Tag Archives: video

Ensure Success by Picturing It

Numbers may numb the senses, but that does not mean insurers should forsake the chance to achieve something that, in contrast to their current approach to marketing, can be numinous, relatively speaking, because neither a lack of communication nor communication that lacks style can yield anything of substance.

Insurers need not go back to the drawing board, when they should go to the photography studio instead: a place for photographers, artists, designers, writers, and directors—all of them working in a studio spacious enough for them to realize their vision, which itself is a study in the transformation of space. It is the conversion of space into living space—the way a studio lends itself to interpretation by way of a camera lens—that can allow insurers to further their message through the medium of video or photography.

Achieving this goal starts with finding a studio in which a room has plenty of space for invention, and reinvention. To have such a studio is to have the solution to a challenge that is otherwise a logistical mess and a financial disaster. Enter FD Photo Studio, literally or virtually, because this is where insurers can begin to turn their message into effective marketing.

I mention this disruption in how photographers do business, or how businesses can leverage a series of photography studios that have low hourly rates and a suite of equipment and services, because the biggest barrier to a shift in marketing is the refusal of most studios to change their prices—to change, period—in the face of changing needs and demands.

See also: 10 Essential Actions for Digital Success 

With the solution now available, insurers have no reason not to banish the banal, to erase the execrable, to delete the detestable. They do, however, have every reason to express themselves visually—to have a vision that verbalizes a specific set of values—so their marketing speaks for itself.

They have to articulate what they believe.

They have to believe what they say—they have to know what they believe—so what they say is not only believable but true, so what consumers see is a picture of what insurance is, so what appears on paper or develops on-screen is the summation of a collection of ideals like honor and integrity and hope and opportunity.

That honesty is the best policy, for insurers, is both a matter of justice and a measure of goodness. To have a marketing campaign that blurs what should be clear, or to perpetuate a message that fails to clarify what is right, is neither good for business nor a good to possess.

It is bad optics, as pundits are wont to say, because it is just plain bad.

See also: Engaging Employees: Key to Success

Let insurers, therefore, resolve to make excellence a priority and professionalism a promise to keep.

Let them produce an actual snapshot of their industry, which says a lot without having to say a word; unless words are necessary; unless the words condense a thousand words into a memorable sentence; unless the sentence implies what consumers will likely infer: that insurers are great marketers.

4 Ways That Agencies Should Use Video

Everywhere you look, companies are using video as a major part of their marketing strategies. And while it is true that many videos are uploaded simply for entertainment purposes, the momentum around video is simply incredible, and top marketers have taken notice.

There’s no denying video’s effectiveness in attracting and informing viewers. In fact, according to Brainshark, 52% of marketing professionals worldwide name video as the type of content with the best ROI. That’s why, for agency owners, it’s critical that you pay attention to this medium as a way for you to attract, engage and retain clients.

See also: 3 Ways for Video to Reinvent Claims Work  

But without a plan, your video content may not hit the mark. This list will provide four great ideas for implementing video in your marketing strategy.

1. Create a “Why Work With Our Agency” video or staff introduction videos

These videos, when produced effectively, can provide an excellent primer for both your current and prospective clients! This is your chance to boast, whether it’s about your work for local charities or church groups, your 40 years of providing local service or anything else you think is noteworthy — so be sure to mention it! Our advice is to keep these videos short and sweet (90 seconds or shorter) and answer the question: “What is my unique selling proposition?”

Here are a few examples:

2. Use video to create customer testimonials

Hearing your current customers speak about their experience with your agency will provide assurance to prospective customers. Try to have the topics and benefits presented between the testimonials so that any prospective buyer can see all the ways you’ve helped your clients.

Again, be sure to keep these videos short and sweet (aim for less than one minute!), and be specific — vague statements like, “they’re the best,” don’t offer much insight to prospective clients.

Here are a few examples:

3. Make birthday and holiday videos

Remember: You are in a relationship business! Everyone loves to be celebrated on their special day, and birthday/holiday videos are a simple and cost-effective way to do just that!

Be sure to express your personality, and make it fun! Singing is not a requirement, as long as your tone otherwise is upbeat.

