that cyber criminals are getting bolder with their demands but they haven't innovated their tactics. Cyber criminals haven't had to, because so many organizations continue to leave vulnerabilities unaddressed. "People are very concerned about the impact of ransomware, but they're not shifting their behavior to defeat attacks. Nine times out of 10, attacks succeed because the victims didn't pay attention to the basics, such as unpatched vulnerabilities or leaving multi factor authentication off." Read more about mitigating cyber risks here. 

Five Ways to Exceed Post-Pandemic Customer Service Expectations

A recent survey by Infobip found that 89% of American consumers state that good customer service is more important now than ever due to the pandemic. Here are 5 ways to exceed customer service expectations according to Dawnyel Smink, CEO of Canyon Lands Insurance: 

1. Ensure you understand the customer ahead of the conversation. 

Review back-end data from your company and previous call logs with associated claims to understand what the client needs before a scheduled call. 

2. Provide options that may not always benefit the insurer. 

Keep the customer at the front of your mind when offering them advice. Keeping your customers' needs first may affect the ROI for the company short-term, but it ensures customer loyalty and increased revenue in the long run. 

3. Remain directly accessible even after the conversation/purchase. 

According to Property Casualty 360, "Consumers appreciate follow-ups and check-ins when they aren't directly tied to the bottom line, and they like knowing it's coming directly from a representative vs. an automated service. Check-in from time to time to ensure they've been properly cared for and that their policy is meeting their needs."

4. Understand each customer's preferred communications channel(s). 

Understanding how your customer likes to be communicated with can lead to relationship building!

5. Know that great customer service means being there for the customer, even if you're not. 

Promote carrier's tools or encourage adoption of digital self-service capabilities so that customers can take care of the simple things if and when they want to. Customers want access to information and service 24/7. 

Learn more about exceeding customer service expectations here. 

For more news, check out the Action news section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list. Don’t forget you can stay up-to-date on other industry news as its happening on our Online Community. You can join the Online Community (exclusive to IIAW members) here. We hope that everyone has a great rest of their week.