Mapping the Insurance Customer Life Cycle Framework with Personalized Video
Interactivity
Aug 24, 2023
Introduction
The insurance customer journey is how new customers find out about your products/services and get in touch with your company. They can learn about your products/services through big marketing campaigns or more focused marketing to help them take their decision. In this article we attempt to understand the customer journey with an insurance customer lifecycle framework and map it with the various use cases for engaging with the customer.
We also map some of the use cases that the insurance industry uses to engage with their agents.
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Generating Leads and Inquiries:
Generating leads and targeting potential customers interested in insurance products can be made more effective through Personalized Video Interactivity within communication. Queries can be generated from within the videos through prompts and buttons to improve self-qualified leads and capture customers' interests and requirements from within the video. We utilize a diverse range of interactive tools designed to captivate viewers. These tools offer results that are accessible once customers submit their details. By leveraging vernacular and demographically personalized communication we have been able to improve and enhance the quality of leads for our clients.
Insurance companies can also encourage existing customers to generate personalized referral videos to friends and family to generate referral leads. When forwarded the video is auto generated to be personalized in the name of the viewer to whom it has been sent. Referral benefits can be plugged in within the video and engagement CTAs can be tracked in real-time.
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Premium Quotations and Plans:
Insurance marketers can send personalized videos to their existing and prospective customers that showcase and recommend different insurance policy plans tailored to their unique needs and preferences. We have commissioned tools like the Human Life value calculator that tells the present value of future income expenses, liabilities, and investments. Another benchmark tool is our calculator which suggests customized plans to customers based on their income and goals. From within the video itself, customers can run through the best options for them and shortlist the plans.
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Sign-up and onboarding:
Insurance policies and concepts can be intricate and difficult to understand for the average customer. Explainer videos simplify these concepts through visual storytelling, making it easier for customers to grasp the key points and benefits of different insurance products. We help insurance providers send personalized video interactive communication to their customers which greets them and guides them about their policies, individualized policy information, a procedure to pay for the insurance policy/ premiums, etc. Our secured E-welcome kit is a unique personalized policy explainer video that can be sent to individual customers. It displays their policy documents, contact information, and other details.
The platform allows easy integration through secured APIs with the insurance provider CRM that ensures individual policy information is part of the video sent to the customer.
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Understanding Claims:
If the claim-filling process and procedures are better understood it also speeds up the claim process. Insurance providers can guide customers about the process with personalized and interactive communication. At VSPAGY, we take complex policy explanations and convert them into simple, engaging, and easy-to-understand videos using storytelling. The interactive video also allows customers to download policy documents directly from the video. We also load the videos with interactive CTA's like Get a callback or visit the website in case they have any doubts. Simplified complex details and claim-filling processes further add to increased customer engagement and customer communication. This helps in reducing customer dissonance and ensuring the claim-filling process is well understood. It also helps to reduce the call center costs and multiple customer queries during the claim-filling process.
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Policy Updates and Cross Selling:
Insurance providers can share individualized detailed policy information as well as policy updates to their customers simultaneously regarding their current plans, date reminders, notifications for any action required, etc. We have harnessed many innovative tools to entice interest in the product in customers. Creative prompts that allow the customers to calculate premiums of the policy or offer them discounts using spin the wheel are some testaments to the success. This helps companies to keep their insurance customers informed and improve customer loyalty and to cross-sell new policy plans with simple interactive buttons within the video.
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Premium Reminders & Policy Renewals:
Personalized video interactivity ensures that instead of sending the same linear video reminder to every customer, each customer gets relevant and exact information within the video that is specific to their policy and is hyper-personalized. The video has interactive buttons within the video to enable the customer to accept and pay policy premiums thus improving timely payment and improved renewal ratios.
VSPAGY's personalized video interactivity platform helps boost policy renewals with the ease of some clicks. Customers can interact with engagement Call-To-Action (CTA) buttons present in the video and renew their insurance policies from the video itself.
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Lapsed Policy Reinstatement:
Insurance providers can send personalized video interactive reminders and offers to customers who have stopped giving the premium amount or whose policy has lapsed due to some reason. The viewer gets hooked to the video as they see precise details of their policy on the screen. Personalization helps raise attentiveness and reduces video drop rates. This enables the customers to review the reason for the policy lapse and act like contacting their policy agent to submit specific KYC documents and expressing interest in renewing the lapsed policy, amongst others through 'call-to-action' buttons from within the video.
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Feedback & Surveys:
Instead of intrusive calls for feedback, automatic personalized video interactive surveys can be sent to existing insurance customers when their policy is nearing or has matured. Customers can fill out the survey with the video itself. We take it up the notch with our intuitive rating tools. One standout example is the groundbreaking 'Rainbow of Happiness' feedback video, a project that showcases the innovative power of our platform in action. It not only captures viewers' opinions but also transforms their input into a visually appealing representation, allowing them to witness their own 'rainbow of happiness.'
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Agent Engagement:
VSPAGY's personalized video interactivity platform also makes it possible for insurance providers to improve regular agent engagement CTAs in real-time. Personalize videos can also help improve agent loyalty. We have commissioned numerous gamified interactive contests that were designed creatively to engage the agents. Such tools add an element of surprise to the learning process, keeping agents engaged and eager to explore various plan details. Be it trivia quizzes, or games like mix and match, our solutions have proven to be an effective tool for many brands to improve the understanding of the agent about various plans and thus improve performance.
During the festive season the platform can be leveraged by insurance policy advisors and agents to send personalized greetings to improve advisor connection and yet retain brand identity guidelines across individual communication. Check out one such example in this link: https://spa.gy/2DHsw6S
Frequently Asked Questions
Why do insurance related customers respond so positively to personalized communication?
Customers in the insurance industry embrace personalized communication for the assurance of individualized attention, relevant information, and a sense of value. This fosters trust and satisfaction, particularly in the realm of insurance video marketing.
How can you provide insurance customers with a positive personalized experience?
Ensuring a positive, personalized experience for insurance customers involves incorporating tailored content in insurance marketing videos. Addressing individual needs, preferences, and concerns builds a connection, elevating overall customer satisfaction.
How does personalized information create great customer engagement in the insurance industry?
Personalized information boosts customer engagement in the insurance industry by delivering relevant and timely content. In insurance marketing videos, tailoring information to individual needs fosters a deeper connection, leading to increased engagement and overall satisfaction.
What impact does video personalization have on customer loyalty in the insurance industry?
Video personalization plays a vital role in cultivating customer loyalty in the insurance industry by creating a more personalized and engaging experience. Tailoring content to individual preferences in insurance marketing videos fosters trust and long-term commitment, ultimately enhancing customer loyalty.
Conclusion
In this article, we got detailed information about Insurance Customer Life Cycle Framework with Personalized Video Interactivity. VSPAGY Personalized Video Interactivity AI enabled SaaS platform is being used across customer journeys for the insurance industry. The platform has been successful in improving customer engagement with the insurance companies across the customer lifecycle framework. Start making amazing videos with our easy-to-use Video Editor.
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