Tip: Most email service providers (and even some agency management systems) enable you to set up “birthday campaigns” that will send your birthday videos automatically.

Here are a few examples:

4. Create videos that answer FAQs and explain coverages

If you’re feeling ambitious, you can flex your insurance expertise with a video that answers frequently asked questions and that explains coverages. How many times have you been asked about how an umbrella policy works or whether a flood insurance policy would be a good investment?

With video, you’re able to leverage the power of storytelling to better communicate the value of insurance. A good video can also help you sell more, as an informed client is more likely to make a purchase decision. Once you’ve made the video, it can be used again and again — when quoting, on your website, in your email newsletter and even on social media (a smart way to work!).

Tip: Keep these videos to two to three minutes in length. Consider using visuals to reinforce your message.

Here is an example:

See also: 4 Technology Trends to Watch for  

Those are just a few tips to help you integrate video into your marketing strategy. Video is a powerful and growing medium that cannot be ignored. Whether you’re attracting clients with Facebook, LinkedIn or YouTube videos that establish credibility and trust, engaging them while quoting and cross-selling with videos that show your polish, or retaining them with periodic video touches for birthdays and holidays, video is a versatile tool that can be used at any stage of the customer lifecycle.

And, if you realize the power of video but still find the process of creating them daunting, My Insurance Videos is a done-for-you video platform with more than 40 videos, ranging from explanation of coverage videos to birthday and holiday greeting videos customized with your voice! According to Brainshark, 74% of all internet traffic in 2017 will be video, so there’s no better time than now to get started.

4 Video Ideas for Agency Owners

Everywhere you look, companies are using video as a major part of their marketing strategies. And while it is true that many videos are uploaded simply for entertainment purposes, the momentum around video is simply incredible, and top marketers have taken notice.

There’s no denying video’s effectiveness in attracting and informing viewers. In fact, according to Brainshark, 52% of marketing professionals worldwide name video as the type of content with the best ROI. That’s why, for agency owners, it’s critical that you pay attention to this medium as a way for you to attract, engage and retain clients.

But without a plan, your video content may not hit the mark. This list will provide four great ideas for implementing video in your marketing strategy.

Create a “Why Work With Our Agency” video, or staff introduction videos

These videos, when produced effectively, can provide an excellent primer for both your current and prospective clients alike. This is your chance to boast, whether it’s your work for local charities or church groups, or your 40 years of providing local service or anything else you may think is noteworthy. Our advice is to keep these videos short and sweet (we recommend 90 seconds or shorter), and answer the question: “What is my unique selling proposition?”

Here are a few examples:

See also: Why Video Will Pervade Insurance  

Use video to create customer testimonials

Hearing your current customers speak about their experience with your agency will provide assurance to prospective customers. Try to have the topics and benefits presented between the testimonials, so any prospective buyer can see all the ways you’ve helped your clients.

Again, be sure to keep these videos short and sweet (aim for under one minute!), and make sure there is some specificity — vague statements like “they’re the best” don’t offer much insight to prospective clients.

Here are a few examples:

Birthday and Holiday Videos

Remember, you are in a relationship business. Everyone loves to be celebrated on their special day, and birthday and holiday videos are a simple and cost-effective way to do just that.

Be sure to express your personality, and make it fun. Singing is not a requirement, as long as your tone otherwise is upbeat.

Tip: Most email service providers (and even some agency management systems) enable you to set up “birthday campaigns” that will send your birthday videos automatically.

Here are a few examples:

Create videos that answer FAQs and explain coverages

If you’re feeling ambitious, you can flex your insurance expertise with a video that answers frequently asked questions and explains coverages. How many times have you been asked how an umbrella policy works, or whether a flood insurance policy would be a good investment?

With video, you’re able to leverage the power of storytelling to better communicate the value of insurance. A good video can also help you sell more, as an informed client is more likely to make a purchase decision. Once you’ve made the video, it can be used again and again — when quoting, on your website, in your email newsletter and even on social media (a smart way to work!).

Tip: Keep these videos to two to three minutes in length. Consider using visuals to help reinforce your message.

Here is an example:

See also: Do You Really Have a Digital Strategy?  

