In today’s era of high-powered digital everything, video may not seem much like an impactful capability. Think again.
Let’s say a consumer buys a life insurance policy. The carrier can extract customer account details now stored in its system to quickly and cost-effectively personalize a “smart” digital video to welcome the new customer and educate him on his purchase—everything from representative contact information to account set up and billing statements to events confirmations throughout the customer lifecycle. Rather than a traditional new policy welcome pack or renewal notice, the customer receives an engaging video over digital channels that allows him with a click to interact directly with his agent. The video can be updated and re-posted with the latest policy data for an always up-to-date view for the customer. It is highly-relevant, tailored, data-driven and dynamic video innovation at scale.
Such a video-based customer communications capability can help life insurance and annuity carriers greatly enhance their direct client engagement with unique digital experiences. The one-to-one trait of smart video will be particularly useful for those carriers looking to target the large numbers of middle-market consumers who are uninsured or underinsured for life insurance coverage. Outcomes may include stronger customer relationships and retention rates, and decreased contact center calls and costs.
Smart video is just another way that life insurers can use digital technologies to become more centered on the customer and grow competitive advantage.