Insurance is transforming to Digital faster than ever before. Digital experiences in all its experiences such as marketing, product understanding, feature understanding or plain simple engagement are imperative
Rationale for Vidzai Videos (P.I.A.) for Banking
Insurance is a subject matter of solicitation, meaning the product has to be discussed with and understood by the consumer. The onus of selecting the right product is passed on the consumer. The consumer must evaluate the product carefully after understanding all its terms, conditions and exclusions. So, trust is the most important values to be nurtured between the insurer and the customer.
And insurance document is a maze of words. Sounds paradoxical? An engaged consumer will make the right choice, and conversly an uninformed consumer might make an incorrect or no choice at all. Insurance products esp. Health and Life are complex, and a visual story telling through videos, more so, with data relevant to the consumer will be more appreciated. No wonder, CX in insurance should be at its highest level.
Insurance is a business that needs selling every year, every existing customer becomes a new customer during renewal. Loyalty is a value that comes into play. And therefore insurance companies have to think of loyalty and CX going hand-in-hand. Vidzai enhances CX and therefore loyalty.
Insurance industry is considered as ‘stiff’ and Vidzai provides a way to engage your customers to a lighter side of your enterprise.
CX – Onboarding
Personalized KFD (Key Feature Document)
TA: New Customer who purchases a product.
The first impression of starting a new relationship should be exciting and off-beat. A legal sounding PDF talking about the T&C which the customer might not read, leave aside understand fully is unlikely. Personalized Policy Video explainer with customer’s information on the product features covered, what-if-scenarios with customer data (e.g. what happens when your deductible of Rs. 5 Lakhs is exhausted), and important dates and amounts (your policy completion date is 3rd May 2022 and you would receive Rs. 2 Lakh) will kick off the new relationship with trust.product or service description
Sell, Cross-sell, Upsell
Guided Conversions
TA: Prospect
Guided conversations or ‘decision-tree type conversations’, to route the customer’s journey, answering questions, explaining concepts, and ‘guiding’ the customer towards the product purchase. Vidzai videos can embed in your website, explaining the product in a guided manner, gently nudging the customer to provide required information on the video through interactions, integrating with premium calculators to complete the purchase journey.
Customer Servicing
Claims, Record Keeping
TA: Existing Customer
Record keeping and customer key attributes capture on video (including KYC)
Claim Servicing, Claim Status notification :
Personalized and Interactive videos help customer navigate the Claims work-flow with ease. Getting friendly notifications, specific to his/her claim status with next steps, expected SLAs can bring down customer anxiety on the process, especially in the hour of financial crisis.
Policy Renewal
Claims
TA: Existing Customer
Friendly renewal reminders, with a bit of story telling on video explaining the length of relationship, the services provided, and the best offers given to ‘loyal customers’ will make the customer feel special.
Policy Key Features Usage
Claims
TA: Existing Customer
Insurance companies need to engage with policyholders more often, rather than only at renewal. Video campaigns that tells the customer about the usage of various aspects of the features purchased (e.g. Free Health check-ups used / not used) but not utilized, or general tips about how to keep your health/vehicle in good order, will keep the customer active and looking for more information.
Channel Engagement
TA: Agents, Advisors
Product information, Onboarding, Performance Dashboards (Sales, Commission, Accounting), Motivation