The insurance industry is not traditionally known for offering customization. For generations, customers had to choose from the options insurance companies provided, rather than what they wanted, or needed.
More recently, with increased competition, the market is experiencing saturation with an overload of products, options, and companies. This is leading to sophisticated buyers with a wider range of options to choose from.
Today’s successful insurance providers are the ones who understand their business model must change focus. Insurers need to stay competitive, act smarter, engage customers in real time and most importantly deliver a customized user experience.
Customers want personalization
Personalized recommendations have become an ingrained part of our daily digital lives. Whether it’s Netflix suggesting movies or Amazon offering product specials, consumers are used to receiving personalized offers and customized solutions to meet their needs.
Although all the stats point to customer experiences being crucial in customer retention, many insurance providers are not listening and delivering what their customers want.
88% of insurance customers demand more personalization from providers
Customers have come to expect a personalized approach in everything they do, and that includes their insurance. Customers want personalized offers, pricing, and plan recommendations from their insurance providers.
The Insurance industry needs to be customer centric
Insurers wanting to deliver personalized services need to have a better understanding of customers’ behaviors and actions. They need to focus on user experiences and use those insights to craft customized frequent and high-value interactions.
Some ways you can offer a highly personalized customer centric experience include:
- Using more common words and less ‘insurance industry’ jargon. Not everyone understands the jargon, so this leads to less customer confusion and frustration.
- Engaging with customers more often and throughout the year and not only at renewal time. This works to build a more solid relationship.
- Add new channels to communicate with customers and offer a hybrid personalized experience that includes in-person and digital marketing. This is a great tool for customer education and answering questions about policies and claims.
Of these suggestions adopted by insurers recently, the last offers the most far-reaching benefits. Insurers that can reach their customers at the right time, with the right offering they can drive more leads, boost revenue, and improve loyalty with results in lowered churn.
Numbers don’t lie
- 60% of insurers already achieving advanced levels of personalization are seeing a significant increase in revenue per customer.
- 89% of these insurers are seeing an increase in customer engagement.
- 73% are seeing increased customer comfort with a full digital experience.
Build a new relationship with customers
It’s time for insurers to jump on the personalization bandwagon. With personalization creeping into every aspect of our digital lives, the insurance industry has an opportunity for improvement. From better customer service to more tailored offerings, there are numerous opportunities to increase customer loyalty and satisfaction.
You don’t have to be scared to add personalization to your customer experience. IndiVideo offers ways to create simple and effective marketing materials that utilize personalization.
From explaining supplemental insurance options to employees, offering customized insurance quotes, tailoring insurance bundles, or streamlining highly relevant communications, IndiVideo can help you move past a transactional relationship to become trusted advisors your customers want to hear from.
We have worked with numerous insurers to deploy IndiVideo to create simple, engaging and personalized interactive videos to showcase the various products available to customers. The videos can be personalized with whatever data set you choose, including the name of each employee, their employer, and personalized buttons that allow employees to take next steps.
The bottom line
Personalized videos make it easier for customers to understand their insurance options quickly and easily. By simplifying complex information and enabling viewers to make informed decisions, you will see increased engagement and acquisition, improved onboarding. more conversions online and more opportunities to upsell and cross-sell solutions to existing clients.
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