HomeBlogCustomer ExperienceHow Video Technology Can Help Insurance Companies Build Trust with Customers with Customers
Customer Experience
How Video Technology Can Help Insurance Companies Build Trust with Customers with Customers
Yosef | Jun 7, 2023
Yosef | Jun 7, 2023
Insurance companies are always looking for ways to improve customer trust and satisfaction. One way they can achieve this is by using personalized videos in insurance customer communication. In this article, we will discuss how video technology can help insurance companies build trust with their customers and prevent customer churn.
The Importance of Trust in the Insurance Industry
Trust is a critical factor for success in the insurance industry. Customers rely on insurance companies to protect their assets and provide support in times of need. However, the insurance industry has historically struggled with low levels of customer trust. A study conducted by Edelman found that only 32% of customers trust their insurance provider. This lack of trust can result in customer churn, where customers switch to a competitor for insurance coverage.
How Video Technology Can Build Trust with Customers
Video technology can be a powerful tool for improving customer trust in the insurance industry. By using personalized videos, insurance companies can enhance customer experience, educate customers, and simplify complex processes. Let’s explore some ways video technology can help build trust with customers.
Personalized Video Communication
Personalized video communication can be used to improve customer trust by creating a more human connection between the customer and the insurance company. Personalized videos can be tailored to each customer’s unique situation, making them feel heard and valued. For example, an insurance company can create a personalized video to welcome a new customer or to explain a policy change. By using personalized videos, insurance companies can show customers that they care about their individual needs.
Educational Video Content
Educational video content can help insurance companies build trust by providing customers with valuable information that can help them make informed decisions. For example, an insurance company can create a video that explains the different types of coverage available and how they work. By providing customers with educational content, insurance companies can demonstrate their expertise and commitment to helping customers make informed decisions.
Claims Process Videos
Claims process videos can help insurance companies build trust by simplifying complex processes and providing customers with a clear understanding of what to expect during the claims process. For example, an insurance company can create a video that explains how to file a claim, what documents are needed, and how long the process typically takes. By providing customers with clear and concise information, insurance companies can reduce customer frustration and build trust.
How to Use Personalized Video to Improve Customer Experience
Personalized videos can be used at various touchpoints in the insurance customer lifecycle to improve customer experience. Let’s explore some ways personalized videos can be used to improve customer experience.
Reduce Complexity
Personalized videos can help reduce complexity by simplifying complex processes and providing customers with clear and concise information. For example, a personalized video can explain the different types of coverage available and how they work. By providing customers with clear and concise information, insurance companies can reduce customer frustration and improve customer experience.
Enrich Customer Experience
Personalized videos can enrich customer experience by providing customers with valuable information that can help them make informed decisions. For example, a personalized video can explain the benefits of a particular policy or how to file a claim. By providing customers with valuable information, insurance companies can demonstrate their expertise and
Personalize Each Touch Point
Insurance companies can use personalized videos to create a customized experience for each customer. For example, they can create personalized videos that welcome customers to their policy or that provide updates on their claim status. By personalizing each touch point, insurance companies can create a more engaging and satisfying experience for their customers.
Where to Include Personalization in the Insurance Customer Lifecycle
Personalized videos can be used throughout the insurance customer lifecycle to improve customer experience and build trust. Here are some examples of where to include personalization in the customer lifecycle:
Onboarding
Insurance companies can use personalized videos to welcome new customers and introduce them to their policies. Personalized videos can help new customers feel more comfortable with their insurance company and can set expectations for the customer experience.
Renewals
Insurance companies can use personalized videos to remind customers when their policies are up for renewal. Personalized videos can also be used to provide information on new coverage options or changes to policy terms.
Claims
Insurance companies can use personalized videos to provide updates on the status of a customer’s claim. Personalized videos can also be used to explain the claims process and answer common questions.
Upselling/Cross-selling
Insurance companies can use personalized videos to promote new coverage options or cross-sell other products. Personalized videos can be tailored to each customer’s individual needs and can help insurance companies generate additional revenue.
Customer Service
Insurance companies can use personalized videos to provide support to customers. Personalized videos can be used to explain policy terms or provide information on the claims process. This can help customers get the help they need quickly and efficiently.
Case Studies: Examples of Video Technology in the Insurance Industry
Let’s take a closer look at some real-life examples of how video technology has been used in the insurance industry to build trust with customers and improve their overall experience.
Nationwide Insurance
Nationwide Insurance used personalized video technology to improve their customer onboarding process. The company created a series of welcome videos for new customers that were tailored to their specific policy and coverage information. These videos helped to make the onboarding process more engaging and personalized for customers, resulting in a 47% increase in customer satisfaction.
MetLife
MetLife used video technology to simplify their claims process for customers. They created a series of instructional videos that explained how to file a claim, what to expect during the claims process, and how to get in touch with a claims representative. These videos reduced the number of calls to MetLife’s customer service center and improved overall customer satisfaction.
AXA Insurance
AXA Insurance used video technology to improve their customer retention rates. They created a series of personalized videos that were sent to customers throughout the policy lifecycle, from onboarding to renewal. These videos helped to build trust and educate customers about their policy, resulting in a 25% reduction in customer churn.
Getting Started with Video Technology in Your Insurance Company
If you’re interested in using personalized video technology to improve customer trust and experience in your insurance company, here are some tips for getting started:
Define your goals
Before you start using video technology, it’s important to define your goals. Do you want to improve customer satisfaction? Increase retention rates? Streamline your claims process? Once you know what you want to achieve, you can create a video strategy that will help you meet those goals.
Choose the right platform
There are many video platforms available, but not all of them are created equal. Look for a platform that offers personalized video capabilities, integrates with your existing systems, and provides analytics so you can track the success of your videos.
Develop a content strategy
Once you have your goals and platform in place, it’s time to develop a content strategy. What types of videos do you want to create? Where in the customer lifecycle do you want to use them? How will you measure their success?
Test and refine
As with any new technology, it’s important to test and refine your video strategy over time. Monitor the success of your videos, make changes as needed, and continue to look for ways to improve your customer experience.
Conclusion
Video technology has the power to transform the insurance industry by building trust with customers and improving their overall experience. By using personalized videos at key touchpoints throughout the customer lifecycle, insurance companies can improve customer satisfaction, reduce churn, and increase retention rates. If you’re not already using video technology in your insurance company, now is the time to start. With the right strategy and platform, personalized videos can help you build stronger relationships with your customers and stay ahead of the competition.