Those are just a few tips to help you integrate video into your marketing strategy. Video is a powerful and growing medium that cannot be ignored. Whether you’re attracting clients with Facebook, LinkedIn or YouTube videos that establish credibility and trust, engaging them while quoting and cross-selling with videos that show your polish or retaining them with periodic video touches for birthdays and holidays, video is a versatile tool that can be used at any stage of the customer lifecycle.

According to Brainshark, 74% of all internet traffic in 2017 will be video, so there’s no better time than now to get started.

Why Video Will Pervade Insurance

Video footage from dashcams or from cell phones that use driver assistance apps are becoming standard today. Some insurance companies are accepting dashcam footage as part of the claims process or are offering incentives (such as reduced premiums) to those who agree to install a black box or share their video feed.  According to the British Insurers Brokers’ Association (BIBA), there is already a fivefold increase in the involvement of vehicle black box technology during in-vehicle insurance policies.

If we judge by the increase in software companies offering video-based products specifically for the insurance industry, it is safe to say video is proliferating in the customer service and property evaluation aspects of insurance, too.

We anticipate this trend to grow even more in the years to come. This growth will almost certainly culminate in video becoming a standard for the insurance industry. The introduction of video opens a door to some amazing and innovative technological advancements. Video is not only the best channel for conducting communication with millennials, it is also a rich source of critical benchmarking information for unlocking opportunities, innovative customer service and practical applications. We can use video to build efficient workflows and back claims processes with accurate and factual evidence to increase response time and improve performance.

See also: FinTech: Epicenter of Disruption (Part 1)  

Vehicle insurance is a great example of the impact video can have on the insurance industry. Just a superficial look shows there is an infinite amount of information regarding your vehicle that is out there — be it from your own dashcam or cell phone, other call phones, CCTV, traffic cameras or home security cameras. Video is everywhere, and that is not all. There are some really interesting technologies that can analyze driver video footage when combined with real-time data retrieved from the vehicle’s own board computer (such as available via standard OBD2 connectors). These tools can show the average speed the driver is going and profile driving habits, such as keeping a safe distance, observing the speed limit, the times of day the driver is more (or less) active — and more. All this information can be compiled to provide an accurate and personalized analysis of driving and behavior patterns.

By centrally collecting all your video-based information, you gain the ability to combine several technologies that augment video input and provide a better all-around picture. Let’s face it: With the volume of business the insurance industry has, the way you manage your video must be able to perform and grow at the same capacity — while also complying with privacy laws and managing complex content access control policies.

Once video is collected, we also gain the video’s metadata consisting of additional information such as date and time. With this information, we can start augmenting our understanding of the video. We can use GPS to cross reference the driver’s location. Include weather tracking software to assess the impact of external driving conditions and combine this information to calculate the effect these conditions have on the driver’s ability to drive safely. We can use social media to understand specific road conditions for specific times and places, such as using GEO tracing for Twitter to monitor real-time complaints from drivers in a specific location at any given time. With all this information integrated and overlaid on top of video (either recorded or in real-time from the field), insurers are able to significantly increase incident processing accuracy and, over time, construct personalized profiles that can result in reduced policy costs and more efficient claim processing.

For example, insurers can initiate a probation process for new drivers where a certified mobile app is installed on their phones to be mounted on top of the vehicle’s dashboard. The app will record the drivers’ behavior overlaid with car data (such as taken from OBD2 or calculated from the video) and, after a set period of time, calculate insurance plan premiums based on personalized driving habits and issue feedback to the drivers. It would be interesting to see this kind of methodology implemented as a standard for all drivers and use the conclusions collected from all video and other complementary information to create a number-based score for drivers that indicates their objective risk.

See also: Connected Vehicles Can Improve Claims  

Apart from establishing driver ranking, there is so much more out there that can be funneled to help evaluate drivers, driving techniques, road conditions, vehicle performance and incidents. We are already starting to see sprouts of innovation making use of video that can ultimately improve insurance and the driving safety all around, from startups like DrivingBuddy and Nexar that aim to improve driver safety with real-time video feed analysis of driver activity to government and police initiatives aiming to crowd source driving and parking violation reports.

3 Ways for Video to Reinvent Claims Work

There are lots of great technologies and innovative products being developed that can help redefine the future of the claims process. Most recently, real-time video has been taking its place among industry disrupters such as drones, the Internet of Things and telemetries.

