How Insurance companies are using video effectively

Individual or business clients, organising your insurance cover is often an activity that people have to do but not necessarily want to do. Described by some as a distressed purchase, it doesn't have to be. 

Your insurance company can change the experience for the better by making it a slick, easy process, but also a pleasurable one. While being incentivized with cuddly toys is one method used by some, most people would rather have a reassuring process when selecting the best deal/ insurance partner for them and/or their business.

What is the best way to get to know your customers and also help them get to know you? If you demonstrate that you can genuinely look after them, then trust is earned. With trust as a key factor, a prosoect will be more inclined to stay with you, or buy other products from your business. Cross-selling multiple policies in turn can help with their loyalty, as snap promotions from your competition to lure them away can be short-lived. So how do you gain their trust by getting them to know you? One such way is by using video. On average, adults in the UK watch 35 online videos per week (not including streaming services like Netflix Source: Takenote). This number is likely to double, triple over the next few years.

Using video has been proven to:

• Break through the noise
• Produce higher email open rates
• Enable higher click-through rates
• Increase engagement
• Build relationships
• Differentiate you
• Make you more memorable
• Help give clear instructions

However, video is wrongly perceived by insurance companies and brokers as out of reach because:

• It is expensive
• It's difficult to do
• Time-consuming, distracting
• No immediate return on investment
• Not liked or welcomed by the target audience

The above list are just perceptions. In reality, video messaging or targeted videos are helping to differentiate insurance businesses. Unless you want Hollywood style videos, then your regular mobile phone, device, laptop, desktop or camera will suffice. It is not difficult to do as billions of TikTokers, YouTubers and Instagrammers demonstrate every day. It need not be time-consuming either, a well constructed plan mean that videos can be organised effectively with various free or inexpensive online tools to help you (we'll be releasing a list of top Apps to use in a future article). Return on investment is often down to your commitment to content. For example, videos on LinkedIn are 20x more likely to be shared! Emails with videos have been proven to increase engagement than those without.

Is video content valued by your audience?

Yes, used correctly online videos are hugely effective. From an explainer video to the personalised 'thank-you' message, videos are accepted by your audience. Most of us watch more video content daily than ever before, so why would an insurance company not embrace this technology when compared to other alternatives?

The most common challenges include overall confidence in producing video assets that put them in the best light and the other is time allocated to producing such videos. While most insurance sales and account professionals are perfectly at home meeting customers and speaking to them either face to face or by using conference calling as a media. However, getting them to video themselves or post anything online, then even the most seasoned insurance professional can become incredibly shy all of a sudden.  

But note, there are different ways to use video. At Secret Source, we use tools connected to our CRM and Automation tools that help us connect with people in an informative and personal manner. We can then see what works and what doesn't for different clients and adjust accordingly. Using video is adopted in other nations readily, but in the UK and Ireland less so. We see this changing for the better as more insurance companies look to adopt this form of communication more regularly.

Here a few ways to use video in your mission to attract new policyholders, retain existing clients, cross-sell and generally nurture your overall marketplace.  

Where Should Insurance Companies Use Video?

Depending on our target audience, direct to consumer or commercial, then there are a number of different platforms to choose from. You can start by embedding them in email communications if you have accurate email data. Using video within Facebook and Instagram are less formal, therefore for a business audience there is LinkedIn. Using your own website and dedicated landing pages for vertical sectors as examples is also a good initiative (speak to us in more detail to learn how to do this). Embedding or displaying them on your blogs is simple to do with little or no outlay. YouTube is very popular, and you can make videos public or private. Using solutions like Vidyard, which is also a popular one (other platforms include; Wistia, Brightwave & Vimeo) you can simply record your video and attach the link in an email, post, in-mail and message. Using a video solution, you can track if anyone has actually watched and engaged with your video content. This can then be measured and monitored via your CRM and sales and marketing automation tools (Secret Source can demonstrate this if you wish, book in a discovery call below). 

Things to remember when recording your explainer video

1. Consider your audience - who you are addressing, and start the video with that to get their attention early on. 
2. I identify with your challenge - highlight the problem/challenge that needs to be addressed.
3. How you are going to help - be succinct with how you are going to help the viewer(s).
4. Call to action - what is the next step? Tell the viewer(s) how they can get in contact or reasons why they might want to subscribe.

Different Types of Video Your Insurance Company Can Try;

- The uber personalised message

Introducers, reminders, humanise and personalised videos similar to the one below is a simple and easy way to engage with your Policyholders present and future. You may not have the time to personalise and record each one, but you can create similar messages to show them you still care. Companies have even started using video messaging instead of email. 

- The seasonal/theme video

Check out this example below. It is nice and short, personalised and light-hearted. While it has been carefully constructed and produced, the value of such a video is that you cannot ignore it. While Hannah would be delighted, a simple edit to Harold, Harriet, Henry based on your target clients is being adopted by businesses to give them the edge. 

- The educational/instructional video

These style of videos are useful to demonstrate to prospects or customer how to do something. Rather than read a long list of instructions, then a short video can actually show your clients how to complete the information needed and next steps. Consider using short explainer videos alongside your content to help your audience? 

Finally

Now we've shown you how easy it is, you can try it for yourself.

The reasons why insurance companies partner with agencies like Secret Source is often because of time. An 'effective' video strategy is not an ad hoc, opportunistic activity. Instead, to do it properly then both your messaging and audience have to align. Your data has to be good, how often, timing of your post and how to track it need to be carefully thought out. Our team take the time to add consistency and quality to insurance companies video and media strategy. So we encourage you to use video as a strategy for the next 12 months and if you want some help then book in a discovery call with our video and content specialists? We operate nationally and internationally and work with brokers to large enterprise on their customer user journeys that can involve video.

If you are still not convinced on using video, then check out these eye watering statistics 

135 Video Marketing Statistics You Can’t Ignore in 2024