How To Improve Insurance Customer Relationships

by | Apr 26, 2022

Leverage Personalised, Interactive Video Technology to Deliver Engaging Insurance Statements and Communications

Interactive Video

Insurance organisations are not known for providing personalised solutions. For generations, customers had to choose from a standard set of plans, rather than selecting the exact coverage they wanted, or needed.

More recently, the market has become saturated with an overload of products, options, and companies. This has led to greater competition and more sophisticated consumers, with a wider range of options that meet their needs.

Today’s successful insurance providers understand that their traditional business model needs to evolve. To stay competitive, they must act smarter, engage customers in real time and most importantly, deliver a personalised customer experience.

Learn how Doxim can help improve insurance customer relationships through personalisation  Schedule a demo today!

Customers expect personalised experiences

Today, customers have come to expect a personalised approach in everything they do, and that includes their insurance. They want personalised offers, pricing, and plan recommendations from their insurance providers.

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 personalisation from providers

A focus on improving insurance customer relationships through personalisation is key

focus on improving insurance customer relationship

Insurers wanting to deliver personalised services need to have greater focus on the user experience. They need to better understand their customers’ behaviors and actions and then leverage those insights to craft customized, frequent and high-value interactions.

Here are a few ways to improve insurance customer relationships through an enhanced and personalised customer communication experience:

  • Use more common terms and less complex ‘insurance industry’ jargon to avoid customer confusion and frustration.
  • Engage with customers frequently throughout the year, not only at policy renewal time. This helps build a more solid relationship.
  • Use innovative digital channel for engagement, such as personalized interactive video, to communicate more clearly with customers, allow them to make selections and interact, and to provide more detailed and specific information about policies and claims.

Of these suggestions adopted by insurers recently, the last one offers the most far-reaching benefits. Insurers that can reach their customers at the right time, with the right offering. And, the more personalized and engaging experience drives tangible business results.

Numbers don’t lie

60% of insurers already achieving advanced levels of personalisation 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.Source: The Age of Insurance Personalization

Improve customer relationships with personalised, interactive video

Improve customer relationships with personalised, interactive video

It’s time for insurers to jump on the personalisation bandwagon. With personalisation creeping into every aspect of our digital lives, the insurance industry can no longer ignore opportunities for improvement. From more personalised customer service to more tailored offerings, there are numerous ways to increase customer loyalty and satisfaction.

Enhancing customer experience through personalisation doesn’t have to be a daunting task. Doxim CCM Interactive Video offers an effective way to create simple and effective communications through personalisation.

From explaining supplemental insurance options to employees, to offering customised insurance quotes, tailoring insurance bundles, policy renewals or streamlining highly relevant communications, Doxim CCM Interactive Video can help you move past merely a transactional relationship and instead become a trusted advisor your customers want to hear from.

Doxim CCM Interactive Video makes 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 customers.

Doxim CCM clients can leverage personalised, interactive video technology to deliver engaging statements and communications

Doxim CCM leverages our client’s existing data to deliver personalised, interactive video experiences at scale. Unlike other bespoke and expensive solutions, Doxim CCM Interactive Video is lower cost, as it produces 1:1 videos from a single template – a solution proven to be effective and one that yields maximum ROI.

The visual engagement and real-time interactivity made possible through video provides the ‘personal touch’ that drives increased customer satisfaction, better engagement, and high conversion rates.

Doxim CCM Interactive Video is a must-have for any insurance organisation wanting to improve customer engagement.


Get a use case video for your industry today!

 

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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