We’ve seen Esurance, USAA and Erie Insurance adopting various video technologies. Yet, the use of video is still very narrow, focusing on real-time applications. In fact, there are three types of video capabilities, not just one, that can deliver a powerful opportunity to redefine the claims process.

Live or Real-time Video Streaming With the Insured

Live video streaming and video collaboration is one of the most critical pieces in being able to acquire a quick visual of the claim from the hands of the policyholder at first notice of loss (FNOL) or in any subsequent conversation. This technology has proven to drive significant efficiency savings by accelerating the collection of claim information, improving triage and even being able to estimate and settle claims remotely.

The largest impact of real-time video on the claims process is made by enabling quick resolution of small claims. Each organization defines its own thresholds for what defines a small claim, but typically any claim above a certain threshold will still trigger a traditional field loss inspection.

Yet, the insureds who are communicating from an area of poor connectivity or insureds who may not be comfortable using the video streaming technology to settle their claims will still require a field inspection. This is where there is an opportunity to apply video in another way to help streamline the field inspection process.

Field Video Claim Documentation

Unlike live video interaction, which is designed to help an inside claims professional see a transmission of what the policyholder is pointing at with a mobile device’s camera, video documentation focuses on a different problem – how to improve the field documentation process and accelerate the collection, delivery and preparation of the claim report.

A deeper look into the field operations shows that a field claims professional is overloaded with many responsibilities – traveling to the loss location, documenting the loss with pictures and preparing a report. With multiple assignments back to back, it becomes an almost impossible task to document and prepare a report one claim at a time. Instead, many claims are inspected with pictures and notes quickly taken on-site, and all the reports are prepared together once every day, every two days or even once a week. This approach delays the delivery of timely field information and hence delays getting the claims to closure.

Claim cycle time is critical in ensuring high quality of customer satisfaction. Video claim documentation breaks up the claims handling process in two. It allows field claim professionals to focus on getting to the customer and conducting quality on-site inspections. Meanwhile, the inside claim teams can focus on processing the claim as soon as video content is delivered. To enable this process, the field claims professionals simply document the claim in video rather than pictures, speaking freely as they capture the video of the claim. Think of it as “visual voicemail” for claims.

You may think that is nothing new. Everyone can take videos using smartphones. The challenge, however, is not whether video can be captured. The challenge is how the video content can be delivered into the business in a uniform and timely business process. This is where the right technological solution is needed to provide the means for field claims professionals to conveniently capture video in the field and deliver it to the inside teams. This means providing support for handling large video files, synchronizing video content, alerting about the arrival of new information and being able to support well-connected, low-bandwidth and “offline,” unconnected environments.

What if the customer has already captured the claim on video? This scenario identifies the next workflow – customer self-service.

Customer Self-Service Videos

Studies found that customers who participate in self-service during an issue that is well-handled experience higher rates of satisfaction. They feel that they have been a direct, significant contributor to the positive resolution. Hence, allowing the customer to deliver video claim information to the insurance company is a big opportunity to increase customer satisfaction.

Most customers capture loss information. Some take pictures. Others prefer to take video. Yet, most organizations do not have a convenient way to acquire large files from the customer. Typically, pictures are acceptable as long as they can be sent over email or uploaded online or through a mobile app. Acquiring a large video file from the customer frequently encounters technical limitations and requires a different approach.

To address customer self-service demands, it is important to account for two types of scenarios. First, imagine the customer calling to report the claim for the first time, before having recorded any visual information. In this scenario, the customer is instructed how to most effectively record the data and how to make the video available to the claims handling team. The second scenario provides the insured an ability to conveniently upload video of the claim to the organization after it has already been captured.

Takeaway

There are numerous additional workflows that can benefit from applying video capabilities, like underwriting, supplemental claims and contractor quality review. The key is that the right technological platform needs to be able to support all three key video workflows to cover the main scenarios that are encountered in the claims process. This includes not just providing the mobile technology to help capture or deliver videos to the inside claims teams, but also a convenient way for the inside claim handlers to receive, access and review the video content to complete the reports and settle the claims.