Video, favorite communication channel for insurance customers
In 30 seconds
Indeed. Almost 90% consider video as one of their favorite means to receive operational communications, welcome communications, renewal, activation, reminder, billing...
In the insurance sector, personalized video has proven its effectiveness in each and every one of the phases of the customer life cycle and the metrics have confirmed it.
Capture and the magic of real time
It is very common for the contracting of a product to be preceded by a search for the best option, either by comparison or simply by requesting information on each and every one of the websites that have an offer.
A company took advantage of the contact information left by interested parties who did not buy and sent a personalized video with a video quote generated in real time. The video included a specific personalized offer.
Result: 20% increase in sales compared to those who did not receive the video
Welcome and the importance of making a good impression
The contracting of health insurance, for example, usually occurs after the client has considered multiple variables, benefits, medical charts, extras, etc... It is important that once the decision is made, the client is clear about what he has contracted and knows all channels of communication with the company.
For a long time, a company has sent a personalized welcome video to its new clients detailing all the contracted services and the service channels for the insured.
Works? The numbers indicate this, since 96.6% of those who receive the video value it very positively as a communication channel.
The renewal. The first step towards loyalty.
Undoubtedly one of the key moments in the customer's life cycle and very relevant in the sector.
The importance of establishing a stable relationship with the client is evident for several reasons. Attracting a new customer is more expensive than retaining one, a loyal customer can be a good prescriber for the company, offering an attractive customer experience on a continuous basis strengthens the bond significantly. And much more.
Video communication in the renovation phase has been used for a long time by one of the largest companies in the sector.
The objective has been multiple: to give an innovative brand image, to reduce costs compared to communications on paper, but above all to improve communication with the use of a much more attractive format.
Video messages are personalized for each client, fully automated and integrated into the company's communication flow and monitored.
What do the numbers say? An increase of more than 15 points can be seen in the TNPS and, more importantly, a stable improvement of 1.5 p.p. in retention.
Claims. Ease and efficiency through video.
The handling of a claim is a very unique moment for the customer and a relevant moment for the company. On the one hand, it is important that the affected party has as pleasant an experience as possible. On the other hand, the effectiveness and efficiency of claims handling is becoming increasingly important for the company.
In Austria, a leading company e-mails a personalized video to customers immediately after notification of an automobile or home insurance claim. The personalized video is created in real time, while the claims manager collects the data during the conversation with the customer.
What do the numbers tell us? TNPS doubles for customers who receive the video versus customers who do not. And nearly 80% watch the entire video, start to finish.
Conclusion: Metrics and results couldn't be clearer.
The metrics indicate that the use of personalized video messaging at any stage of the customer lifecycle yields well above-average results while delivering a satisfying yet innovative customer experience. And that, in this day and age, is almost everything.