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Rapid advancement in digital technologies in the insurance industry is influencing customer behavior, forcing companies to focus on digital transformation initiatives. Needless to say, the pandemic has expedited the transformation journey for providing exclusive digital experiences and personalization. When it comes to communication, insurers use multiple channels for sharing policy and renewal documents, marketing brochures, and broker statements with their customers. More often, customers fail to understand important information. This communication gap results in multiple calls to insurers’ contact centers, leading to customer dissatisfaction.
Today’s customers expect hyper-personalized experiences and tailored communication at every step of their journey. They need immediate and almost real-time, 24/7 support. Hence, there is a need for new virtual customer engagement tools and methods that are designed for the millennials.
Why video messaging?
In the age of constant media overload, video content has emerged as the most effective brand building and customer engagement method over the last decade. Videos score over other media by enabling a much deeper emotional connection with customers. Adding a touch of personalization and interactivity to videos makes them powerful tools for engaging with customers for longer durations. Video content in a website acts as a catalyst to attract more users and hence aids in higher conversion rates. As virtual customer engagement is the new norm, personalized video messages are increasingly being used to deliver a dynamic, hyper-personalized customer experience that contributes to brand loyalty and affinity.
Popular video messaging application trends in insurance
Most insurance companies use simple factsheets, app help videos, visual data, tips, etc., to educate customers about their products and services. Simplified information through a personalized video message leads to an engaging digital experience for insurance policyholders. Popular video messaging platforms including Idomoo and Vidyard provide personalized, real-time video solutions to insurance companies. Other solutions in the market offer personalized welcome videos, which explain policy details in a format that customers understand and enjoy during onboarding. Further, personalized videos act as trusted companions for customers struggling to initiate a claim during claim processing.
A typical personalized video messaging solution overview
A personalized video messaging solution can guide the customers by extracting the core message from any insurance-specific document and articulating it in an interactive video in real time, thereby simplifying information. It can read and simplify complex documents and personalize content for every customer with text-to-speech conversion capability. The output video can be rendered on various channels like web, mobile, chatbots, smart speakers, AR/VR/MR devices, etc., thereby providing an omnichannel experience.
The input document can be in any format – PDF, Word, PPT, or an image – and should have insurance-specific details that abide by the insurance organization’s regulations. Subsequently, the essential details are extracted using the intelligent document processing technique. The AI-ML engine then processes key information to arrive at a personalized output. This is used by the video processing engine to display real-time personalized videos for end users.
Integrating call-to-action (CTA) buttons in the generated videos provides an added advantage. Customers can click the integrated CTA buttons to get answers to their queries, choose payment options and renew their policies. This helps to reduce the number of calls to contact centers and maximizes conversion rates. To improve accessibility, the generated video includes captions, a transcript, and an audio description. Hyper-personalized real-time video messaging will help reduce the inbound call volume to contact centers, thus improving customer satisfaction scores.
Use cases
Although the real-time personal video messaging solution is industry agnostic, there are a few indicative use cases from the insurance industry. The solution can be used to describe quotations, work orders, and new business that can help customers understand the coverage, the exclusions, applicable offerings or products based on customer information, premiums and discounts applied, coverage and benefits, premium payment process, and other information.
Hyper-personalized video messages can be sent to customers who are due for renewal. This helps the customers understand the policy details, renewal premiums, and applicable discounts.
Conclusion
With the pandemic accelerating digital transformation for the insurance industry, information simplification from huge and complex documents will be a game-changing experience for customers. To complement that, the video technology evolution acts as a catalyst for tailor-made virtual customer engagement, with simplified video snippets backed by AI- and ML-driven analytics. So, let’s make insurance fun, engaging, and emphatic.
About the author
Image of Fenil Desai
Fenil Desai
Fenil Desai is a Digital Architect with TCS’ Banking, Financial Services, and Insurance unit. With over 13 years of experience, Fenil has worked with leading travel and insurance clients across India and the UK. He has solved complex problems and produced business benefits by leveraging technology, analytics, and process improvement. Fenil is passionate about emerging technologies, especially augmented reality and its applications in the insurance industry. He holds an MCA degree from South Gujarat University, India
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