If you watch TV for a little as a few hours a week in the US, you’ll likely see a commercial from an insurance provider. The choices of carriers are endless and competition for business is high.
According to an online Insights Brief from Bain & Company, most newly acquired insurance customers are those who have switched from another insurance carrier. The UK has the highest share of ‘switchers’ among consumers who purchased a policy in the past year. Taking this into account, the Bain brief explains that many executives now realize the importance of brand loyalty and how that generates substantial long- term benefits. According to the Bain & Company analysis, customers who are loyal promoters of their insurers stay longer, buy more, recommend the company to friends and family, and usually cost less to serve.
Insurance policies can be difficult to understand, and auto insurance is no exception. Today, many customers are purchasing their policies online without directly speaking to an insurance agent. Most do price comparisons and pick the cheapest policy without a true understanding of what the policy entails. This can cause confusion for the customer regarding their policy coverage and lead to disappointment. Those consumers are more likely to switch brands, as the company has not earned their loyalty.
In an effort to retain customers, companies are realizing the importance of strengthening the customer relationship by providing personalized service.
According to the Customer Experience Report’s website article, many customers expect organizations to know about their preferences and previous purchases and increasingly their activity with others including competitors.
According to their research, when companies are perceived to be helpful, engaged and genuinely interested in meeting needs, customers are much more likely to repurchase and recommend an organization.
Unfortunately, often there isn’t a good way to do that without engaging with a live person and that can be costly to staff. One Insurance company in the UK found a way using video and is experiencing great success.
Geoffrey Insurance Services is a UK based auto insurance provider that prides itself on superior customer service. Recognizing that nearly 70% of their customers purchased policies online, they needed to find a way to engage them in a way that was friendly and personalized. The answer was Interactive Personalized Video.
Geoffrey Insurance selected EngageOne® Video Solution from Pitney Bowes. They use the videos to educate customers about crucial policy details, answer customer questions and offer complementary products. The results are outstanding.
The company conducted a third-party study and found that 74% of customers who watched the video felt that Geoffrey cared for them. 84% said the videos helped them understand their policies. Geoffrey also saw a 12% uptake in retention among customers who viewed the videos compared with customers who did not.
Watch our webinar with Geoffrey Insurance on-demand. You’ll learn how Geoffrey Insurance Services has utilized Interactive Personalized Video from Pitney Bowes to boost sales, enhance customer service and increase retention.
Hear directly from Paul Baxter, Head of Direct at Geoffrey Insurance Services. He will discuss the challenges, solution and benefits associated with their recent deployment, as well as how it positively impacts NPS, the customer experience and revenue.