Case study video improves customer engagement with insurer Geoffrey Insurance

Faced with the constant challenge to maintain customers and cope with increased competition, many insurance companies are looking to boost sales by strengthening their relationships with existing customers. Geoffrey Insurance Services, a UK-based motor vehicle insurance provider, is proud of its superior customer service. Nearly 70 percent of Geoffrey’s customers close their insurance online, with most of them opting for a quote via a price comparison website and then going to Geoffrey’s site to take out their insurance. “We wanted to offer that personalized service that you get on the phone, but in a more digital world,” explains Russell Wilson, Direct Operations Manager, Geoffrey Insurance Services.

“We wanted to provide that personalized service that you get on the phone,
But in a more digital world. “

Russell Wilson,
Direct Operations Manager,
Geoffrey Insurance Services

The challenge

The management behind Geoffrey Insurance also wanted to improve the insight of customers in the details of their policy. Many of the company’s online customers were missing important information, which often resulted in missed payments or failed automatic collections. The management team also made sure that customers who did not fully understand their insurance, were at risk of insufficient coverage. Less than 30 percent of online customers selected additional coverage options, compared to more than half of the customers who bought through other channels. The insurer searched for a technology solution that enabled the important policy information to communicate to online customers, as well as convey the message that Geoffrey cares about their needs.

The solution

The team of Geoffrey Insurance has opted for the innovative Interactive, personalized video solution. It uses the information that an organization has of its customers to create unique, but personal, videos. These reinforce the service and the relationships of the organization. When a customer concludes a Geoffrey insurance online, he or she will automatically receive an email with a three-minute video. The video shows a man who greets the customer by name and explains his or her specific policy. He explains the payment schedule, indicates which documents the customer should submit, describes the policy’s coverage conditions, answers frequently asked questions and talks about other products and services available from Geoffrey. “Thanks to the software, it takes only a fraction of a second to create a personalized video, compared to a tailor-made video,” says Wilson. Three weeks before the renewal date of the contract, customers receive another personalized video, summarising the benefits of renewal with Geoffrey. In addition to pointing customers at crucial policy details, the videos at both ends of the purchase process are engagement. Customers who want additional information after watching one of the videos can start an online chat or submit a back-call request to a Geoffrey representative.

“Customers say they now fully understand what their policy covers,
when they have to pay and
what documentation they
need to send to us.”

Russell Wilson,
Direct Operations Manager,
Geoffrey Insurance Services

The benefits

The results were amazing. “Customers say they now fully understand what their policy covers, when they have to pay and what documentation to send to us,” Wilson said. A study conducted for Geoffrey Insurance by an external research firm found that 74 percent of the customers feel that Geoffrey Insurance cares for them thanks to the videos. 84 percent indicated that the videos help them understand their policy. And perhaps the most striking thing: Geoffrey has 12 percent more retention among customers who have watched their videos compared to customers who haven’t done so. The videos are so successful that the insurer has also sent them to offline customers. “The primary objective was to connect with online customers,” said Paul Baxter, Head of Direct at Geoffrey Insurance Services. “We realised, however, that the videos would work very well for people who have also completed their insurance through our contact centre. If they speak to one of our employees and take out insurance or make a significant change to their policy, they will also receive the video. ” Baxter expects the organization to find even more new ways to use interactive, personalized videos to get in touch with their customers. “You could do anything with this technology,” he says. Wilson adds, “I think that interactive, personalized videos fit into every business.”

 

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