Why Insurance Providers Need to Provide a Customized Experience

Why Insurance Providers Need to Provide a Customized Experience

Why Insurance Providers Need to Provide a Customized experience

Historically, the insurance industry hasn’t been synonymous with customization. For years, customers were boxed into selecting from limited offerings that insurers set out, not necessarily what they genuinely needed or wanted. However, the landscape has dramatically shifted due to escalating competition.

Now, the market is flooded with a wide range of products, options, and companies, giving rise to discerning consumers who have their pick of the litter. They’re not just looking for options; they’re seeking an insurance experience that feels personal, intuitive, and responsive to their unique needs. Today’s insurers are facing the reality: adapt by integrating interactive video and personalized digital experiences, or risk being left behind. 

Customers want personalization

Modern consumers are accustomed to digital platforms that tailor digital experiences and offers to their preferences, much like Netflix’s movie suggestions or Amazon’s product recommendations. This expectation of personalization extends to their interactions with insurance providers. A staggering 88% of insurance customers now expect more personalized experiences from their providers. Customers want personalized offers, pricing, and plan recommendations from their insurance providers.

The Insurance industry needs to be customer centric

To remain competitive and relevant, insurers must adopt a customer-centric approach. Understanding customer behaviors and preferences is crucial, allowing for the creation of customized and engaging interactions. Here are a few strategies to enhance personalization: 

  • 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. 

Incorporating technologies like IndiVideo can revolutionize how insurers interact with their customers. These tools enable the creation of personalized interactive videos that not only educate but also engage customers more deeply by providing customized information relevant to each individual’s needs. Whether it’s explaining benefits, offering personalized quotes, or facilitating policy inquiries, interactive videos deliver a seamless and informative experience. 

Numbers don’t lie

Evidence shows that insurers who master the digital experience see tangible benefits: 

  • 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 digital experiences shaping our everyday interactions, the insurance industry has a golden opportunity to enhance customer service and tailor offerings more precisely, boosting both loyalty and satisfaction. 

Embracing digital experiences doesn’t have to be daunting. IndiVideo provides user-friendly solutions to craft effective marketing materials infused with personalization. Whether it’s detailing supplemental insurance options to employees, generating customized insurance quotes, creating tailored insurance bundles, or delivering highly relevant communications, IndiVideo helps you transition from mere transactions to becoming trusted advisors whom customers are eager to engage with. 

We’ve worked with numerous insurers to implement IndiVideo, enabling the creation of engaging and personalized interactive videos that effectively showcase the diverse product offerings available to customers. These videos can be customized with a variety of data sets, including employee names, employer details, and personalized buttons that prompt users to take the next steps, ensuring a truly personalized video experience. 

The bottom line

Personalized videos and digital experiences are not just enhancements; they are essential tools that help customers navigate their insurance options effortlessly. By simplifying complex information and enabling informed decisions, insurers can boost engagement, improve customer acquisition, and increase the potential for upselling and cross-selling. In today’s digital age, personalization is the key to unlocking customer satisfaction and business growth.

 

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